What we offer
What is PI Insurance?
Providing professional advice or services could make you liable for claims from third parties, including clients, shareholders and creditors. Allegations commonly stem from breach of professional duty or trust but can also include breach of confidentiality, defamation and loss of documents. Our Financial Institutions' PI policy is designed to react to a claim and mitigate the impact on your business.
Do I need PI Insurance?
The requirement for FCA Regulated entities to purchase Professional Indemnity Insurance varies according to permissions granted, main activities and capitalisation. Your compliance advisor will be able to give you a definitive answer on whether cover is mandatory for your company or just good business practice. It is commonplace for professionals to purchase PI cover and frequently a contractual requirement for entering a trading relationship.
Professional Indemnity Insurance Cover includes:
Negligence or breach of duty
If you fail in a duty of care to your client, perhaps by giving incorrect advice or making a mistake in your work.
Mistakes such as inadvertently making a statement that you cannot substantiate.
Defamation (libel and slander)
Dishonesty of your partners, directors, employees, sub-contractors and outsourcers.
If you unknowingly pass on a computer virus specifically targeted at your system, for example, by forwarding an email originally sent to you.