Which pi insurance

Regardless of how many years experience your firm may have, there is always the possibility you or one of your team could make a mistake. Professional indemnity insurance covers against a wide range of scenarios, including:. In respect of industry bodies' regulatory requirements, many business sectors require PI insurance - accountancy, engineering and surveying to name but a few.

Professionals working on a contract basis - such as management consultants, business consultants and IT contractors - will almost certainly need PI insurance in order to be awarded a contract. However, even if you are not legally obliged to have PI insurance, without it you could have to pay thousands of pounds in compensation and legal fees to defend a claim. This would be in addition to the opportunity cost of time spent defending the allegations. No matter how large or small a business, without PI cover your financial position could be left vulnerable if a claim is brought against you.

Although most professionals strive to provide the best service possible, people do make mistakes; knowing that adequate insurance is in place will give you peace of mind that your organisation is covered. If you provide advice, designs or a service to your clients, you should give serious consideration to professional indemnity insurance. By Lawyer Monthly On Jun 1, 0. You might also like More from author. Family Law. Prev Next. Leave A Reply. Subscribe Now.

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Fintech E-money, challenger banks, P2P lending, roboadvice, insurtech, digitised mortgage and pension providers. Blockchain and crypto Private and permissioned blockchains, custodians and other distributed ledger technology companies. IoT Cover for Internet of Things businesses. Public liability helps cover the costs for personal injuries, loss or damage to property, and death. Public liability only covers incidents on your business property , so if there's an incident anywhere else, you won't be covered.

Many businesses come in contact with the general public and interacting with them comes with risks. A customer could slip and fall on a wet floor, even if you put up warning signs, and you could wind up with a lawsuit on your hands. If someone files a lawsuit against your business for a reason covered by your policy, you file a claim with your insurance company. Your insurance company helps cover your legal costs and pay damages up to the limits of your policy. Public liability insurance coverage includes the following:.

Keep in mind that this coverage only applies to your business property. If you or your employees interact with clients elsewhere, like in their homes, public liability coverage may not provide enough coverage.

Work-related injuries to your employees are not covered by liability insurance. Those fall under workers' compensation insurance. Whether you need public liability insurance depends on where your business is located and its specific needs. It's a more limited policy than other types of business insurance, which means it's more affordable, but it doesn't provide as much coverage. Federal law requires all businesses with employees to have workers' compensation, disability, and unemployment insurance.