At JMP, we work across many different industries and professions, all requiring bespoke levels of cover to protect them and their businesses. Our flexible approach and deep understanding allows us to recommend policies that are right for you and the products and services you provide.
When it comes to Professional indemnity insurance, often referred to as PI we typically support business owners, freelancers and those who are self employed.
This commercial policy is designed to protect any organisation providing a professional service or advice in the event that they are sued if the recipient is unhappy with the work provided.
Professionals such as lawyers, accountants, bookkeepers, architects, engineers and marketing specialists are a few of the professions where Indemnity Insurance can apply.
Although Professional Indemnity insurance is not a legal requirement for businesses, professionals who work in certain sectors should consider it one of their core business needs to provide an added layer of protection for you, your clients, your reputation and your bottom line!
When you provide a service or give advice, you are doing so with your client’s best interests at heart, however there may be the occasion that a clients expectations are not met, or they believe they have been misinformed. In this case there could be the possibility that an allegation of negligence is brought to you.
By having a Professional Indemnity protection in place, you can cover your costs to defend a claim and any damages you are found liable to pay in this instance.
Professional Indemnity Insurance can also provide cover for a wide range of scenarios such as:
As a business owner who provides a service or gives advice, it is advisable to protect yourself, your business and your clients against such claims.
Contact one of our experts on 01242 898387 and we can help you to understand your exposures and how to make sure you are covered.
Historically there have been certain types of business which are required to hold professional indemnity insurance such as:
However, more and more industries are now sourcing cover such as
Whilst these businesses are not required to hold Professional Indemnity Insurance it is a smart way to protect your business, your clients and your reputation should the unexpected happen.
Professional Indemnity Insurance works on a ‘claims made basis’ which means your current policy will pick up any allegations of negligence from the time cover was first taken out. This is why it is vital to not let your policy lapse or you will not have cover for work undertaken previously.
If your company ceases trading it’s important to keep your Professional Indemnity Insurance cover in place under a runoff policy in case claims are notified after you have finished trading.
In the current market you may notice your Professional Indemnity Insurance renewal premiums increasing despite not making a claim. This is due to the demand from business outweighing the capacity for Professional Indemnity cover being offered. For more information and advice on this type of policy, get in touch with a member of the JMP Commercial Insurance team.
We can help you to navigate this tricky market and make the right choices about your cover.
Our Professional Indemnity cover provides:
For a no obligation Professional Indemnity Insurance quotation please call our experienced team on 01242 898387
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