Providing professional indemnity insurance (PII) for individuals and businesses.

PROFESSIONAL INDEMNITY INSURANCE

Providing professional indemnity insurance (PII) for individuals and businesses.

For over 45 years, W Denis group has provided specialist insurance solutions to all types of consultants and professional practices. Historically it was the traditional professions which sought Professional Indemnity Insurance, however today’s professionals cannot ignore allegations of professional negligence. The allegation must be admitted or defended and as a result, there can be cost implications in either case.

Professional Indemnity Insurance is an important purchase for those companies that provide advice, design, specification, supervision, technical assessments or surveys. It is irrelevant whether such professional service is provided for a fee or gratuitously, as a duty of care is still owed to their client or other third party.

Professional Indemnity Insurance is now seen as the appropriate risk transfer mechanism for a diverse range of consultancy and professional businesses both traditional and modern.

A small sample of those types of companies which usually require professional indemnity insurance includes:

  • Accountants         
  • Advertising & PR agencies
  • Advice bureaux
  • Architects
  • Banks
  • Business management consultants
  • Captive managers
  • Company doctors
  • Computer software programmers & IT consultants
  • Contractors who sign collateral warranty agreements and/or undertake design and build contracts
  • Conveyencers
  • Construction consultants
  • Credit reference organisations
  • Engineering consultants
  • Financial advisors
  • Financial institutions
  • Fund managers
  • Healthcare and medical malpractice
  • Interim managers
  • Insurance brokers
  • Loss adjusters
  • Naval architects
  • Planning consultants
  • Project managers
  • Property managers
  • Publishers
  • Railway consultants (includling track and signal planning and design)
  • Recruitment consultants
  • Signposting services
  • Solicitors
  • Stockbrokers
  • Surveyors
  • Underwriting agencies
  • Venture capitalists
  • Yacht and ship brokers

Professional indemnity insurance or PII provides essential financial protection.

Professional indemnity insurance is a type of legal liability insurance which provides an indemnity for the financial consequences of professional negligence, following a breach of professional duty by way of neglect, error or omission. In addition, an indemnity is provided in respect of the legal and other costs and expenses incurred in the defence of a claim.

The duty of care owed is usually the mantra of ‘reasonable skill and care’, in the discharge of the services provided. If a professional fails to exercise this duty (i.e. is negligent) then they may be liable for losses incurred by their client, and/or third parties. Taking into account the operation of the current legal system, even proving innocence can be very expensive.

Policy wordings are always carefully assessed by W Denis Insurance Brokers Plc before being offered. Some trade bodies require mandatory minimum levels of coverage, such as the Solicitors Regulation Authority or Royal Institute of British Architects. W Denis Group strive to exceed those minimum levels of cover where possible by negotiating bespoke enhancements with the underwriters.

Some professions benefit from an enhanced professional indemnity policy wording, which is blended with directors' and officers' liability insurance, for example the overlapping exposures in respect of the services provided by certain financial institutions such as venture capital trusts.