Professional Indemnity Insurance, also referred to as PI Insurance, provides financial protection for companies and individuals for claims made against them in the course of carrying out their professional services.
If a company provides services of a skilful nature involving specialist knowledge or expertise, then legally, they can be held to have a higher degree of skill (and a duty of care) than others.
Services of a skilful nature can include providing technical advice, specifications, designs, consultancy, opinion or analysis, inspection and testing and project management. These are only a few of the services exposing companies to a professional liability, however, it is wrong to assume a company’s exposure is limited to merely advice or design alone, which is a common misconception. The number of companies and individuals taking out PI Insurance has grown considerably in recent years and is now in place across a wide range of occupations and industries.
Austbrokers Professional Services has considerable experience in placing professional indemnity insurance for a variety of industry sectors from lawyers and engineers, through to management and marketing consultancy firms. We provide an enhanced service offering to clients through our tailored and often enhanced wordings, specific to our client’s industry.