Professional Indemnity (PII)

The responsibilities that professionals have to their clients have changed.  As with solicitors and accountants, contractors provide professional advice to their clients which are relied on by their clients.  As a consequence you no doubt act with a reasonable degree of care and skill in order to ensure that your clients’ interests are protected.

However even where care and skill is exercised there is still the potential for you to make a mistake that causes financial loss to a client or for a client to allege that you have made a mistake even if you have not. Whilst such disputes are rare, when they occur they can be costly, Professional Indemnity Insurance will for a modest premium provide you with peace of mind against this risk.  We are aware of a PI Claim against an IT contractor in excess of £625,000.

More specifically the policy will protect you against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of your error, omission or negligence.

In addition having this insurance will give your clients the reassurance that there are sufficient resources to handle any recourse in the unlikely event of an alleged breach of duty, adding value to any tender.

Contact an advisor