Professional indemnity (PI) is an that protects against losses that could come from legal action against you if you are deemed to be found to be negligent, or giving wrong advice through error or omission. This could also include slander, libel or breach of contract depending on your insurer. PI cover can be important for businesses that provide advice, recommendations, designs or represent others’ needs.
Insurance experts have recognised that the UK market for PI has hardened in recent years, making it difficult for some businesses to find adequate cover. The Grenfell tragedy and Carillion’s collapse made conditions for PI in the UK difficult, with many insurers deciding to no longer offer PI cover and focus on other products.
Carry on reading to see how the PI market has changed and how you can continue to secure the level of PI cover that you need.