Professional Indemnity Insurance Across North Yorkshire for Advice-Based Businesses
Professional indemnity insurance can help protect businesses across North Yorkshire that provide professional advice, designs or specialist services if a client alleges that an error, omission or negligent act has caused them financial loss. We help sole traders, consultants and businesses understand their risks before arranging cover that reflects the work they actually undertake.
Personal Advice for Professional Risks
- Family-owned insurance brokerage established in 1993
- More than 60 years of combined insurance experience
- Access to over 350 insurance providers
- Members of the British Insurance Brokers' Association
- Authorised and regulated by the Financial Conduct Authority
- Personal support by phone, video, email or face-to-face
- Advice based on your circumstances rather than sales targets
- Flexible support available outside standard office hours
What Is Professional Indemnity Insurance?
Professional indemnity insurance, often shortened to PI insurance, is designed to protect businesses and individuals who provide professional advice, services, designs or expertise.
If a client claims that your work contained an error, omission or negligent act that caused them financial loss, a suitable PI policy may help with legal defence costs and compensation, subject to the policy terms and limits.
The cover is particularly relevant where clients rely on your knowledge or recommendations when making important business or financial decisions.
See All ServicesWho Needs Professional Indemnity Insurance?
Professional indemnity insurance may be appropriate for businesses that provide advice, consultancy or specialist services.
This can include:
- Consultants
- Accountants and bookkeepers
- Architects and designers
- Engineers
- IT and technology businesses
- Marketing and creative professionals
- Surveyors
- Contractors providing professional advice
- Business advisers
- Other professional service providers
Some clients, contracts or professional bodies may also require a particular level of professional indemnity cover before work can begin.
Whether PI insurance is appropriate depends on the nature of your work, your contracts and the financial consequences if something goes wrong.
Get in TouchWhat Professional Indemnity Insurance Can Cover
The exact protection varies between insurers, but professional indemnity insurance may respond to claims involving:
- Professional negligence
- Errors or omissions in work
- Incorrect advice
- Mistakes in designs, specifications or documentation
- Breach of professional duty
- Certain confidentiality issues
- Legal defence costs
- Compensation awarded following a covered claim
Policy wording is important. Different professions can face very different risks, so we take time to understand the services you provide before discussing appropriate cover.
Read Our ReviewsWhat Affects the Cost of PI Insurance?
There is no standard professional indemnity insurance premium. Insurers will usually consider factors such as:
- Your profession and services
- Annual turnover
- Number and value of contracts
- Typical clients
- Previous claims or circumstances
- Required indemnity limit
- Length of time you have been trading
- Work undertaken in previous years
- Contractual insurance requirements
Businesses should consider more than premium alone. A lower-cost policy may not necessarily provide the limits or scope of cover required by your contracts or professional activities.
Discuss Your Professional Risks With UsClaims-Made Cover and Previous Work
Professional indemnity insurance is commonly arranged on a claims-made basis. This means that the policy that is in force when a claim is made will be the policy to pay. This is because a claim could arise sometime after you have completed the work, but the fault is only apparent now.
Depending on the circumstances, businesses may therefore need to consider previous work, retroactive cover and maintaining insurance after a project has finished.
We can discuss your trading history and existing arrangements so you understand the information insurers will need.
View Our Case StudiesAreas We Serve
From our office in Bedale, we support businesses throughout North Yorkshire and wider Yorkshire, including:
We can discuss professional indemnity insurance by phone, email, video call or in person, depending on what works best for you.
Frequently Asked Questions
Is Professional Indemnity Insurance a Legal Requirement?
Professional indemnity insurance is not automatically required for every UK business. However, certain professions, regulatory bodies, clients or commercial contracts may require it. We can discuss your circumstances and any insurance requirements within your contracts before exploring suitable cover.
How Much Professional Indemnity Cover Do I Need?
The appropriate indemnity limit depends on factors such as the size of your contracts, the potential financial loss a client could suffer and any minimum levels required by clients or professional bodies. We can help you consider these factors when discussing policy options.
Does PI Insurance Cover Previous Work?
It may, depending on the policy and its retroactive date. Because professional indemnity is commonly written on a claims-made basis, previous work can be an important consideration when changing insurer or arranging cover for the first time.
Can Sole Traders Get Professional Indemnity Insurance?
Yes. PI insurance can be suitable for sole traders as well as partnerships and limited companies. The important question is whether your professional advice or services could result in a client claiming financial loss.
Can You Review My Existing PI Policy?
Yes. We can review your current arrangements, discuss the work your business undertakes and help you understand whether your existing indemnity limits and cover remain suitable.
Talk to Us About Professional Indemnity Insurance
If clients rely on your professional advice, designs or specialist services, it is worth understanding how a claim could affect your business. We will take the time to discuss what you do, the contracts you work under and the level of protection you may require before helping you consider suitable professional indemnity insurance.
Phone: 01677 988033
Email: [email protected]