Products

Professional Indemnity Insurance

We can arrange PI cover for a wide range of professions - including the traditional (accountants, architects, IT, management consultants, etc,) to the not so traditional (from archivists to zoologists). Please see the Professional Indemnity Insurance flyer for a full list of professions.

We offer:

  • Flexible underwriting

  • Rapid quote system

  • Expert guidance and advice

  • Competitive pricing

  • Underwritten by a panel of A rated insurers

  • Up to 20% commission*

* We can even negotiate special rates and increased commissions for portfolio transfers.

We can accept client quotation requests on the holding insurer’s proposal form, or for new enquiries we can supply our own.

Send quotes to: quotes@advantageunderwriting.co.uk

The risks

Any company, practice or individual that provides professional advice or services is potentially exposed to legal actions arising from the conduct of their professional business.

A duty of care exists and if a breach of that duty arises, then the firm could face claims from clients alleging negligence, errors or omissions in connection with the advice or service provided. Defending such actions can be costly, and if the defence is unsuccessful the firm will face the prospect of not only paying their own legal defence costs, but also those for the other party including any damages awarded against them. Even if the defence is successful, then the firm may be left with expensive legal bills to settle.

In today’s litigious environment, the risk of allegations of negligence increases, no matter how spurious, and without insurance protection the cost of the legal defence and any subsequent settlement can prove disastrous for the business.

The solution

A Professional Indemnity insurance policy (also known as PI or “E&O”, errors & omissions insurance) will provide protection to a firm from such claims. For some professions PI insurance is a regulatory or professional body requirement (such as accountants, architects, and insurance brokers). For many other firms the cover is not mandatory but they may choose to have this insurance as part of good business practice.

The cover

The insurance market offers a myriad of different PI policy wordings and subtle differences in policy wordings can have a wide effect on the scope of cover provided. Many professions have industry specific wordings and mandatory requirements on the scope and level of PI cover to be arranged. This is where expert advice from an experienced provider can be invaluable and provide an advantage.

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