Professional Indemnity (PI) insurance is not just for lawyers and other white-collar professionals.

Any kind of business offering services or advice may need PI insurance for financial protection against lawsuits.

What PI insurance does

PI provides cover for claims of harm from advice given, or even due to lack of advice when it would normally be expected. When purchasing PI insurance, it’s important to fully understand the limits of cover, as well as any exclusions.

In some cases, PI may need to be continued after the business has ceased trading, in case of historic claims.

What type of organisations might need PI?

• Any business offering advice – such as valuers, lawyers, accountants and brokers. Tradespeople that provide advice as part of their product and services mix may also need PI cover.
• Service businesses – this may include designers, copywriters, illustrators, architects, photographers and marketers.
• Businesses in the construction field – including surveyors, engineers, project managers, draftspersons and landscapers. 
• Health professionals – such as doctors, mental health practitioners, surgeons and pharmacists.

The need for this important insurance is not limited to these organisations though. If you are not sure whether you need PI, get in touch with your broker to discuss.