Professional Indemnity Insurance
Competitive Public Liability and Professional Indemnity Insurance Backed By Independent Advice
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Get a professional indemnity insurance quote
Looking for competitive professional indemnity insurance that’s backed by outstanding customer care? Call the JMG Sandbach team today on 0161 300 2930 and let our independent specialists compare the market to find you the PI insurance that’s right for you. As one of the UK’s leading business indemnity insurance specialists, we can help you protect yourself from professional indemnity claims. To find out more or to get a public liability and professional indemnity insurance quote, call us on 0161 300 2930 or contact us and let us help you get the protection you need.
What is professional indemnity insurance?
Professional indemnity insurance, PI insurance, business indemnity insurance, or public liability and professional indemnity insurance as it’s also known, protects companies and individuals over the advice they give to clients. If you give a customer advice that is deemed inadequate, misleading, or just plain wrong, and it leads to financial or reputational losses, then they can sue you for compensation. With PI cases on the rise in the UK owing to more complex regulations, economic difficulties, and increasingly complex technology, PI insurance is being seen by more and more people as an essential business insurance.
Why get your professional indemnity insurance from JMG Sandbach?
Since our founding in 1995, we’ve helped hundreds of individuals, business owners and professionals get the professional indemnity insurance they need. Our clients choose us as we offer a fantastic combination of service and value that gives you:
- Highly competitive cover from leading insurers
- Personal service from quote to claim
- Independent advice
- Help from people who are public liability and professional indemnity insurance specialists
To experience our exceptional service for yourself, call us on 0161 300 2930 or contact us and let our team help you get the PI insurance that’s right for you.
What can professional indemnity insurance cover?
Professional indemnity insurance can protect policy holders from claims for:
- Professional negligence or breach of duty of care – making a mistake in your work or giving bad advice to a client
- Breach of confidence – unintentionally or accidentally sharing confidential or sensitive information without consent. So, for example, telling a third-party about a problem with a site that then causes investors to lose faith in the project
- Defamation – making false or damaging claims about a person or an organisation
- Civil liability – if a claim occurs because of your business’s activity for a client
- Loss of data or documents – such as the plans for a new development that are commercially sensitive. This is an increasing problem in a world where cyber-attacks are on the rise
- Compensation claims resulting from the above
If you’d like some professional indemnity insurance advice, call us on 0161 300 2930 or contact us and let our team help you get the PI insurance protection you need.
Who needs professional indemnity insurance?
Simply put, if you give professional advice to clients then you would be wise to have PI insurance in place. Many of our PI insurance clients are:
- Lawyers
- Accountants
- Chartered surveyors
- Business and financial advisors
- Architects
- Building firms
- Private tutors
- Estate agents
- IT consultants
- Recruitment consultants
- Designers
- People and firms working in construction
These are just some of the professionals who can benefit from having professional indemnity insurance in place. If you’d like some PI insurance help or a professional indemnity insurance quote, call JMG Sandbach on 0161 300 2930 or contact us and let our team help you get the PI insurance that’s right for you.
How much does professional indemnity insurance cost?
Your PI insurance quote will be calculated based on elements such as:
- What you do
- Who you’re working for
- The size of the clients you are working for
- Your claims history
- How many employees you have
- Whether you’re working in a regulated business such as insurance or financial planning
- The level of cover you want – some clients may insist upon you having a minimum level in place
- The level of excess you are prepared to pay
- Your firm’s gross fee income for the previous financial year, or the average over several years
A major factor in UK PI insurance premiums over the past few years has been reduced capacity. In the face of rising PI claims, more and more insurers have increased their premiums and introduced stricter underwriting practices, which has made getting professional indemnity insurance much harder. The Association of British Insurers (ABI) has noted that professional indemnity insurance for small businesses has been hit hardest with many struggling to find cover. Thanks to our network of insurer contacts and our in-house underwriting teams, we can help smaller firms and individuals find affordable PI insurance.
To find out more, please call us on 0161 300 2930 or contact us and let our friendly team help you get the protection you need.
How to get cheaper PI insurance
There are a few ways to potentially get cheaper professional indemnity insurance, including:
- Use an independent insurance broker – one that specialises in PI insurance. This is a complex area of cover and, as we’ve said, it’s getting harder to find and more expensive in the wake of reducing insurer appetites. At JMG Sandbach we’ve helped many, many business owners to get competitive professional indemnity insurance, so please call us on 0161 300 2930 or contact us today
- Increase your level of excess
- Undertake a risk assessment and invest in risk management and share this with your broker
- Plan your renewal early – in this market you should give your broker at least two months’ notice before your renewal date is due. This will give them the time to review your needs and to look at the options for you. Leaving it to the last minute could cost you more or even cost you your cover
- Explain claims – give an explanation and some reassurance on how/why this won’t happen again. Your existing insurer should have this, but if your broker is looking to other insurers, they won’t know, and it could influence their decision
Professional Indemnity Insurance FAQ
Professional indemnity insurance is one of the most complicated areas of cover. To help you get the protection you need, here are our PI insurance frequently asked questions. We hope they’ll be of use, but if you’d like some personalised, independent help, then please call us on 0161 300 2930 or contact us and one of our liability insurance specialists will be happy to help.
No, though some clients may insist you have a specific level of cover in place, and some professional bodies, such as the Chartered Institute of Surveyors, require members to have professional indemnity cover
If your business is involved in giving clients professional advice, then you’d be well-advised to have PI insurance in place. It can cover firms large and small, including professions such as accountants, architects, lawyers, builders, private tutors, estate agents, and recruitment consultants
Professional indemnity insurance covers legal costs and compensation if a client suffers financial loss due to a professional’s advice or work. It can cover many forms of advice and activities, including professional negligence or breach of duty of care, breach of confidence, defamation, and loss of data or documents
That will depend on things such as the size of your business, the size of the clients/projects you are working on, how many employees you have and the total level of cover you need. A small business may need as little as £250,000 whereas a larger firm with blue chip clients may need £10m or more
That will be dependent on factors such as policy limits, the sector you’re working in, the size of your clients, whether your work in a regulated industry, your claims history and the level of excess you’re willing to pay
There are a few ways you can potentially get cheaper PI insurance quotes. Use an independent insurance broker, renew early, document your risk assessment procedures and go for a higher excess
Getting a PI insurance quote from us is easy. You can call us on 0161 300 2930 or contact us and one of our liability insurance specialists will be happy to help. Thanks to our wide range of insurer partners and our own underwriting teams, we can compare our markets to find you the cover you need at a premium you’ll like
Contact JMG Sandbach
If you’d like some independent insurance advice or a commercial insurance quote, please call our experienced team of independent insurance experts on 0161 300 2930 or contact us today and we’ll give you all the help you need protecting what matters to you.