The odd one out!
Most liability cover is about two things, DAMAGE to property or INJURY to people. Its really that simple, although of course the devil is always in the detail, but what about the odd one out!
PI Cover (Professional Indemnity) also known as professional liability, is very different. It is not primarily concerned with damage or injury, although there are some examples where this is relevant, but more of that later.
Professional Indemnity deals with:
The FINANCIAL LOSSES suffered by your clients, where they allege that the financial loss is a direct result of your, negligence, errors, or omissions.
That is that you did something wrong, or you failed to do something you should have done, and that “professional failure” led directly to the financial loss.
Now it’s easy to see why this cover generally relates to what are loosely termed the professional classes, such as Solicitors, Accountants, Architects, Surveyors, IFA’s, Stockbrokers, IT Consultants etc… The list goes on and on, but generally speaking anyone who offers a service or provides advice, for a fee, would require PI cover, as their primary concern.
Bodily injury can be covered. So now we are thinking about nurses, doctors, dentists, medical consultants, and other healthcare professionals, where the professional failure could lead to a medical condition or injury. In this context we call PI cover, medical negligence.
Obviously, there are lots of other covers that professionals can arrange, like anyone else, including the standard liabilities and damage to property, but PI would always be their main concern. In a lot of cases the professional bodies to which these individuals and businesses belong require PI cover to be in place before they can transact business.
If you are unsure about whether you need PI cover, or whether it would be advisable, for you or your business, feel free to give us a call 029 20 470375 or just message me here for a no obligation chat.
It could be the most valuable call you ever make.
Have a great weekend 😊