Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional indemnity (PI) insurance offers protection for many small and medium-sized businesses. It covers the costs associated with compensation for loss or damage to clients (or their assets) resulting from mistakes, negligence or improper advice provided by a business or an individual.

Bloomhill’s professional indemnity insurance provides a safety net for your business when the unexpected occurs or a problem arises.

Is Professional Indemnity Insurance Compulsory?

PI insurance is compulsory for many professional businesses and services, such as financial advisors, brokers or solicitors. However, professional indemnity cover is not explicitly a legal requirement for many companies.

That said, most service-based businesses would benefit from taking out professional indemnity cover from Bloomhill Insurance Solutions, particularly those operating in industries where clients or regulatory bodies require it to meet contractual obligations.

A PI insurance policy would protect that business’s interests against any claims for error, omissions or neglect for principals and their employees.

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What Does Indemnity Insurance Cover?

A professional indemnity insurance policy would cover you for areas such as:

Breaches of confidentiality
Defamation, libel, or slander
Passing off copyright or intellectual property
Professional negligence
Breaches of duty of care
Negligent misstatements or misrepresentations
Lost or damaged documents

Who Needs Professional Indemnity Insurance?

If you provide professional advice as part of your role, either as part of an organisation or as a self-employed individual, you should consider taking out professional indemnity. Some professions are obligated to have PI insurance by their regulators or professional bodies, including:

Architects
Chartered surveyors
Solicitors
Insurance or mortgage brokers
Accountants
Engineers
Financial advisors
Certain healthcare professionals

Who Else Would Benefit From Indemnity Insurance?

Essentially, comprehensive PI insurance coverage may benefit you as soon as you start offering services or advice to clients. As a result of this many other businesses decide voluntarily to take out PI insurance to protect themselves against claims, including:

Management consultants
Private tutors
Public relations agencies
Marketing and advertising companies
Branding or graphic design companies
Business coaches or life coaches
Web developers

Testimonials

“Our business has recently received great service from Bloomhill Insurance Solutions, our insurance claim was made far smoother and less stressful with the help and advice of Bloomhill’s. Certainly recommend to others.”

Alex Viola

“Bloomhill insurance solutions have handled our requirements for many years. We have always found them to be highly professional, knowledgeable and conscious of our requirements as a business.
They are always there to advise and ease you through what can be stressful situations. You certainly get the personal touch when it comes to service and we are happy to recommend them to anyone and everyone.
Thank you for the years of exemplary service.”

George Gardner – Securiframe

“We have used Bloomhill Insurance Services since our incorporation back in 2012. Matt reviews our cover and fees each year and is always available when needed. The service is second to none and I would not hesitate to recommend Bloomhills.”

Helen Savage – Continuum Ltd

“Having used the services of Bloomhill Insurance Solutions for 15 plus years and since 2017 for Wyeth Digital Limited’s Commercial Insurance, it was fully demonstrated this year how good they look after their customers.
With only a few days before our insurance was due to renew Bloomhills was informed that the Print Scheme would cease meaning we would have to look elsewhere for cover. This could have been an issue, but Matthew was able to search for a comparison in record time.
We would like to say well done to Matthew and team for their continued professional and outstanding service.”

Lynn Rogerson – Wyeth

“We were highly recommended to Bloomhill Insurance Solutions from another business owner/ personal friend and that is when our relationship started with Bloomhill … and of course Matt!

Not only did Matt guide us with all that was required insurance wise but was, and still is very competitive and will work hard to obtain the very best quote for you regardless of what your needs are at any particular time.

Matt’s commitment to us is defined by time, effort and availability. And …. he is genuinely one of the nicest guys you could ever meet!

Jenny Felton – Anchorage Services

“Bloomhill Insurance have handled all my insurance requirements for my home, and businesses for 15 years. They provide personable service and the insurance cover we have purchased through them has always been the most comprehensive and best value possible. They make a job that I find tedious, simple and painless.”

Laura Haystaff – The Topiary Salon