Professional indemnity insurance (PII) covers firms if they are alleged to have provided inadequate advice, services or designs that cause your client or another third party to lose money. The insurance covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you are found to be at fault.
Who should consider buying this insurance?
PII is designed for those who provide any kind of service that gives advice or consultation to customers. Very often regulators and professional bodies demand PII; contractual requirements for PII are commonly found with the construction, legal services and financial services sectors, amongst others.
No matter how large or small a business, without PII cover your financial position could be left vulnerable if a claim is brought against you.
At WTW, we recognise that the needs of our clients always come first. We have therefore organised our professional indemnity teams to provide specialist advice and service to meet our clients’ bespoke needs. Our areas of expertise include: accountants; architects, contractors, engineers; healthcare; independent financial advisors; insolvency practitioners; legal professionals and law associations.
Market updates
The Professional Indemnity (PI) insurance market continued to be a challenging environment over the course of 2022,with insurers continually reviewing coverage and restrictions. As a result of economic uncertainty and the ongoing conflict in Ukraine, there is an increased scrutiny on any potential sanction touchpoints.
However, as we navigate 2023, there are signs of competition between insurers which were not seen during the preceding years’ harder insurance market, giving our clients cause for some positivity in respect of premium rates looking forward.
Download
| Title | File Type | File Size |
|---|---|---|
| PII Market Update | .7 MB |
