Professional Indemnity Insurance (PII), sometimes referred to as Errors and Omissions (E&O) is a specialist type of insurance recommended for any business that provides a professional service. Simply put, it is a product designed to provide cover for mistakes that may occur during the day to day running of the business.
Policies typically provide cover towards:
Even with rigorous controls and a conscientious team, mistakes can happen and may result in significant financial loss.
When such events occur, having the correct cover in place is essential. At Eden, we work with a wide range of highly rated insurers to ensure our clients receive the best possible protection at the most competitive price.
Professional Indemnity Insurance is not a current legal requirement, however, many Professional Institutes and Associations require members to maintain a certain level of cover. For example, the Financial Conduct Authority requires Financial Advisors, Insurance Brokers, or Royal Institution of Chartered Surveyors requires Surveyors to hold suitable levels of PII cover.
All Professional Indemnity Insurance policies are underwritten on a claims made basis meaning any/all claims made must be notified (when first aware) during the policy period. Each policy will include a retroactive date, defining how far back coverage applies.
As with all other types of insurance, policies include a limit of indemnity (sometimes with inner limits), non-insured deductibles or excesses and relevant clauses or endorsements. These are supported by a wording that, wherever possible, should be specific to the business.
This list is not exhaustive, please contact us to discuss your business protection needs.
Chartered & Certified Accountants
Actuaries
Advocates
Consultants
Corporate Service Providers (CSPs)
Financial Institutions
Financial Investment Analyst
Independent Financial Advisers (IFA)
Insurance Brokers
Managing General Agents
Mortgage Brokers
Pension Trustees
Recruitment Consultants
Stockbrokers
Will Writers
Architects – RIBA & Non-RIBA Members
Building Contractors
Chartered Surveyors
Consulting Engineers
Design & Construct
Engineers (Various Specialities)
Estate/Letting Agents & Property Managers
Interior Designers
Project Co-ordinators and Managers
Surveyors
Charities
IT Consultants & Security Specialists
Media Related Risks
Private Health Clinics
A member of our team will be in touch with you to discuss your insurance requirements