Professional indemnity insurance, also known as PI, is often explained in terms of what might go wrong – but what does it cover? From Hiscox, PI policies can provide up to £10 million cover for legal fees or compensation. If your business makes a costly mistake – or a customer claims it has – then this financial assistance can help you to survive and thrive beyond the court case.
Hiscox professional indemnity cover also provides industry-specific policies for tailored protection. As your business grows, we’ll help you to cover indemnity risks along the way.
Professional indemnity insurance can help across a wide range of scenarios such as professional negligence claims, data loss claims and allegations you’ve given poor business advice.
If someone within your organisation fails to apply due diligence, leaves sensitive files on a train, or gives damaging advice in an email, you could face legal proceedings. Read our FAQ guide to learn more about breach of confidentiality.
Tricky areas such as defamation and intellectual property are also covered by professional indemnity insurance. If your social media intern shares a questionable claim about a competitor, or another company says your work is too similar to theirs, having the right professional indemnity policy in place can help cover the costs of legal defence and any pay outs.
Professional indemnity insurance only covers events which have occurred since you’ve held such a policy. This is called a retroactive date.
