Professional Indemnity Insurance

Professional Indemnity Insurance provides essential financial protection for a wide range of professional advisers. In the event that a client suffers financial loss as a result of alleged neglect, error or omission Professional Indemnity Insurance will meet the cost of defending claims and any damages payable.
 
Any person who gives advice, designs, or offers similar services in a professional capacity is seen by clients as an expert. In these times of high consumer awareness, clients will not hesitate to pursue a claim if they feel that they have received sub-standard service. The need for Professional Indemnity Insurance has never been greater.

While some professional people see Professional Indemnity Insurance as an expensive and unnecessary overhead, we know from experience that any professional can produce substantial claims. Court awards have risen sharply in recent years. Without professional indemnity insurance, the financial security of a business is threatened.
 
Many businesses need to carry coverage based upon the conditions of a contract. However, make sure to never purchase professional indemnity insurance just to cover a particular contract for its duration. All professional indemnity insurance is written based upon "claims made," meaning that it is the policy you have in force when the claim is made that pays benefits, not the policy you had when the work was carried out. Therefore, if you complete your contract and then drop your professional indemnity insurance coverage, you have no coverage in place if a claim comes in subsequently. When you take professional indemnity insurance, you should consider it a long-term commitment.

Professional Indemnity Insurance

When you're doing your homework and comparing quotes, make sure you're doing your comparison on a "like for like" basis. All professional indemnity  insurance policies should carry the minimum coverage as described above, but many professions require that you have additional coverage that is found in policies designed especially for them. Look out for limits of indemnity, whether they are for "any one claim" or "in the aggregate." You should also watch out for excesses; these both can vary from insurer to insurer.

If you already have professional indemnity insurance and you're changing to another insurer, you have to ensure that the new professional indemnity insurance policy has retroactive coverage built into it to cover work that you've carried out in the past.

You should note that professional indemnity insurance coverage premiums are increasing rapidly. There are also many fewer insurers than there were a year ago. Those that remain are becoming increasingly selective about the risks they take and they are also significantly increasing their premiums in tandem.

"May I congratulate you and your staff for the attention to detail and the service that you have given to Ductbusters over the years. We searched for a long time for an Insurance Broker that had the professionalism to resource the many and varied insurances we required and you have never failed ourselves."

Dermott Quinn, Managing Director Ductbusters Ltd

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"I highly recommend the Sutcliffe & Co team both for their proactive ongoing annual renewal work & also for helping during a recent claim. Its great to know we have a local firm with people we can rely on."

Julian Powell, Business Director, HallmarkHulme Solicitors

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“We had been with our current broker for several years and had become complacent. An increase in premiums led us to want to cross check with an alternative broker and we chose Sutcliffe. We found them a breath of fresh air; there was a transparency in our dealings, their advice gave us options and they found competitive ways of providing insurance from high quality companies."

Chris Oliver, Director, CHANE Investments Ltd

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“Talbot Transport has been with Sutcliffe and Co for many years and have the greatest confidence in their service. We like their friendly and personal staff and feel they have a good understanding of our business. Any problems we have are dealt with swiftly and smoothly with the least amount of disruption to our daily business”

Sophie Talbot, Partner, Talbot Transport

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“I was thrilled when I found Sutcliffe & Co, friendly, efficient and with competative prices. Their expert advisor really helped me through the insurance minefield and he went that extra mile that other companies just did not...."

Michelle Davies, Office Manager, Davies and Daughters Building Contractors

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"May I congratulate you and your staff for the attention to detail and the service that you have given to Ductbusters over the years. We searched for a long time for an Insurance Broker that had the professionalism to resource the many and varied insurances we required and you have never failed ourselves."

Anthony Eddies-Davies, Director, Live The Adventure Ltd

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Sutcliffe Insurance Brokers Ltd t/a Sutcliffe & Co is authorised and regulated by the Financial Conduct Authority 306068
2 Foundry Street, Worcester, WR1 2BJ tel:01905 21681 | Registered in England No 1167560

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