Giving advice for a living can be perilous – you are only as good as your last client, and getting sued would be seriously damaging, to both your reputation and personal financial wellbeing. That’s why complete confidence in your insurance is as important as confidence in your own abilities.
At Howden, we have a range of specialist teams so that you can be assured your policy has been worded by someone who truly understands your industry – and the complex risks you face.
What does a Professional Indemnity insurance policy cover?
Professional indemnity insurance (PII) is there for you when you make a mistake for which you are sued or investigated (or both).
PII supports you in two main areas:
1. Covers costs associated with regulatory hearings, including defence costs
2. Pay any damages or settlements.
PI sector specialisms
The policies we arrange share the following:
Even if the lawsuit comes in a foreign jurisdiction, you will be able to mount a competent defence with lawyers experienced in both the sector and that geographical territory’s legislative arena.
Full retroactive cover
Including past wrongful acts, errors and omissions
It’s really important that your cover goes all the way back to your company’s incorporation.
You could be held liable for advice you gave a long time ago – buying policies online can easily leave gaps in coverage and potentially financial exposures that could come back to haunt you.
We can also provide the following extensions:
- Unintentional infringement of intellectual property
- Cover for vicarious liability caused by wrongful acts of subcontractors, consultants or agents.
Even when allegations are unfounded, rigorous defence is vital.
People who sell themselves as having a certain skill set or expertise put their careers on the line every time they meet a client. When you take action on their behalf, you risk being sued.
Defence is vital when allegations are unfounded – your future prosperity depends on it. But if allegations are justified, then insurance is especially important.
You will need to assemble an experienced legal team at considerable expense - and even then, you may be liable for damages or need to settle out of court.