Professional indemnity insurance, or PI, is a key element of many business insurance policies. As a member of NAPIT it is a condition of your membership to have adequate PI cover in place. With a commercial insurance policy from NAPIT Insurance, PI cover is included for you as the policyholder and also extends to cover any employees or contractors working for you.
When you work in a skilled industry and provide a specialist service, your reputation is important. Unfortunately mistakes can and do happen, which can be costly to your business if you do not have the right cover in place. That is where PI insurance can prove invaluable. If an error is made, or inaccurate advice given to a client and they believe they are entitled to compensation, they can pursue a claim in court.
In this situation, PI insurance will cover the costs incurred as a result of a claim, and in the case of a successful claim, the compensation paid to the claimant.
If you are made aware of a claim for compensation, it is important that you inform us or your insurer as soon as is reasonably possible. Similarly, if a situation arises which you think could potentially result in a claim, you should also advise us of this when possible. If you have a policy with NAPIT Insurance, your claim would be handled by our team, from start to finish, so you have one point of contact throughout. We would advise the insurer of the claim in writing, and depending on the situation and outcome of the claim, they would arrange payment. In some cases they may appoint a solicitor with a view to preventing the claim from progressing.
If you are unsure whether you have adequate insurance in place, or if you would like a quote for your business or commercial vehicle insurance, please get in touch. We understand the risks that face your business, meaning our insurance products are designed to go beyond the standard levels of protection.
For more information you can contact the NAPIT Insurance team on 03455 646 173 or complete an online enquiry form.