Professional Indemnity Insurance

Professional Indemnity Insurance

The market for Professional Indemnity insurance for most professions continues to deteriorate with even more insurers closing their doors to new business and some pulling out of some classes altogether. Solicitors being a case in point. It is now more important than ever that you carry out a full review of your processes and check that at every stage you have a system in place that makes sure any reports, advices or designs that your are providing are thoroughly checked by your peers before submission. Check at all stages what your clients’ needs and requirements are. If not sure, go back and have that discussion. If you don’t have peers within your business run it by someone else in a similar role. Make sure your accreditations are up to date along with your CPD courses. Without all of that PI is going to elude you or, at best, painfully expensive. Remember, No PI = No Contracts. Don’t think you can just liquidate the company either these days. Directors can now be held personally responsible in many cases. Limited Companies may have Limited Liability. The Director may not!

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