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professional consultantProfessional Indemnity Insurance for Consultants and Professionals

If you are in the business of selling your knowledge as advice or skills, you should be covered in order to avoid potential massive damages and legal costs should you be sued.

If you offer professional services you immediately attract and owe a duty of care to your clients who rely upon the professional service or advice you offer.

Today, clients are much more likely to commence negligence proceedings when it appears that professional standards have not been met.

Most professionals hold professional indemnity cover. If you are a lawyer, accountant or financial adviser, then you must have professional indemnity insurance. Professionals such as architects, consultants, advertising and PR agencies, IT consultants, surveyors and designers often opt for such cover as well.

All professional service providers have legal liabilities to their customers and sometimes third parties.


What does professional indemnity insurance cover?

When a claim is made against a professional for tort or wrongdoing, our cover provides the safety net for the professional to cover or indemnify himself against the costs of court action.

Professional Indemnity insurance protects your business against compensation sought by a client if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. It will also cover any legal costs.

The insurer promises to indemnify the professional against claims by clients or other persons affected by the professional’s advice and activities. The insurer will provide an indemnity to professionals for damages which are awarded against them plus legal costs of employing solicitors and barristers to defend the claim and for costs awarded against them to the claimant.

Ensure you are properly covered

A claim can often be a made after a long delay between an event and a subsequent claim, you need to be covered both at the time of the event and when the claim is made.

Professional indemnity insurance is underwritten on a “claims made” basis.

This means that the policy provides cover for any third party claim first made against the assured during the currency of the policy whether it occurred before the period or not.. “Claims made” cover is offered therefore regardless of when the act, error or omission that initiated the claim took place. However in practice the longest risk period is usually 3 years as prescribed by the time period allowed for cases of tort to be brought.This means that if you plan to cancel your policy when you close your business or retire you may need to arrange “run off” cover for a period of time afterwards.

Should you change insurers, you will either need to arrange run-off cover or get agreement from your new professional indemnity insurer on a claims made basis to accept new claims for prior incidents.

AOR Insurances customers are protected by through our compliance with Irish Central Bank regulations. We source quotes from many suppliers of specialist professional indemnity cover schemes that are unique to many professions, professional trades and professional skills.

The policies offered are profession specific and cover all risks associated with any particular profession, thereby offering the correct levels and range of covers coupled with sound professional advice and more often the cheapest scheme rates.

Professional indemnity insurance is typically used by those in many professional jobs such as engineers, architects, brokers, lawyers and financial advisors. It is used to protect against claims, in today’s litigious climate, against negligent professional services.

Without professional indemnity insurance companies and individuals are left wide open to claims against error, negligence, professional negligence and various obligations of the services they provide. That is why it is important for professionals to take the insurance. PI without insurance companies and individuals at risk to defend against the claims of which they may in fact be responsible.

Of course depending on the level of risk and claims against individuals and companies have different policies of professional indemnity insurance is available. For example, an individual may argue that the $ 2 million PI cover would be suitable for the services he provides. However, larger companies may argue that $ 20 million PI cover is what is required in order to reduce the risk of the services they provide.

Obviously the greater the cover, the greater the premium that you will need to pay. That is where you will need to evaluate the risks and rewards for the level of cover you choose to take.

Generally, the higher the perceived risk of the services you offer to your clients the greater the amount of professional indemnity insurance you will need to take. Therefore, in the more risky profession you will need to pay higher premiums to cover the perceived risk that you are subjecting yourself.

In order to obtain PI insurance you’ll usually go through an insurance broker. There are literally hundreds of insurance brokers who can set you up with PI insurance. In most cases, the quotes you receive will be guaranteed by a large insurance agency.

Usually this will be the larger insurance companies that will pay the claim through an insurance broker you choose to engage for your PI insurance if there is a claim against you or your company.

Later in the sequence your claims will usually be through your insurance agent and paid by the insurance company underwriting the larger if your case is received by the assessment panel if you happen to make a claim for insurance.

Going through a broker or agency can save you a lot of time because they usually have contacts with major insurance companies and understand their policies. For example, different PI insurance policy will cover you for different situations.

Therefore, by contact with your broker to explain your circumstances and what you want to be covered for. Then the broker can suggest a PI insurance policy which may be the best option for individual situations. Obviously this will save you a lot of time not only in choosing the right policy, but also in dealing with the document if a claim is made against you or your company.

But make a note to review the insurance policy before proceeding to obtain PI cover. The reason for this is you then will be informed to exactly what you’re covered because if you’re lucky enough to have a claim against either you or your company. Plus you will also understand what is included in the exemption policy to state that your insurance policy will not cover you for.

If you offer a service that you may have a claim against you is very important that you consider taking out professional indemnity insurance. There is an upfront premium for the cover but can potentially save you from crippling financial disaster in the event a claim against you.

The reason for this is that insurance companies will usually cover the damages against you if the claim is in line with their policy and your case judged in favour of you or your company.

Even the most respectable companies that have various claims against them during the time period from satisfied clients. Usually no matter how diligent, competent and professional service you offer to your clients is almost always there is the risk of having a claim made against you from satisfied clients.

That is why it is important to consider taking out professional indemnity insurance if you feel there is risk of a claim against you. Not only will this give you the level of cover in the unfortunate circumstances of a claim but will also provide peace of mind when providing professional services because you will be covered by reputable insurance companies.

Professional Indemnity Insurance is a must for every professional who actually believes that they are a professional. Seriously, after reading this article you should really go out there and search & find the best Professional Insurance quote you can find in the whole Internet. And that means that you should check the 298.000.000 pages searches that our dear friend (and real professional) Google has to offer you. You, my dear professional who is not yet a real professional. I’m sorry, but you won’t be one in my eyes until you get your own good but hopefully cheap policy cover.

Professional Insurance (PI for friends) And no. You can not call her PI until you sign your policy. But now talking seriously, it doesn’t matter if you feel like a successful professional because you own an iPhone 7 and you are even planning to get the iPhone 9 as soon as it gets out… But you’ll never be a real executive professional successful businessman with a house in Doolin, a flat in Dublin and a boat at some Mediterranean private yacht club… until you are covered with a Professional Insurance.

You better get protected if you want to succeed and not loose anything of what it has taken so much time and effort to archive. A name at your work or company, a big number of -until now- happy customers, and an -until now- great professional with a not rich but happy life. Thats you.

Not having hired a Professional Insurance can make your life kind of sad. Just like a Lars Von Trier movie. Depressing. I know that it is BS to spend money, more money, on another “stupid” not useable insurance that you end up paying every month “for nothing”. I know.

But you should not really think like that. It’s wise because you save up money, well, kinda wise, but at the end it actually is really stupid since because of not spending the couple of euro that cheap Professional Insurance may cost you… You may end up losing thousands of euros. Even a much more higher amount – and even worse – your job.

But for now you should really know what is Professional Indemnity Insurance – and if you don’t please feel free to check our blog and the hundreds of tons we got uploaded here that can explain you in 1000 different ways what the hell exactly is a PI insurance- If you are a “boss” or your position takes a certain amount of responsibility towards the economical balance either of customers or third parties… you are entitled and should be obligated to cover your back, and your bank account from going into red numbers because the state has frozen your personal bank account so they could pay your unhappy customer after legally use his constitutional rights to sue you.



Sue me? Why? I’m a good worker, I’m the best professional at my division, even the best in my whole company, why should one of my customers sue me? Well… humans are humans, that means that we can make mistakes and that one day even the best can do mistakes. And when you do something negative, there will always be someone negative to get something positive out of the situation. And thats mostly an unhappy client trying to grab a piece of cake of your savings. Don’t let that happen. Close this page right now and find a Professional Insurance Quote online.