Because we all make mistakes
And even if an error hasn’t been made, a client may disagree.
The main purpose of Professional Indemnity (PI) insurance is to provide financial protection to a firm or individual for their negligent errors (doing something wrong) or omissions (not doing something at all) arising from their professional activities. The policy will generally pay for both damages and any defence costs incurred.
The first Professional Indemnity insurance policies were underwritten over 90 years ago and cover has been evolving ever since. The “professions” who originally bought this cover included solicitors, accountants and architects, often because their professional bodies told them they must. In recent times products have become available for many other sectors vulnerable to claims from their clients and other third parties.
“Claims made” cover
In the UK, PI is underwritten on a “claims made” basis. This means the policy in force at the time a claim is made is the one that responds whether or not the negligent act occurred during the policy period. This basis of cover means it’s important to consider both the past and present exposure of a business in deciding what – and how much – protection to buy.
MGB specialises in arranging PI insurance for a wide range of firms, both the traditional professions and the newer ones:
Accountants
Actuaries
Architects
Business Consultants
Design & Construction
Engineers
Estate Agents
Financial Advisers
Fund Managers
Insurance Brokers
IT Professionals
Media Professionals
Medical Professionals
Recruitment Agents
Solicitors
Surveyors & Valuers
This list is not exhaustive, so if you have an enquiry which is for a different profession, please get in touch as we place this cover for a huge range of company types.
The service MGB provides to its clients doesn’t end once a policy has been arranged; we are on hand throughout the policy year to provide technical assistance and arrange any policy amendments required.
Our in-house claims team assists in the presentation of claims to insurers and manages the process from first notification through to file closure. We take a proactive approach, whilst providing a personal, professional, efficient and friendly service.