Professional Indemnity Insurance (PI) Cover - for The Isle of Man

Instant quotes are available for Professional Indemnity Insurance, and cover is available immediately for over 180 professions in Isle of Man.

All companies giving advice to their clients need to consider Professional Indemnity Insurance (PII) to protect their business in the event of a claim.

For the traditional professions such as architects, surveyors, solicitors, accountants, independent financial advisers, insurance brokers, stock brokers etc., PI insurance is compulsory.

In recent years however, there has been a steady increase in other professions requiring PI insurance covers such as IT and computer related business, telecommunications, claims managers, management consultants, recruitment consultants, marketing consultants, estate agents, energy assessors, expert witnesses, graphic designers and many more.

Cover details for Professional Indemnity Insurance policies

Professional Indemnity Insurance policies cover the following areas :

• Libel and slander
• Negligence - breach of duty of care
• Loss of data documents
• Malicious false hood
• Breach of confidentiality
• Dishonesty
• Unintentional infringement of intellectual property, copyright or trademark
• Errors and Omissions

How does a Professional Indemnity Insurance policy work?

The PI Insurance policy reacts to defend you from a claim made against you by your client, for example, if the client was unhappy with your advice, which they consider had caused them a loss, they may well appoint a solicitor to request a payment back from you for those losses. Your insurer would appoint a claims handler or a solicitor directly to defend your position in these matters, after all you may not be to blame for that client's losses at all.

It is of critical importance that you maintain continuous PI insurance if this is a coverage you need, as the indemnity is on a 'claims made' basis and any gaps in time could result in an exposure.

How much Professional Indemnity cover will my business need?

The amount of cover your business needs depends entirely on the type of services it provides, so there is no general rule of thumb for how much cover your business will need. You know your business best and the sort of exposure it faces

When deciding on the amount of professional indemnity cover to have you should consider the value of the work you are doing for your clients and the potential impact on them should it go wrong. Other than that, it's advisable to buy as much cover as you can afford

Sometimes your client will set a minimum limit of the indemnity they require before you can work with them. This can depend on the specific nature of the services you've been contracted to provide, or they could have a set limit for all their service providers.

It is also worth considering taking retroactive cover for work that you've already completed before the policy commences. This means that your professional indemnity insurance policy will cover you for any claims arising out of work you completed in the past. You will be given the option of taking out retroactive cover when you get your professional indemnity insurance quote.

We are able to offer indemnity cover from €130,000 to €2,600,000. To obtain an instant online quote click on the Get a Quote button or select your profession from the list and click on Go.

Examples of PI Insurance Claims

• A design consultant provided designs for tools to be used in manufacturing process. It was alleged that the designers were inaccurate.
• An auctioneer sold property at auction over a number of years. It was alleged that the property was stolen and a claim was brought for conversion.

Isle of Man(PI)

(Mann,)  Isle of Man, with arguably the oldest continuous parliament in the world, said to have been formed in AD978 has a thriving business community. The Isle of Man/Mann has around 90,000 people living on the island with approx 30,000 living in its capital Douglas.

Because of the Islands low taxes on capital gain tax, wealth tax, inheritance, stamp duty etc offshore banking, investors, manufacturing, tourism, together with a declining agriculture & fishing Industry makes up the Island’s income.

These bring the need for Professional business offering their services to clients. These businesses in the Isle of Man in turn have a requirement for Professional Indemnity Insurance & Directors and Officers Insurances.

The Professional Indemnity Insurance policy will protect against a claim being brought against any business working in the professional sector in these areas –

• Isle of Man – St Patrick Wells – PII, D/O, PL
• Isle of Man - Peel Bay area – Professional Indemnity
• Isle of Man – Ramsey Bay area – Directors and Officers (D/O), (PII),(PL)
• Isle of Man – Douglas Bay – Professional Indemnity Insurance
• Isle of Man – Castletown Bay – PII, PL, D/O
• Isle of Man – Port Erin Bay – Professional Indemnity Insurance
• Isle of Man - Crosby - Professional Indemnity Insurance
• Isle of Man - Stanton - D&O & PII
• Isle of Man - Ballasalla - Directors & Officers Insurance
• Isle of Man - Derbyhaven - PII & PL
• Isle of Man - Orrisdale - Professional Indemnity
• Isle of Man - Strang - D&O, PII, PL & Office
• Isle of Man - Baldrine - Professional Indemnity Insurance
• Isle of Man - Old Loxey - PL

The Professional Indemnity Insurance policy will protect the business for legal fees defending allegations regarding possible neglect in their Professional duties together with a host of other covers, including damages awarded against the company/partnership.

The facility we are offering professional businesses working in professions such as architects, surveyors, engineers, accountants, IT consultants, business consultants, management consultants, naval architects, software developers, (infact over 180 classes is 2 concepts).

Online Quote & Buy, with a choice of leading suppliers for Professional Indemnity Insurance & Directors & Officers insurances where the client can purchase their cover within minutes online and can be sent the full cover and policy documents directly to their computer. For more complicated requirements a client can request a full brokering service which will go into more details with a hand on approach for both Professional Indemnity & Directors & Officers Insurance risks.

TEL: 01323 648000

Find us on: