Need Professional Indemnity Insurance explained? There are a number of things to be taken into account when choosing Professional Indemnity Insurance. We have included some below.
What is Professional Indemnity insurance?
Professional Indemnity insurance is a policy that will provide cover for legal expenses that you may face whilst defending an insurance claim, as well as any compensation that you are required to pay to your client.
Do I need Professional Indemnity insurance?
Some professions are required to hold a PI insurance policy by their regulatory body. Others may be required as part of a contract to hold a policy with a certain limit of cover.
Mistakes can happen, even for individuals with many years of experience. Even if you are not required to have PI insurance, you should assess the risks to your business and the potential financial repercussions, should a claim be made against you.
Limit of indemnity
The Limit of Indemnity is the maximum amount of money that a professional indemnity policy will pay out.
When looking for Professional Indemnity Insurance cover it is necessary to choose the limit of indemnity that you consider will be necessary to cover the risks faced by your business. It may also be the case that you are obliged to buy a certain level of professional indemnity insurance cover as instructed by your relevant professional body, or to satisfy the criteria set out by the principal contractor under a contract before you can deal with them.
Claims Made Basis
It is important to understand that PI policies are written on a claims made basis. This means that they provide cover for claims made against you during the policy period (i.e. after the inception or renewal date) that relate to work that you have done at any time after the retroactive date.
Policies on a claims made basis should include a retroactive date to protect the policyholder against claims in respect of work undertaken prior to the current policy year. The retroactive date should coincide with the date you started trading or the effective date of your first professional indemnity policy. It is possible to arrange a policy with a retroactive date of none, which effectively provides cover in respect of all previous periods.
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Request a call backEmail: andy@rkhenshall.com
Andy joined the Hensure team in 2026, with five years experience as an Account Handler. Specialising in Fleets & Property Owners policies, he holds his Cert CII and a Graduate Diploma in Law.
In his spare time, Andy is a Liverpool fan, Women’s football performance analyst and scout, and UEFA C coach.
Andy’s hobbies include playing guitar and road cycling, and he is currently learning German and Spanish.
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Email: ross@rkhenshall.com
Ross joined us in July 2021 and is now Broking Services Manager .
After completing a Bachelors and Master’s degree at University, Ross moved into the insurance industry. He has several years of experience in the insurance industry, having worked for a number of well-known Insurance companies prior to moving to Insurance Broking.
Ross is a keen climber and recently took up a new hobby of canoeing.
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Email:Â john@rkhenshall.com
John has 25 years of insurance broking experience. John has been awarded the Advanced Diploma in Insurance by the Chartered Institute and has also been awarded his Certificate in Financial Services.
John is a keen sportsman having played rugby at local level for both Penrith and Sandbach.
He was captain of Sandbach squash club for many years and still plays for the team in the local leagues.
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Email: allen@rkhenshall.com
Allen has over 20 years experience in commercial insurance having worked for a mixture of large and smaller insurers before moving in to an Insurance broking role.
He is responsible for the RK Henshall online trading through the Hensure Brand and also has overall responsibility for a number of delegated Authority binders that operate within the Underwriting Agency.
In his spare time he likes to play golf and is also the drummer in a covers band.
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Email: rhian@rkhenshall.com
Rhian holds an Apprenticeship in Business Administration and Customer Services, her CERT CII qualification and has experience dealing with professional indemnity, liabilities and commercial combined risks.
In her spare time, Rhian loves spending time with her friends and family and her two cats.
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Email: stephanie@rkhenshall.com
Stephanie joined the team back in 2013, where she completed the Brokerbility Apprenticeship Scheme to achieve her Cert CII qualification.
Outside of the office, Steph enjoys riding her horse and socializing with friends and family.
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Email: laura@rkhenshall.com
Laura joined the team in early 2024, after three years working in Commercial insurance.
She is currently working towards her CERT CII qualification.
In Laura’s spare time, she enjoys playing badminton and taking part in local quizzes. She is also a keen spectator of rugby and American football.
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