PI insurance covers legal costs and expenses incurred as well as any costs awarded if a company is found to have provided inadequate advice, services or design that cause a client to lose money.
PI insurance covers against a wide range of scenarios such as:
- Professional negligence
- Loss of documents or data
- Unintentional breach of copywright/confidentiality
- Defamation and libel
- Loss of goods / money
PI insurance is usually offered on a claims made basis. This means that the insurer will only cover you for claims brought against you during the term of your policy