Professional Indemnity Insurance (PII)
AdviceUK is committed to its members being able to provide skilled and appropriate advice to anyone who needs it. However, when mistakes are made, it is important that the client should not be disadvantaged and that any claims for compensation can be met without putting the resources of the centre and the personal assets of key individuals at risk. For these reasons it’s an AdviceUK membership criterion that you must have professional indemnity insurance in place.
AdviceUK Professional Indemnity Insurance is arranged on a “claims made” basis, which means that any claim will attach to the period of insurance during which the claim is made, and not when the breach of professional duty actually occurred. This means that you must have a current ‘live’ policy in force when notification of a possible claim is made.
Any advice service can apply for professional indemnity insurance through AdviceUK. It is our duty to carry out a demands and requirements assessment for you so that we can accurately assess whether or not the insurance products we arrange are right for you.
You do not have to be a Network Member of AdviceUK to apply for our professional indemnity insurance, although members do enjoy a substantial discount.
AdviceUK Membership Criterion
AdviceUK believes that all advice providers should make provision to enable them to compensate the user when things go wrong, and it is part of AdviceUK’s membership criteria that AdviceUK members must have professional indemnity insurance to cover any advice they give.
Applying for professional indemnity insurance through AdviceUK
Applying for our professional indemnity insurance couldn’t be easier. We will work to make the process as smooth and easy for you as we can. It is our job to make sure that you get the right insurance product for you in a manner that is timely, efficient and friendly. If any of the information here doesn’t make sense, or you would like to discuss your individual circumstances you can call us on 0300 777 0106 or email us at email@example.com
Below are a few FAQ’s that may help to answer some of your questions.