Professional indemnity insurance scheme introduced for Members
SELECT has expanded its wide range of Member benefits with a new professional indemnity (PI) insurance scheme which has been created exclusively for the association.
Launched in response to Member feedback, SELECT has joined with one of the UK’s largest independent PI insurance brokers to offer the essential business protection, complete with competitive premiums and easy instalment payment options.
Designed to protect contractors accused of faulty or inadequate advice and services, the cover insulates companies and individuals from the potentially crippling costs of legal action.
It now joins SELECT’s other comprehensive range of Member benefits and services, including technical support, health, safety and employment advice, free risk assessments, welfare, pensions and legal advice and private medical insurance.
Iain Mason, SELECT’s Director of Membership and Communications, said: “We are very pleased to be able to add this exclusive offer to our members, especially at a time when everyone is looking for best value as we try to emerge from the industry shutdown and into recovery.
“This specially-tailored cover is designed to protect businesses and individuals who provide advice, design or expertise to third parties, and can protect them if a customer alleges that they provided faulty or inadequate advice and services.
“PI Insurance should be considered essential for any company in this position.”
PI, also known as professional liability or errors and omissions insurance, covers the cost of legal defence, along with compensation which may need to be paid out to a third party following a claim made against the firm or an individual within the firm.
It generally applies to costs incurred if a client claims to have suffered a loss, financial or reputational, as a consequence of the policyholder’s activities.
The new benefit is being offered in partnership with Bristol-based industry experts Brunel, a Lloyd’s of London broker and part of the Brunel Group, which covers more than 7,000 corporate, commercial and personal clients throughout the UK. As a Marsh ProBroker, it can draw on the resources of internationally-operating group Marsh and access its global network.
- Download the new PI insurance brochure here.