FrequentlyAskedQuestions

Having dealt with businesses and contractors for over 20 years, we are asked some questions more than others - here are a few;

General

Q Is Professional Indemnity insurance mandatory or a legal requirement?
Generally, Professional Indemnity is not a legal requirement. You will not get prosecuted for not holding Professional Indemnity Cover. However, depending on what your profession is, there maybe regulatory requirements imposed by your association or governing body to hold Professional Indemnity as a compulsory insurance.
Q What level of Professional Indemnity insurance should I buy?
Q What does Professional Indemnity insurance cost?
Q Is Professional Indemnity Insurance VAT exempt?
Q What is an errors and omissions policy
Q What is retroactive cover?
Q Are legal costs covered by professional indemnity insurance?
Q Are all Professional Indemnity wordings the same?
Q When do I have to pay a policy excess on a Professional Indemnity Policy?
Q What is the difference between “any one claim” and “aggregate” on a Professional Indemnity policy?

Your Data

Q Who provides the insurance on hammondpi.com?

We take data privacy very seriously and are registered with the Information Commissioners Office, and work towards regulated guidelines. Please read our Privacy Policy and visit https://ico.org.uk for more information.

We will only use your details to provide you with Insurance terms, as such your information will be passed to appropriate insurers in order to obtain an insurance quote for you. If you decide to pay for your premium using a finance facility, than your details can also be used for credit referencing to check your financial standing when you apply for credit.

Your Policy

Q Who provides the insurance on hammondpi.com?

We take data privacy very seriously and are registered with the Information Commissioners Office, and work towards regulated guidelines. Please read our Privacy Policy and visit https://ico.org.uk for more information.

We will only use your details to provide you with Insurance terms, as such your information will be passed to appropriate insurers in order to obtain an insurance quote for you. If you decide to pay for your premium using a finance facility, than your details can also be used for credit referencing to check your financial standing when you apply for credit.

Q Do you renew my policy automatically?
Q How do I get copies of my insurance documents?
Q I need my documents and proof of cover straight away - are they instant?
Q Does the Professional Indemnity insurance I buy online cover me worldwide?
Q What happens to my Professional Indemnity cover when I close my business?
Q How do I make changes to my policy?

Payments

Q I need an invoice - how can I get one?

An invoice would have been emailed to you once payment has been received online, or can be downloaded when you log in. Alternatively, please contact us and we will send you a copy.

Claims

Q What is a Professional Indemnity Claim?

A claim is generally notifiable under a Professional Indemnity policy when the insured first becomes aware of circumstances that could lead to a claim. This could be anything from a verbal criticism to receipt of a statement of claim.

Cautionary signs include:

  • Verbal complaints from a dissatisfied customer, or threats to take the matter further
  • A client that refuses to settle or delaying settlement of your fees
  • Letters or email of complaint alleging neglect, error or omission
  • A client that wants to change Professional Adviser

The interpretation of when this situation occurs is the source of frequent policy disputes between the insurer and insured, so always be on your guard.

It would be good business practice to regularly check with staff and partners if there are any problems that should be notified.This is particularly important prior to a policy renewal, as a change of insurers may occur which could subsequently result in a potential non-disclosure of a notifiable event.

Q What should I do when there is a situation that could lead to a claim?
Q How long will my claim take to process?
Q What is meant by “Claims Made” policy

Does it look like you need PI cover? Get covered right now.

Our main goal is to protect you and your business. Get a quote today.