The Risks

Any company, practice or individual that provides professional advice or services is potentially exposed to legal actions arising from the conduct of their professional business.

A duty of care exists and if a breach of that duty arises, then the firm could face claims from clients alleging negligence, errors or omissions in connection with the advice or service provided. Defending such actions can be costly, and if the defence is unsuccessful the firm will face the prospect of not only paying their own legal defence costs, but also those for the other party including any damages awarded against them. Even if the defence is successful, then the firm may be left with expensive legal bills to settle.

In today’s litigious environment, the risk of allegations of negligence increases, no matter how spurious, and without insurance protection the cost of the legal defence and any subsequent settlement can prove disastrous for the business.

The Solution

A Professional Indemnity insurance policy (also known as PII or errors & omissions insurance)will provide protection to a firm from such claims. For some professions PI insurance is a regulatory or professional requirement (such as lawyers, trust companies, accountants, architects, and insurance brokers). Other firms may choose to have this type of insurance as part of good business practice.

Vantage Insurance Brokers Limited works closely with our clients to gain a full understanding of the type and range of professional services provided to ensure we provide a tailored solution with the widest possible cover for the most cost effective premium.

The Cover

The insurance market offers a myriad of different PI policy wordings and subtle differences in policy wordings can have a wide affect on the scope of cover provided. Many professions have industry specific wordings and mandatory requirements on the scope and level of PI cover to be arranged. This is where expert advice from a specialist insurance broker, such as ourselves,can provide an advantage.

All policies will provide for damages and legal costs, with many insurer wordings expanding the scope of protection provided to include loss of documents, court attendance costs, breach of confidentiality, libel & slander, and fidelity.


Vantage Insurance Brokers Limited provide advice and insurance solutions to both offshore service providers and more “traditional” professional firms.

Financial sector clients include: Trust Companies, Corporate Service Providers, Fund Managers, Fund Administrators,and Advocates.

Other professionals include: Accountants, Lawyers, Architects, Surveyors, Engineers, Management Consultants, Independent Financial Advisors, IT Consultants.

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