Full definition
Professional indemnity insurance is defined as: Professional indemnity (PI) insurance covers claims arising from professional advice or services that cause a client financial loss.
PI is expected from consultants, designers, architects, IT advisors, accountants and anyone else whose deliverable is advice or a specification rather than physical work. Limits typically start at £1m and rise with contract value.
Because PI usually operates on a claims-made basis, the policy in force when a claim is notified matters more than the one in force when the work was done. Some clients require run-off cover after contract end.