Professional Indemnity Insurance ( PII ) is often one of the largest business critical outlays for a business, sometimes higher than rent.

But why should a business have PII cover?

A policy covers a professional or their firm for their work and any mistakes they make or might face in the future. Furthermore, a professional indemnity policy can also cover the legal costs and expenses that might be incurred as a result of a legal case being made against them.

Without this insurance, professionals are exposed to a great deal more business risk and may need to put their prices up to cover the potential threat.

As a result of a toughening of the insurance market, premiums are expected to rise significantly with the Law Society predicting an average increase of 30% or more.

This coupled with a reduction in available funding could have a significant impact.

What help is available to cover my PII renewal?

A finance solution that could spread the costs of premiums over a 6-12 month period, with payment directly to the insurance company.

Funding premiums from £10k upwards and with no deposit required, this could be attractive option especially in current times.

Solicitors and accountants are well known for requiring PII cover, but the market also caters for architects, surveyors and other professions requiring PII cover.

TVAF have access to a funding solution. If you or someone you know is looking at spreading the cost of a PII premium please get in touch for a no obligation discussion.