Professional Indemnity (PI) Insurance is the most relevant business insurance for interior design professionals and a condition of accredited membership of the Society of British and International Design. SBID PI Insurance is a unique policy drafted for SBID members only. It offers financial protection against client non payment, where claims of errors and omissions may result in a negligence dispute, and the associated legal costs professionals regularly face.
This issue generally damages the reputation of professionals in practice and the industry, so SBID developed the SBID Professional Indemnity Insurance scheme strictly for accredited members where the risk to insurers is minimal.
In addition to a standard policy protection, such as claims arising from an infringement of intellectual property, this pre-eminent scheme includes an area of cover previously unavailable to the interior design profession. Benefits include:
- Collateral warranty checking; giving the policy holder unlimited access to a specialist law firm to ensure the member is not assuming any unnecessary liability cover provided for the costs incurred
- Legal costs and compensation, should an employee commit an act resulting in a claim being brought against your company
- Free strategic performance review; giving policy holders access to a free consultation provided by an expert strategic consultancy firm
- Mediation for both the member and their client in financial dispute of negligence, ensuring that the contract value is paid in full
The SBID PI insurance scheme also includes in-house claims handling, expertise and specialist advice.
Terms and conditions apply.
The Society of British and International Design is an Introducer Appointed Representative of Innovation Broking, which is authorised and regulated by the Financial Conduct Authority.