RSA Insurance has today launched a Climate Professionals Professional Indemnity (PI) product, the first-of-its-kind in the UK designed specifically for companies and consultants who advise businesses and organisations on sustainability, net zero and climate-related activities and strategies.

Professional Indemnity insurance is an important type of business insurance for companies and consultants which provide professional services to clients. It covers businesses if a client or customer claim that the service, design or advice is inadequate, is not as expected or resulted in financial loss for the client. It would cover any legal costs and other expenses incurred, as well as damages or costs that may be awarded to the client.

The increased requirement from companies, shareholders and regulatory bodies to establish strong net zero strategies and sustainability plans, has increased the demand for consultants offering this specialist advice making the need for suitable protection even more important.

• Verdantix found in 2022 the net zero consulting market alone reached $3.5 billion and is forecast to exceed $15 billion by 2028.
• Verdantix research found that the global market spend on ESG and sustainability consulting reached $11.5 billion in 2022 and will grow at a CAGR of 27% to exceed $48 billion by 2028.
• According to Marketresearch.biz, the climate change consulting market was valued at $2.8 billion in 2023. It is expected to reach $7.7 billion by 2033, with a CAGR of 7.7% from 2024 to 2033.

Due to the individual nature of each sector, there are bespoke PI products for a range of different professions. Climate Professionals is a product aimed at a range of climate-related professions ranging from net zero, ESG and sustainability consultants to engineers. The businesses and specialists that are driving the transition to a sustainable economy. Based on RSA’s existing and market-leading PI product, with a number of additional climate-focused features tailored to meet the needs of every customer and is now available to brokers and their clients, via RSA’s Regions business.

Customers are also given exclusive access to a newly created section of the RSA Business Support Hub, a comprehensive online resource with business tools, risk management and legal support to help individuals protect and manage their business. The new section has a wide selection of ESG content and guidance; articles, blogs, practical guides, case studies and videos covering a range of regulatory, legal, disclosure and environmental topics, relevant to them and the services they provide.

Edward Ambrose, UK Head of Professional Indemnity at RSA Insurance, said: “In this increasingly litigious environment professional indemnity cover is vital for companies and consultants providing advisory services. With climate, sustainability and net zero considerations growing in importance to all organisations, we believe there is a strong demand and desire for this type of product. We’re delighted to launch a genuinely one-of-a-kind proposition, for an underserved section of the market and play our part in enabling the transition to a low carbon economy. We’ve developed a product that understands the demands placed upon climate professionals and offers an unrivalled cover that truly suits their needs.”

“We’re not stopping here, in a profession that is rapidly changing, we’ll maintain contact with brokers and clients to ensure the product stays relevant, continues to meet needs and evolves where necessary.”