Professional Indemnity Insurance

Professional Indemnity (PI) insurance protects you against claims from professional misconduct based on advice or services you have provided to clients and employees.

Claims most typically arise from allegations of professional negligence and misleading/deceptive conduct, where a client has suffered financial loss, bodily injury or property damage. As you can imagine, the penalties on you can be significant.

Some professionals, for example medical doctors / practicing Chartered Accountants / Architects are required to have professional indemnity insurance in order to practice. But no matter what industry you are in, if you are a professional who gives advice or provides a service, you run the risk of being sued.

Hence, it is important that you protect yourself and your business in the unfortunate event that somebody makes a claim against you.

Some of the Covers are:

a) legal costs incurred in the defence and investigation of a PI claim,

b) compensation required to be paid in order to dispose of a PI claim,

c) Act of dishonesty by the employees.

d) Loss of Data

Who needs to buy?

Anybody who gives professional advice or provides a service as work (e.g. Chartered Accountant, Engineers, Lawyers, Doctors, etc.).

Expect the unexpected. Insure and be secure.