Professional Indemnity Insurance

If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake.

Why need professional indemnity insurance?

Regardless of how many years of experience your firm may have, there is always the possibility you or one of your team members could make a mistake. You may need professional indemnity insurance, if you:

  • Handle data belonging to a client or business
  • Are responsible for a client's intellectual property
  • Advise or guide clients
  • Provide professional services and could be challenged on your work

No matter how large or small a business, without professional indemnity cover your financial position could be left vulnerable if a claim is brought against you. Hence, having an adequate insurance plan in place will give you peace of mind that your organization is covered.

What professional indemnity covers?

Professional indemnity insurance covers against a wide range of scenarios, including:

  • Professional negligence
  • Unintentional breach of copyright or confidentiality
  • Loss of documents or data
  • Claim investigation costs
  • Defamation and libel
  • Loss of goods or money

Who can take the policy?

Professional indemnity insurance can be availed by the following group of professionals:

  • Doctors and medical practitioners such as physicians, surgeons, cardiologists, pathologists etc.
  • Engineers, architects, contractors and interior decorators
  • Medical establishments such as hospitals and nursing homes
  • Lawyers, advocates, solicitors and counsels
  • Chartered accountants, management consultants and financial accountants

What professional indemnity does not cover?

  • Claims and circumstances known before issuance of the policy
  • Intentional damage
  • Contractual liability
  • Act of terrorism or war perils
  • Insolvency of the insured

Compare professional indemnity quotes with PolicyBazaar

PolicyBazaar will help you buy insurance plans that are tailor-made to meet the unique requirements of your business. Through our easy user interface you can compare professional indemnity insurance quotes and purchase the best-suited policy as per your business needs.

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