Retroactive Date in a Professional Indemnity Policy

For a professional, regardless of expertise or knowledge, mistakes can still be inevitable. A single mistake can cause enormous losses and impact the goodwill or reputation built over the years. This is when a professional indemnity cover comes into the picture. To understand this business policy thoroughly, one is needed to learn about some of its terms, including professional indemnity retroactive date.

Read more
Get ₹10 Lac Cover starting at ₹873*

Get right expert advice

Hassle free policy

Speedy Claims

Spend Less Save More!! Check Our All-Speciality Rate Chart

Fast-track your search with instant quotes from prominent insurers

Get Customized Professional Indemnity Plans Instantly

Step 1/2

Get Customized Professional Indemnity Plans Instantly

You are -
secure-icon We don't spam
Get Updates on WhatsApp
View Plans

Get Customized Professional Indemnity Plans Instantly

Step 2/2
Fast-track your search with instant quotes from prominent insurers
Expert advice

Buy right

Instant policy

Quick & Hassle free

Dedicated team

Speedy Claims

Spend Less Save More!! Check Our All-Speciality Rate Chart

Professional Indemnity Retroactive Date

A retroactive date in your insurance policy marks the beginning of your coverage. It's the date on which you purchased the Professional indemnity insurance policy for the first time and even if you changed the insurer and made sure that there is no gap between the end of the old policy and the beginning of the new one. Then the new insurer will provide coverage for any claims that might arise from the tenure of your old policy. Also, remember that any claims arising from incidents that occurred before this retroactive date are not covered by your insurance.

Professional Indemnity Premium Calculator

This coverage is only for following professionals:

  • Doctor/Medical Practitioner
  • General Physician
  • ₹20Lacs
  • ₹25Lacs
  • ₹30Lacs
  • ₹35Lacs
  • ₹40Lacs
  • ₹50Lacs
  • ₹75Lacs
  • ₹1Crore
  • ₹2Crore
  • ₹3Crore
Read More

Let us consider an example to understand better.

* A Doctor purchased a professional indemnity insurance policy from XYZ Insurance Company on 1 January 2020.
* The policy expires on 31 December 2020.
* Since the Doctor did not like the coverage of the XYZ Insurance Company and decided to change the insurer.
* The Doctor makes sure that there is no gap between the Old and New Professional Indemnity Insurance policy.
* So purchase the new Professional indemnity insurance policy from the ABC Insurance Company, which comes into effect from 1 January 2021.
* 1 January 2021 becomes the new inception date and the old inception date, 1 January 2020, becomes the retroactive date.
* However, a claim arose when the Doctor was covered under the PI policy of XYZ Insurance Company dated 1 June 2020.
* Since there was no gap between the two policies, the current insurer, ABC Insurance Company, will provide coverage for the claim raised from the tenure of the old insurance policy.

Understanding Professional Indemnity Insurance

Indemnity insurance, also sometimes known as Errors & Omissions Insurance, is a common type of business insurance. This insurance indemnifies the professional or a service-providing firm if they commit some mistake, negligence or error within their professional paradigm. These errors may also lead them into legal trouble, thus professional liability insurance covers legal expenses. Generally, it covers the legal cost of defending the claim and the financial aid in paying compensation to the client who raised the claim.

The core importance of professional indemnity insurance includes:

  • Mitigating the risk of litigation arising out of unintentional errors
  • Lowering the chances of loss and risks, businesses or professionals may face
  • Protecting professional’s assets and safeguarding the reputation of their practice
Explore Types of Professional Indemnity Insurance


The professional indemnity retroactive date covers the work completed before buying an insurance cover. It is to be taken note that the claim arises after the mentioned retroactive date, and the policy is in place while making the claim. The retroactive date can be a technical term that not many people would be aware of, but it truly is an important aspect of professional indemnity insurance.

Professional Indemnity Insurance Companies

Now help your friend get Business Insurance

Your referral is greatly appreciated!

Our team will reach out to your friend soon to help with their business insurance requirements.

Professional Indemnity Insurance Articles
In 2024, the medical profession in India remains highly respected and financially rewarding. Doctor salaries vary...Read more
31 Oct 2023 by Policybazaar 4182 Views
Indemnity clauses which is also known as the contract of indemnity is crucial. It is a contract under which one...Read more
25 Oct 2023 by Policybazaar 1453 Views
A doctor performs several risk-associated tasks. He needs to cure different kinds of diseases affecting patients...Read more
27 Apr 2023 by Policybazaar 4106 Views
To become a doctor, you have to devote years to studying and training. However, sometimes despite the best...Read more
10 Mar 2023 by Policybazaar 1406 Views
Professionals such as lawyers, chartered accountants, doctors, engineers, etc. are susceptible to several kinds of...Read more
29 May 2023 by Policybazaar 2547 Views
Insurance policies are integral to risk management, providing...Read more
06 Jun 2024 by Policybazaar 175 Views
Artificial Intelligence has revolutionised various industries by...Read more
30 May 2024 by Policybazaar 147 Views
Professional Indemnity Insurance (PII) is a vital safeguard for...Read more
30 May 2024 by Policybazaar 126 Views
Telemedicine has revolutionised the way healthcare is accessed...Read more
30 May 2024 by Policybazaar 175 Views
Medico-legal cases are a significant aspect of healthcare...Read more
30 May 2024 by Policybazaar 176 Views
Policybazaar for Business - Professional Indemnity Insurance - Customer Reviews
View all
Based on 21 reviews
out of 5
Based on 21 reviews
0 users
15 users
6 users
0 users
0 users
4.5 April 24, 2023
Helpful Purchase
Profesiona Indemnity Insurance has been a game-changer for my consultancy business. It has given me the confidence to take on new projects and expand my services, knowing that I have robust coverage in place.PolicyBazaar has been fantastic in answering my questions and tailoring the policy to my specific needs.Thanks PolicyBazaar.
3.5 April 12, 2023
Amazing Deals
I recently purchased Professional Indeminty Insurance from PolicyBazaar and the claims process is smooth, and has always been prompt in resolving any issues or concerns I've had. I appreciate the reliability and professionalism they exhibit.
3.8 March 31, 2023
Online Purchasing
Profesional Indemnity Insurance has been a lifesaver for my business. It offers comprehensive protection against any claims that may arise from errors or negligence on my part. The claims process was straightforward, and they handled everything efficiently. I highly value the peace of mind this insurance provides and would recommend it to any professional.
4.3 March 13, 2023
Impressive Features
I had an excellent experience while buying Personal Indemnity Insurance. It was quick and easy to get a quote online and the premiums were quite affordable. The policy covers all the essential aspects, and the customer service team was responsive and supportive. I feel much more confident in my work knowing that I have this coverage
3.8 March 01, 2023
Helped To Secure Confidential Data Of Company
As a Owner I had a high risk of loss of confidential data. Then my colleague suggested me go for PI Insurance at PolicyBazaar. So I visited their website and contacted the team. They answered all my queries, and when I got satisfied with the plan, I made a purchase. Thanks, PolicyBazaar.
4.3 February 17, 2023
Covers Legal Expenses
There was a party that made a claim against us for professional negligence by one of our employees. Thanks to PolicyBazaar which helped me protect our financial position and helped us during the claim process that covered our Legal expenses and Settlement cost. Highly Recommend this.
4.3 February 05, 2023
Covers The Risks
I bought Professional Indemnity Insurance from PolicyBazaar, as I was looking for insurance that could mitigate my risk associated with several professional services. Thanks to PolicyBazaar. It was worth buying. Highly Recommend it.
4.3 January 24, 2023
Helps Me To Focus On My Work
I was always concerned about my organization in order to safeguard against potential liabilities and unforeseen circumstances that could arise from professional negligence. So I bought PI Insurance at Policybazaar and found it good as it helped me to focus on my work without worrying about financial repercussions. So thanks to PolicyBazaar.
3.8 January 08, 2023
Amazing Deals
I bought Professional Indemnity Insurance from the PolicyBazaar website and found it suitable for my business. I run a small company. I got terrific Deals at PolicyBazaar. It was an excellent Purchase. Thankyou PolicyBazaar.
4.3 December 14, 2022
Doctor Vishal
Covers Professional Negligence
As a Doctor, I was searching for Professional Indemnity Insurance that could provide me coverage against claims for Negligence in my services. Then I visit PolicyBazaar Website. There I came across several benefits. So I made the purchase there. Thanks, PolicyBazaar.