Professional Indemnity Insurance
Protection when professional advice or services lead to a claim.
Protect what keeps your business moving
A client may allege that your advice, design or professional service caused them financial loss. Even when you believe you have done nothing wrong, responding to a claim or regulatory inquiry can be expensive. Professional indemnity insurance can help protect against covered breaches of professional duty.
Who should consider it?
Cover is mandatory for some professions and commonly required by clients or contracts. It should also be considered by consultants, designers, engineers, IT professionals and others providing advice or professional services for a fee.
What can it cover?
Depending on the insurer, policy and options selected, cover may include:
Civil liability to a third party arising from the conduct of the insured professional business.
Costs of defending a regulatory inquiry into professional conduct.
Legal defence costs for claims triggered by the policy.
Selected fidelity cover for direct financial loss caused by dishonest or fraudulent employee conduct.
Additional costs and expenses incurred during a covered claim.
Important considerations
Typical exclusions may include commercial liabilities, fraud or dishonesty by the insured, pollution and unpaid fees. Professional indemnity is commonly written on a claims-made basis, making continuity and notification especially important.