Professional indemnity insurance protects professionals against claims made against them by past or present clients.
Professionals and professional service firms perform in an environment of increased responsibility and accountability. Litigation has become increasingly common with professionals being held more accountable for their advice and actions and any losses suffered as a consequence.
Professional Indemnity Insurance covers the costs and legal defense costs, as well as any damages payable. Any person who gives advice, designs, or offers services in a professional capacity, and is seen by clients as an expert, should have professional indemnity insurance. Your client’s losses can be material, financial or physical.
Indemnity insurance is required by certain professionals, including insurance brokers, legal professionals, medical practitioners and some accountants. Professional contractors sometimes need to have professional indemnity insurance.
Professional indemnity insurance policies and conditions will vary depending on your industry and the nature of your business.
For advice on your best type of professional indemnity insurance and a quote,