Professional indemnity insurance will cover your legal costs and expenses incurred as well as your defence cost and any damages costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Our experienced broker consultants understand the impact that clients or patients’ disputes, and incidents have on the wellbeing of professionals, and the need to have effective and efficient insurance cover during these stressful events. Our professional indemnity insurance solutions are tailored according to your professional needs.
Professional indemnity insurance will cover your legal costs and expenses incurred as well as your defence and any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
The cover focuses on alleged failure to perform on the part of, financial loss caused by an error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance / third party liability policy which addresses more direct forms of harm. Professional liability insurance is required by regulations in some areas for certain kinds of professional practice for example lawyers and estate agents.
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Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, covers legal costs and expenses incurred in your defence, as well as any damages or costs that may be awarded, if you are alleged to have provided inadequate advice, services or designs that cause your client to lose money.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) but more commonly known as errors & omissions insurance , is a form of liability insurance which helps protect professional advice- and service-providing individuals and companies from bearing the full cost of defending against a negligence claim made by a client, and damages awarded in such a civil lawsuit.
The coverage focuses on alleged failure to perform on the part of, financial loss caused by, and error or omission in the service or product sold by the policyholder. These are causes for legal action that would not be covered by a more general liability insurance / third party liability policy which addresses more direct forms of harm. Professional liability insurance may take on different forms and names depending on the profession, especially medical and legal. It is required under contract by other businesses that are the beneficiaries of the advice or service.
Cover sometimes provides for the defence costs, including when legal action turns out to be groundless. Coverage does not include criminal prosecution, nor a wide range of potential liabilities under civil law that are not outlined in the policy. Professional liability insurance is required by regulations in some areas for certain kinds of professional practice for example lawyers, estate agents.
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