What is Professional Indemnity?

Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice.

Claims can arise from simple things like giving incorrect advice, a miscalculation, incorrect diagnosis or treatment, and this results in a financial loss for your client. Then they may take legal action against you to recover these losses. Whether or not the allegation is true, Professional Indemnity Insurance seeks to protect your assets, your reputation, and the contents of your back pocket should this occur. This means you can continue in your business without the stress of financial or reputational ruin should a claim arise.

The risk of claims against you isn’t always determined by your skill or level of professionalism. There is always the risk of an unhappy client making a claim against you. While you can’t control this, we’re here to make sure you have some control in what happens next.

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PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. Regardless of the merit of a claim, your Professional Indemnity Insurance will pay for your legal defence as well as any judgments or settlements that you or your business may have to pay to compensate the suing party, up to stated policy limits.