Did you know that for some professions, there’s a legal requirement to have Professional Indemnity Insurance in order to do business?
What is Professional Indemnity Insurance?
Professional Indemnity (also known as PI) protects you against claims of professional misconduct based on advice or services you provide to clients. The most common types of claims against Professionals include misleading and deceptive conduct and allegations of professional negligence.
The penalties imposed on you can be significant and usually relate to financial loss, bodily injury or property damage suffered by your client as a result of your advice or services.
Who needs it?
Whether you’re an Accountant, Engineer, Fund Manager or Real Estate Agent, if you give any sort of Professional advice or provide a service for work, you run the risk of being sued. It’s important that you protect yourself and your business in the unfortunate event that someone makes a claim against you.
Professional Indemnity Insurance protects you from being lumped with large legal costs and the consequent negative impact on your business, reputation and livelihood.
With the right protection, you can go about your day feeling lighter and more confident giving others valuable advice and services knowing that we’ve got your back.
What does Professional Indemnity include?
A Professional Indemnity Policy will typically cover:
- Legal costs incurred in the defence and investigation of a Professional Indemnity claim,
- Any compensation required to be paid by the Insured in order to dispose of a Professional Indemnity claim.