Professional Indemnity insurance
Liability cover for providers of professional advice or services, available tailored to the requirements of a wide range of professions – traditional or modern, Accountants to Zoologists, with a choice of indemnity levels from £250k to £10 Million – you choose the most appropriate level for your business to protect against claims such as negligence, malpractice, misrepresentation, errors and omissions, defamation (libel/slander), breach of contract or warranty.
• “Aggregate” and “Any One Claim” limits available
• Loss of Documents cover available
• Cover can be extended to include Libel & Slander
Professional Indemnity insurance (sometimes referred to as Errors & Omissions cover (E&O) is a form of liability insurance that helps protect individuals or companies who provide professional advice or services from bearing the full cost of defending against a negligence claim made by a client, and the damages that might be awarded as a result of the lawsuit.
Such claimants are likely to be alleging failure to perform on the part of, financial loss caused by, and/or error or omission in the advice, service or product sold by the policyholder. Alleged negligence, misrepresentation, inaccurate advice, breach of duty or warranty, unfair dealing or not acting in good faith are potential causes for legal action that are not covered by a more general liability insurance, which addresses more direct forms of harm such as bodily injury, property damage etc, making Professional Indemnity cover essential to deal with such allegations.
Professional liability insurance is often a legal requirement for certain types of professional practice such as medical or legal; may also be required under contract by other businesses that are the beneficiaries of the advice or service, and even if not absolutely required is very often most advisable due to the high potential for costly claims that could otherwise put a consultant, advisor, etc out of business.
Whilst professionals such as accountants, architects, chartered/consulting engineers, medical practitioners, solicitors and surveyors have been the traditional buyers of PI insurance, in the modern world it is also frequently essential for management/recruitment/HR consultants, website/software developers, Information Technology service providers, analysts, business administrators and quality control specialists.