Professional Indemnity Insurance

Professional Indemnity (PI) insurance is a kind of personal liability insurance that secures professionals from any losses due to arising claims of errors, omissions, or negligence that iterate inefficient professional service. Professional liability insurance is vital for service-based professionals like doctors, physicians, architects, accountants, etc. The coverage will include legal fees, and potential settlement costs after the verdict based on the losses incurred by the clients.

What is Professional Indemnity Insurance for Doctors?

Professional Indemnity insurance for doctors safeguards them against any claims arising from negligence in treatment or for doing any malpractice. The policy provides cover for legal defense, settlement costs, and recovery costs for liability damage which is the required safety net to safeguard from any financial losses.

The professional liability insurance is vital for service-based professionals who can face any claims arising due to their recommendations or services provided to the clients. Some of the professions that essentially require this policy are as follows:

• Healthcare professionals – physicians, nurses, therapists

• Legal consultants and lawyers

• Engineers

• Public Relations consultants

• Creative professionals – copywriters, designers, advertising agencies

• IT professionals

• Finance professionals – accountants, insurance agents, consultants

• Architects and Interior designers

• Real estate consultants

• Surveyors

The Professional Indemnity Insurance is a liability insurance that provides claims arising due to professional negligence, errors, or omissions that have caused financial or any other losses to the clients. Let’s understand what is covered under the policy:

• Legal costs: When claims are raised against the insured professional, the professional indemnity insurance covers legal charges and potential settlement after the verdict.

• Misleading Claims: The professional indemnity insurance provides coverage for damages that the insured professional is liable for, such as compensation for loss or injury.

• Rectifying costs: If the professional is identified as liable for a mistake, the policy will cover the finances that can be rectified.

• Loss of documents or data: In the event of any damage or loss of a client's documents or data during the professional's tenure, the professional indemnity insurance provides the required coverage to replace or restore them.

• Loss of client's money or securities: When the consultant or advisor is blamed by the client for any financial loss or securities due to loss or mismanagement, the policy will cover it.

• Criminal or fraudulent acts: If the insured professional is identified guilty of any criminal activities or fraud, the professional indemnity insurance may not offer the costs related to loss or damage by the act.

• Bodily injury or property damage: While certain policies offer coverage with limitations for bodily injury or property damage, professional indemnity insurance policy does not cover it.

• Loss of profits or revenue: The insurance policy typically does not cover loss of profits or revenue when the claim is filed.

• Punitive or exemplary damages: The policy does not provide coverage for Punitive or exemplary damages.

• For any claims arising from professional conduct before the inception of the policy will not be covered.

• The policy will not provide coverage for any claims arising from professional work done outside the geographical location limits of the policy.

• For any claims resulting from professional work outside of the policy’s specific industry or services, the policy does not provide any coverage.

Professional indemnity insurance protects professionals based in the service industry giving influential recommendations when facing claims of negligence or errors in their services. It operates on a claims-made basis, covering legal costs and settlements within specified limits. The policy includes certain exclusions and requires prompt notification of claims for effective processing. This insurance is crucial for maintaining client trust and financial security in professional practice.

We've simplified the process to implement the Directors and Officers liability insurance to ensure you have a smooth, hassle-free experience. By eliminating strenuous paperwork and unnecessary delays, we curate your Professional Indemnity Insurance aligning with your professional requirements. Our customer-focused approach offers a streamlined claims process and full support every step of the way, empowering you to grow professionally with security. Get a quote (hyperlink) and get coverage online, hassle-free, without any complex documentation and explore the ease of insurance!

• Simple & Seamless

• Affordable & Transparent

• Customizable Coverage

• Expert Support

• Complete Protection