Professional Indemnity Insurance
Even the most skilled professionals can make unintentional mistakes or omissions that lead to financial losses for their clients.
General Insurance Broker Asia
What is Professional Indemnity Insurance?
In today’s service-driven economy, professionals like accountants, architects, lawyers, and consultants play a vital role. Their knowledge and expertise are crucial for their clients’ success. However, even the most skilled professionals can make unintentional mistakes or omissions that lead to financial losses for their clients. This is where employment practices liability insurance steps in: Professional Indemnity (PI), also known as Errors and Omissions (E&O) insurance exists to protect these professionals.
Key Coverages
Protects Against Claims
This insurance safeguards professionals from financial repercussions arising from alleged errors, omissions, or negligence in their professional services.
Covers Legal Expenses
Even unfounded lawsuits can incur significant legal costs. Professional Indemnity insurance helps cover defense costs and potential settlements.
Maintains Client Trust
A professional facing a lawsuit can be unsettling for clients. Professional Indemnity insurance demonstrates a commitment to maintaining client trust and financial security.
What Does It Cover?
- Negligence: Failing to exercise the expected standard of care while providing services.
- Breach of Contract: Unintentionally violating the terms of a client agreement.
- Misrepresentation: Providing inaccurate or misleading information unintentionally.
- Omissions: Failing to perform a specific duty outlined in the contract.
Who needs Professional Indemnity Insurance?
- Independent Professionals: Individuals offering services like consulting, accounting, or legal advice.
- Businesses Providing Professional Services: Companies like architectural firms, engineering consultancies, or IT service providers.
- Anyone Offering Advice or Expertise: Financial advisors, real estate agents, and even wedding planners can benefit from this coverage.
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