Professional Indemnity

Professional Indemnity

What is professional indemnity insurance?

Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.

That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against you.

What can it cover?

As a wide-ranging insurance solution, professional indemnity cover may include anything from accidents to errors and omissions.

Depending on your policy, professional indemnity insurance can cover:

Type of CoverPotential Benefits
Civil liabilityCivil liability to a third party arising out of the conduct of their professional business.
Inquiry costsThe cost of defending an inquiry by a regulatory body into the professional conduct of the insured
Defence Coststhe costs involved in defending a claim triggered by the policy
Fidelity CoverDirect financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance
Advancement of costs and expensesAdditional costs and expenses incurred during a claim