PROFESSIONAL INDEMINITY COVER

Professional indemnity insurance, often called PI insurance, protects businesses and professionals from financial losses if clients sue them for alleged negligence, errors, or omissions in their services or advice. It covers legal expenses and compensation payments. 

What it covers:

PI insurance covers legal defense costs, settlements, and judgments in cases where clients claim financial damages due to perceived errors or failures in the services provided. 

Who needs it:

This insurance is particularly relevant for professionals in industries like law, finance, consulting, and technology, as well as architects, engineers, brokers, and doctors. 

Why it’s important:

Without PI insurance, legal proceedings can be financially devastating and damage a business’s reputation. It offers peace of mind, ensuring that businesses can weather legal storms while maintaining client trust and financial stability. 

Examples of claims:
Claims could arise from breaches of client privacy or confidentiality, giving wrong advice, or failing to meet professional standards.