Professional Indemnity Insurance

What is professional indemnity insurance and what does it cover?

Professional indemnity insurance, provides protection for financial losses, suffered by third parties, as a result of the organisations professional negligence.

Some of the risks covered under a professional indemnity insurance policy are:-

  • Breach of professional duty
  • Defence costs for actual or alleged breach of duty
  • Accusations of misleading or deceptive conduct
  • Unintentional breach of privacy or confidentiality
  • Mitigation of costs cover
  • Vicarious liability
  • Claims made and reported during the policy period

Who needs professional indemnity insurance?

Any organisation/company, providing advice for a fee in a professional capacity. Typically, this insurance is held by doctors, lawyers, accountants, bookkeepers, engineers, architects and financial professionals. However, there are also significant exposures involved for project managers and services to the building industry, where the entity is involved in design and construct projects.

How much does it cost?

The premium is determined by the occupation, the fees or revenue derived from professional services, the claims history and several other key factors. Some industries also have very limited markets available to them for their professional indemnity insurance requirements. This can be difficult at times, as many professions cannot operate without adequate professional indemnity insurance. The impact of a professional indemnity insurance claim, or event, can be catastrophic for business’ not protected by professional indemnity insurance.

What information is required to obtain quotations?

Depending on the professional occupation, insurers will require a fully completed proposal form, sometimes an industry specific form will be required. Full disclosure of your claims history, in some cases insurers request CV’s of the directors or key management and some insurers also require a completed addendum.

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