Professional Indemnity
Professional Indemnity (PI) Insurance protects businesses and individuals who provide advice, designs, or professional services from claims of negligence, errors, or omissions that cause a client financial loss, covering legal defense costs and compensation for damages, even for mistakes made unintentionally. Also known as Errors & Omissions (E&O) insurance, it's crucial for professionals like consultants, IT experts, and marketers, with some bodies requiring it, to safeguard against costly legal battles from dissatisfied clients.
What it covers
- Negligence: Inaccurate or inadequate advice leading to financial loss for a client.
- Breach of Duty/Confidentiality: Sharing confidential client information or failing professional duties.
- Intellectual Property Infringement:Unintentionally using copyrighted material without permission, like images or software code.
- Data Loss/Misplacement: Losing sensitive client documents.
Who needs it
- Anyone who offers skills, knowledge, or advice as a service, including:
- Accountants, Lawyers, Architects
- IT Consultants, Digital Marketers
- Engineers, Designers
- Estate Agents, Financial Advisors
