Professional Indemnity insurance provides essential protection for professionals and businesses that offer specialised services, advice, or expertise to clients. Here’s an overview of what PI insurance typically covers:
- Professional Negligence: PI insurance protects against claims of professional negligence, errors, or omissions in the delivery of services or advice. It covers legal expenses, settlements, and judgments arising from alleged failures to meet professional standards or duties of care.
Highlights:
Compensation Payments
Errors and Omissions
Breach of Duty
Damages and Restitution
Regulatory Investigations
Client Complaints
- Financial Loss: If a client suffers financial loss as a result of your professional services, PI insurance provides coverage for compensation payments, damages, or restitution. It helps protect your assets and reputation in the event of claims for monetary damages.
Highlights:
Protection Against Lawsuits
Mitigation of Economic Losses
Reputation Preservation
Regulatory Fines and Penalties
- Intellectual Property Infringement: PI insurance offers protection against claims of copyright infringement, trademark infringement, or intellectual property theft. It covers legal expenses and damages resulting from allegations of unauthorised use or reproduction of intellectual property.
Highlights:
Compensation for Damages
Settlements and Judgments
Defense Against Allegations
Coverage for Legal Costs
Coverage for Various Types of Infringement
Risk Management Support
- Data Breaches and Cyber Liability: In today’s digital age, PI insurance may include coverage for data breaches, cyberattacks, or privacy violations. It helps cover costs associated with notifying affected parties, forensic investigations, credit monitoring, and legal liabilities arising from data security incidents.
Highlights:
Data Breach Response Costs
Data Restoration Expenses
Cyber Extortion and Ransom Payments
Business Interruption Losses
Network Security Liability
Privacy Liability
Media Liability