What is professional indemnity insurance?
Professional indemnity insurance protects businesses and individuals who provide professional services to clients from the legal costs and claims for damages that may arise from an act, omission or breach of duty in the course of their business.
Professional indemnity insurance is designed for professionals who provide advice or a service to their customers. If a client alleges you've made a mistake, overlooked a critical piece of information, misstated a fact, or if the client has misinterpreted you in the course of your work, and this results in a financial loss for them, they may take legal action against you to recover these losses. Whether or not the allegation is true, professional indemnity insurance seeks to protect both your finances and your reputation.
A professional indemnity claim could result from:
- Negligence in providing professional services
- Legal costs of defending actions related to professional services
Regardless of the merit of such a claim, professional indemnity insurance will pay for your legal defence as well as any judgments or settlements you or your business may have to pay the suing party, up to stated policy limits.
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