Professional indemnity insurance is designed to provide coverage for damages, legal defence costs, and other related expenses incurred by the insured professional in the event of a claim or lawsuit filed by a client or a third party alleging that the professional's services or advice caused them financial harm. This type of insurance is particularly important for professionals who provide advice, consultation, or services that could result in financial losses for their clients if mistakes or errors occur.

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Professional Indemnity Insurance

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01.

Professional Indemnity Insurance May Include:

Coverage for Professional Services
Professional indemnity insurance typically covers claims arising from errors, mistakes, negligence, omissions, or breaches of professional duty in the course of providing professional services.
Legal Defence Costs
Professional indemnity insurance typically covers the costs of legal defense, including attorney fees, court costs, and other related expenses incurred in defending against a claim or lawsuit.
Damages and Settlements
Professional indemnity insurance may cover damages, settlements, or judgments awarded against the insured professional in the event of a covered claim or lawsuit.
Retroactive Coverage
Professional indemnity insurance may provide retroactive coverage, which means it may cover claims for incidents that occurred before the policy was purchased, as long as they are within the retroactive date specified in the policy.
Deductibles
Professional indemnity insurance policies may have deductibles, which is the amount the insured professional must pay out of pocket before the insurance coverage kicks in.
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02.

Coverage Limit

Professional indemnity insurance policies typically have coverage limits, which is the maximum amount the insurance company will pay for a covered claim. It's important to review and understand the coverage limits to ensure that they are adequate to protect the professional's potential liabilities.

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03.

Run off Coverage

Some professional indemnity insurance policies may offer run off coverage, also known as extended reporting period (ERP) coverage, which provides coverage for claims filed after the policy has expired or been cancelled, for incidents that occurred during the policy period.

Professional indemnity insurance is typically important for professionals who provide services or advice to clients, as it helps protect them from potential financial losses resulting from claims of negligence or errors in their professional services. It's essential to carefully review the terms, conditions, coverage, exclusions, and premiums of a professional indemnity insurance policy, and work with a qualified insurance professional to determine the appropriate coverage for your specific professional risks and exposures.

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FAQ About Professional Indemnity Insurance

Who needs Professional Indemnity insurance?

Professional Indemnity insurance is essential for professionals who provide advice, services, or expertise to clients, such as consultants, architects, engineers, accountants, and lawyers. It is also commonly required by professional bodies or industry regulators.

How does Professional Indemnity insurance benefit my business?

Professional Indemnity insurance safeguards your business by providing financial protection in case of claims made against your professional services. It covers legal defense costs, damages, and settlements, helping you avoid financial strain and reputational damage that can result from a professional negligence claim.

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