To Err is human, and to make easy to admit, it is Professional Indemnity Insurance.

What Is Professional Indemnity Insurance?

• Professional Indemnity insurance also called as Errors and Omission Insurance is designed for professionals who provide advice or a service to their customers.
• If a mistake or omission occurs in the course of your work that results in financial loss or injury to a third party (e.g. a customer)—that customer may take legal action against you to recover their losses. Professional Indemnity insurance seeks to protect both your assets and your reputation, should this occur.
• Having this insurance in place means that you will take complete responsibility for your business and it helps in gaining trust of the client.

What Does Professional Indemnity Insurance Cover?

• The policy pays other parties for damages which you are legally liable to pay as a result of negligent acts, errors or omissions in the performance of your professional services including defence cost, court attendance fee etc. The insurance company has an obligation to defend you against such claims, even if the allegations ultimately are determined to be false or groundless

Who Needs Professional Indemnity Insurance?

• Professionals who provide advice including consulting or contracting (such as Chartered accountants, Company secretary, Lawyers)
• You provide designs to your clients (such as working as an architect or design engineer)
• You want to protect against allegations of mistakes or negligence in work you have undertaken for your client
• You work as a contractor, consultant, freelancer or self-employed professional, and your client has requested you arrange professional indemnity insurance in order to undertake a contract
• Your industry association/regulatory body requires you to have it
• Your Client is asking for it before giving the contract.