Professional Indemnity Insurance

Firms comprising of specialised skilled professionals such as solicitors, accountants, auditors, management consultants, communication and technology companies, working as fee charging advisor, all get covered under the "Professional Indemnity"category. Whether your company employs hundreds of consultants or you work out of a home office, if you make your money providing IT services or specialised consultation, you are increasingly at risk for negligence and error and omission, hence you need the 'Professional Indemnity' insurance. Also known as 'Errors and Omissions' insurance, Professional Liability or Professional Indemnity insurance is your most critical coverage. Professional Liability insurance protects you and your business from potentially catastrophic litigation caused by charges of professional negligence or failure to perform your professional duties. This might include errors and omissions resulting in loss of client data, software or system failure, claims of non-performance, or negligent oversell.

For example, if your work damages a company's client database, the cost to reconstruct that database may exceed typical costs for replacing hardware and software. In fact, some client companies have won extremely large settlements when subcontractors have lost irreplaceable data. Professional Liability insurance would cover such costs, within policy limits.

If you develop software as a professional independent contractor, copyright ownership may be a murky issue, and much depends on the terms of contract. If you design websites and software, or you work with or "fix" previously purchased software for clients, you are at risk of allegations of copyright infringement. If you are accused of infringement, a Professional Liability insurance policy that includes intellectual property liability coverage would respond with defense and settlement cost up to the policy limits.

You may think your 'General Liability' insurance policy covers such instances, but that's not the case. 'General Liability' insurance covers claims of bodily injury and property damage only and typically excludes coverage for claims related to the delivery of professional services. The liability risk associated with your company's professional errors, omissions and negligence can be far greater than the bodily injury or property damage risks covered by your General Liability policy.

Whether a claim is baseless or not, mounting a legal defense can bankrupt your company. Professional Liability insurance protects your company and your future by responding to such claims.

By working with renowned reinsurers we are able to design the policy coverage to your exact requirements at most optimum price.