Professional Indemnity (“PI”) Insurance is an insurance package designed to protect business offering professional advice or services. Professions that often require Professional Indemnity Insurance include: Consultants, Engineers, Architects, Doctors, Pharmacists, Web/Graphic Designers, Advertising Agents etc.
Scope of Cover:
It protects against claims for "Business Injury" which means any financial loss that they suffer as a result of:
- Any negligent act, error or omission
- Unintentional Infringement of Intellectual Property Rights
- Loss of Documents/Data entrusted to the insured
- Unintentional libel, slander, defamation
- Unintentional breach of confidence, confidential duty or misuse of information
- Professional Indemnity will pay all reasonable costs incurred in the defense (i.e. legal fees) or settlement of such claims arising from the above.