What is Professional Indemnity Insurance?
Professional Indemnity Insurance (PI) is business insurance designed to protect you and your business against claims brought against you for alleged negligence or breach of duty occurring from an error, omission, or act while providing professional advice or services.PI is frequently mistaken for public liability insurance. The two types of cover are very different.
A public liability policy will protect you and your company from the financial risk of being liable for a loss (personal, property, or economic) to a third party.
What Does Professional Indemnity Cover?
While specifics of professional indemnity insurance vary according to the policy, many PI policies will cover the following:
- Costs you must pay because of disciplinary proceedings
- Legal fees awarded against you
- Legal costs sustained defending the claim or responding to it
- Payment of compensation because of a claim, including Court, awarded damages along with other required payments
- The costs associated with the case investigation
Why Should You Get a Professional Indemnity Policy?
We live in a litigious society where it is common to file a suit against someone else for any real or imagined mistake. PI will respond to claims against your business, whether the losses are actual or alleged negligent acts or omissions. Because you and your employees can make an honest mistake, you are safer with PI than without it.
Grace Insurance are Experts in Professional Indemnity Insurance
For over 20 years, the team at Grace Insurance devoted themselves to doing the best for every client they served. Making sure that our clients understand what professional indemnity insurance is and the risks they take if they do not carry it will make a significant difference for them.
Grace Insurance’s clients do not need to worry about being “just another number” forced into a one-size-fits-all insurance package. We tailor all insurance coverage to meet the needs of individual clients. We make this happen because the team members take the time to listen to our clients and carefully assess their needs. We ensure you get the coverage you need without buying insurance you do not need.