Professional Indemnity
Professional Indemnity Insurance (also known as PI Insurance) is designed for professionals who provide advice or services to their clients for a fee. It covers the company for the financial consequences of negligence, errors or omissions by the professional firm. It extends to cover the legal expenses, investigative costs and if necessary financial compensation.
Incorrect Advice
Professional Indemnity Insurance protects against financial losses from incorrect professional advice. It covers unintentional errors in professional recommendations that may cause clients financial harm, providing compensation and legal expense protection.
Breach of Duty, Omission
This component addresses professional failures to fulfil contractual or professional obligations. It provides coverage for unintentional breaches of professional standards, protecting against legal claims emerging from experienced oversights.
Engage in Misleading or Deceptive Conduct
The insurance protects professionals against claims of intentional or unintentional misleading conduct. It covers legal defence costs and potential compensation claims related to allegations of deceptive professional actions.
Defamation
Defamation coverage addresses legal risks associated with professional communications that might damage another party’s reputation. It protects against libel or slander claims arising from professional interactions.
Public Relations
This component offers support to manage potential reputational damage resulting from professional liability claims, helping professionals maintain their proficient image during challenging scenarios.
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Who needs Professional Indemnity Insurance?
Professional Indemnity Insurance is essential for professionals who provide advice or services, including consultants, lawyers, accountants, architects, engineers, and healthcare professionals who could face financial claims due to professional errors.
What types of claims does Professional Indemnity Insurance typically cover?
The insurance typically covers professional negligence, errors in advice, breach of professional duty, unintentional mistakes, allegations of misleading conduct, and potential legal expenses arising from professional service-related claims.
How are claims processed in Professional Indemnity Insurance?
Claims are processed through a comprehensive investigation of the alleged professional error, involving documentation review, claim validity assessment, and management of legal defence or compensation procedures.
Can Professional Indemnity Insurance be customised for specific professional needs?
Yes, Professional Indemnity Insurance can be tailored to address unique risks and requirements of different professional sectors, offering flexible coverage options based on specific professional services and potential liability scenarios.
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Knightsbridge Insurance Group is an Insurance Broking Business with over 70 years of collective insurance experience and is founded on generational values that make you feel secure, protected and cared for. As we grow and expand the Knightsbridge Family, we continue to have a deep understanding of your desire to innovate and be extraordinary — both in business and in life.
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Kirsty is tenacious and driven in both her professional and personal pursuits. She is a go-getter, consistently inspired by the entrepreneurial spirit of Elon Musk. Outside of work, she enjoys yoga, boxing and jet skiing. She placed third in the world for karate at the age of nine, and now holds a Black Belt First dan in Karate.