Professional Indemnity Insurance / Errors and Omissions (E&O) Insurance
Professional Indemnity Insurance (or E&O Insurance) provides coverage in case clients and customers submit a claim against your service on the condition that it has led to a financial loss.
The insurance covers all the expenses and legal costs allocated to prepare your defence. The Professional Indemnity Insurance can also cover the cost of the financial compensation made to a client.
Being a specialist Lloyd's of London intermediary and having access to the global insurance market, we offer you support and coverage from the world’s best insurers.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a commercial policy that offers financial security to business owners, freelancers, and self-employed individuals if their service is deemed inadequate by the clients.
While the goal of every organisation or individual is to provide a quality service to the client, mishaps can occur at any time. When this happens, clients have the legal authority to submit a claim against the service provider on the grounds of negligence, inadequacy, or blunder that incurs financial losses.
Professional Indemnity Insurance (or Indemnity cover) provides businesses and individuals with coverage to combat or settle these claims. The insurance takes care of all the costs associated with the settlement, including the legal representation charges.
Who needs Professional Indemnity Insurance
Businesses providing services can benefit significantly from Professional Indemnity Insurance. For instance, accountants, engineers, real estate agents, architects, and solicitors can find this policy extremely helpful.
Organisations and self-employed individuals that fall in the IT sector can also sign up for PI Insurance. For instance, a client may submit a claim against a web developer for a major design flaw in their eCommerce store that prevents customers from placing an order. In this scenario, the grounds for the claim would be the loss of potential revenue.
However, PI Insurance is not only limited to firms and businesses. Rather, wellness coaches, life coaches, psychologists, tutors, and consultants can also acquire Personal Indemnity Insurance. The coverage can help these individuals gain financial protection against any legal liabilities that may occur due to negligence, omission, or error, which happens while providing their consultancy or services.
At Servca, we support thousands of registered professionals by providing policy coverage straight from Lloyd's of London Insurers in the following fields:
Accountants and Auditors
Lawyers and Solicitors
Architects and Engineers
Design and Construction
Cyber and Technology
Financial Institutions and FinTech Companies
Insurance Brokers and MGA’s
Digital Media and Printer Companies
Property and Surveyors
Niche Industries and Companies
What does Professional Indemnity Insurance cover?
Professional Indemnity Insurance extends coverage in the following cases:
How much Professional Indemnity Insurance cover is needed?
The amount of Professional Indemnity Insurance coverage depends on your industry and the margin for error in your particular field. The cover should be enough to meet the cost of defending and settling claims you may encounter. You can consult with your insurance service provider or confabulate with industry professionals to get an estimate of the coverage expanse you will require.
Is Professional Indemnity Insurance the same as Public Liability?
Although Public Liability and Professional Indemnity Insurance both fall into the category of business insurance to cover compensation, they are different. Professional Indemnity Insurance offers coverage for claims made by the business’s clients to gain financial compensation for negligence, errors, or data loss. On the other hand, Public Liability Insurance offers coverage for claims made by the members of the public for any injury or damage caused by the business’s products or services.
Why choose Servca as your Professional Indemnity Insurance provider
Tailored policies from Lloyd’s of London
Policy reviews to ensure it covers your business activities
Flexible payment terms
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