What is Professional Indemnity Insurance?

Professional Indemnity (known as PI Insurance) is a form of commercial insurance that can provide financial protection for your business and your brand if your business is found to be liable for negligence or breach of your professional duties.

What does PI Insurance cover?

The insurance is designed to safeguard your business from financial costs and claims against an allegation for inadequate professional services or advice by a client or third party, whether the allegation is true or not.

It also helps you to pay for any legal action or compensation your business may face, which can include:

  • Legal costs and expenses occurred by a client or third party
  • Breach of duty such as privacy or confidentially
  • Dishonest and negligent actions by an employee
  • Breach of consumer, competition and Fair Trading Acts
  • Defamation or loss of reputation
  • Breach of contractual agreement
  • Claims from incorrect advice or service provided

Professional Indemnity Insurance can be mandatory for some industries, and it is recommended for any business.

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