Professional

Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity Insurance (PII) is designed to protect businesses and professionals from financial losses due to claims of negligence, mistakes, errors, or omissions in the services they provide. It covers legal costs, settlements, and compensation if a client experiences financial loss due to a professional’s actions or advice.

Who Needs Professional Indemnity Insurance?

PII is essential for professionals who provide advice, consultancy, or services to clients, particularly in regulated industries. This includes:

Legal Professionals (Lawyers, Solicitors)

Medical & Healthcare Professionals (Doctors, Therapists)

Financial Consultants & Accountants

IT Consultants & Software Developers

Engineers & Architects

Marketing & Advertising Consultants

Real Estate Agents

In many countries, regulators or professional bodies mandate PII for certain professions to ensure financial protection for clients.

Company vs. Individual PII

Both companies and individuals can purchase PII depending on their operational structure and level of risk exposure. Businesses offering professional services should consider company-wide PII, while independent professionals may opt for individual coverage.

What Does Professional Indemnity Insurance Cover?

A standard PII policy typically covers:

Negligence – Mistakes, errors, or omissions causing financial losses to clients.

Breach of Duty – Failure to fulfill professional obligations.

Defamation – Protection against claims of libel or slander.

Breach of Confidentiality – Unauthorized disclosure of sensitive client information.

Loss of Documents/Data – Coverage for misplaced or damaged client documents.

Intellectual Property Infringement – Unintentional copyright or trademark violations.

Legal Defense Costs – Lawyer fees and court costs for defending claims.

What do I do to find a Suitable Coverage and purchase PII?

If you’re considering PII and need guidance on choosing the right coverage, you can contact SingCapital Pte Ltd, an authorized broker for multiple insurers offering PII solutions.

Contact Us to share your requirements, and our insurance specialists will reach out to you.

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