Professional Indemnity Insurance
PI policy protects you and your business against legal liability to pay damages to third parties as a consequence of errors or omissions committed in the course of the business. The policy will also cover legal costs.
Some areas of exposures that may be addressed by the policy are:
• Negligence – breach of duty of care
• Intellectual property – unintentionally infringing on others’ copyrights, trademarks etc
• Loss of documents / data – clients’ records which could be lost, stolen or damaged.
• Libel and slander
• Breach of confidentiality
The wordings of PI insurance policies vary according to the line of profession being covered with bespoke extensions available for different lines of business. Some policies are very specialized and have in effect been designed with specific exposures in mind.