If you provide advice or consultancy services to clients, professional indemnity is a critical consideration. It protects you against legal action and financial loss such as legal costs and damage claims resulting from alleged malpractice or professional misconduct, and any of duty in providing a professional service. Gallagher can tailor a Professional Indemnity Insurance solution to meet the specific needs of your business.
There are many moving parts to Professional Indemnity Insurance (PI) - from public relations costs, through to civil liability and claims investigation, to name but a few - and the key is to have the best advice, relevant to your particular situation.
As at end of March 2017, gross incurred claims for Professional Indemnity stood at $1.137bn*.
Each state has different requirements for PI cover, with some states applying a mandatory requirement before an operating license is granted. Premiums vary depending on the level of PI cover required. It is important that you fully understand your risk exposure to ensure the insurance solution you purchase protects your business and reputation.
Every policy has its own set of exclusions which we would advise all clients to fully understand when they discuss their levels of insurance cover to ensure it meets their specific needs.
Amongst others, professional indemnity insurance covers the following:
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