Professional Indemnity Insurance

Protect Your Finances And Reputation

Professional Indemnity Insurance

What is Professional Indemnity Insurance?

Professional Indemnity Insurance provides financial protection for professionals who sustain financial losses arising from negligence on their part or their employees whilst providing professional services.

Also known as Errors and Omissions Insurance (E&O), Professional Indemnity Insurance (PI) helps in a wide range of scenarios such as professional negligence claims, data loss claims and allegations you’ve given deficient or erroneous professional advice or non-compliance of contractual obligations.

Coverage of individuals can include managers, board of directors, advisers, partners, subsidiaries, committees and employees.

For companies in Hong Kong and worldwide, our Professional Indemnity Insurance aims to remove the financial burden for the professional service provider. It helps minimise the fear of economic loss and provides peace of mind, enabling the professional to focus on what’s important – servicing their clients.

Do I need Professional Indemnity Insurance?

Professional Indemnity Insurance is a commercial policy designed to protect business owners, freelancers and the self-employed if clients claim a service is inadequate.

Any profession can be liable for mishaps or errors in the course of business. Our professional liability insurance solutions address the exposures faced by professionals in a variety of industries, including:

Accountants
Architects and Engineers
Business Process Outsourcing / Call Center
Insurance Brokers
Lawyers and Barristers
Management Consultancy Firms
Multimedia Firms
Property Managers
Recruitment Agencies
School Educators
Surveyors and Real Estate
Technology and Telecommunications
Travel Agents

Professional Indemnity Insurance is designed to protect you against claims of negligence or breach of duty as a result of professional advice or services you’ve provided to a client.

There are professionals in many different industries who give advice to clients, like accountants, architects, graphic designers, marketing consultants, personal trainers, fitness instructors and life coaches. This also includes consultants working in IT, like business analysts, hardware engineers and project managers.

If advice is something your business offers, then your clients rely on your professional expertise and services to be correct and beneficial to them. In case a client is ever dissatisfied with your services and takes legal action against your business, Professional Indemnity Insurance can protect both your finances and your reputation – and bring you peace of mind as a result.

Regulation – Legal Requirement
Local authorities highly regulate professions like Accountants, Architects, Engineers, Lawyers and Insurance Brokers, and in many cases, these professions are legally required to have professional liability insurance in place.

Contractual Obligations
When tendering for business overseas (especially in Australasia, Europe, the UK and the US), professional service providers are often required to demonstrate that they have professional liability insurance as a pre-requisite for contract award.

Reputation Protection
If you are a professional, maintaining your reputation is critical. In the event of a claim, we’ll conduct the claim process efficiently and discreetly to safeguard your reputation.

The amount of PI cover your business needs will depend on the nature of your work and the type of clients you service. If you work with large organisations in heavily regulated industries, then your professional indemnity requirements are likely to be higher.

Looking for Professional Indemnity Insurance?

What does Professional Indemnity Insurance cover?

If someone within your organisation fails to apply due diligence, loses sensitive files, or gives damaging advice in an email, it’s easy to find yourself facing legal proceedings. Our individual approach to protecting your practice’s financial security covers for situations including:

Professional negligence or a breach of a duty of care – – could occur when poor conduct or advice results in negative consequences for a client.

Negligent misstatement or misrepresentation – where a client or other party claims you made a false or misleading statement about their business.

Defamation – a client may claim a statement you’ve made to be untrue and damaging to their reputation and make a claim against you.

Breach of confidence – when private information is accidentally disclosed without consent as a result of a business activity.

Breach of copyright – when you unintentionally use someone else’s intellectual property rights in work you do for a client.

Lost or damaged documents – a professional indemnity policy can cover the cost of recovering documents.

Financial Lines Insurance

Talk to us about our Financial Lines Insurance designed to protect all types of financial institutions and their directors, officers, advisors, and employees from claims relating to management and professional liabilities within their specific field.

Our insurance policies can be arranged to include several related products and packages depending on the professional services your company provides, including:

Professional Indemnity (PI) / Errors and Omissions Insurance (E&O)
Directors and Officers Liability (D&O)
Management Liability (ML)
Investment Managers (IMI)
Special Purpose Acquisition Companies Insurance (SPACs)
Public Offering of Securities Insurance (POSI)
Association Liability (AL)
Educator's Liability
Cyber Liability and Data Protection
Public Liability (PL)

Insurance safeguard your business if a client alleges faults in your work.

Contact us and find out how our Professional Indemnity (PI) / Errors and Omissions Insurance (E&O) cover to protect your business in Hong Kong and operations abroad from unexpected scenarios and related costs.