Professional Indemnity Insurance
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What is Professional Indemnity (PI) Insurance?
Professional Indemnity's meaning is quite simple. It is a kind of protection for a business against claims made by clients or any other third party. Professional Indemnity Insurance pays for any loss suffered by a third party on account of your service or advice. The policy also covers the legal costs of defending your claims in a court of law.
Who Needs Professional Indemnity Insurance?
Accountants/Auditors
Architects and Designers
Agencies
Beauty Salons
Brokers
Consultants
Financial Advisors
Fitness Trainers/Gyms
Healthcare Professionals/Hospitals
Interior Designers
Legal Professionals
Media Houses
Restaurants
Surveyors
Contractors
What Professional Indemnity Insurance Covers?
Indemnity Insurance covers your business against claims made in the following situations.
- Unintentional breach of professional duty
- Loss due to professional negligence
- Unintentional breach of confidentiality
- Libel, slander, or defamation
- Unintentional infringement of intellectual property rights
- Errors & Omissions
- Loss of data or documents
- Unintentional breach of contract
So whenever a claim is made against you, professional indemnity insurance covers the following:
The legal expenses incurred to defend the claim
Loss or damages awarded by the court to the client/third party if your business is held liable for the same
What is Not Covered Under Professional Indemnity?
Professional Indemnity Insurance UAE does not cover the following:
- General contractual liabilities
- Fines & penalties
- Claims arising due to bankruptcy or insolvency
- Claims arising out of illegal or criminal activities are not covered by PI Insurance
- Claims due to wilful or deliberate acts
- Loss due to nuclear peril, war, or terrorism
- Personal injuries to employees
Benefits and Features of Professional Liability Insurance
If a customer makes a claim against your business, you may have to shell out the damages and the legal costs. Indemnity insurance covers both - the defense & liability costs of a claim.
Group cover is provided under professional liability insurance for members of one profession. These policies offer attractive discounts on premiums.
Professional Indemnity Insurance Cover protects you from lawsuits even after you close the business within the insured period.
P&I Insurance can be customized to the nature of your business and its services
Professional Indemnity Insurance helps businesses to avoid disruption of their operations during litigations.
A professional indemnity cover provides greater credibility to the business. It also boosts the confidence of your clients & investors.
indemnity insurance protects your brand image and professional reputation in legal disputes.
Factors Affecting the Cost of indemnity insurance
The professional indemnity insurance cost is not uniform. It’s important to note that each insurance company may have different criteria for determining the cost of indemnity insurance and it is impossible to have a fixed premium.
It’s a reinsured product and the rates are defined by the UK and European markets by assessing the risks involved.
The cost of professional indemnity insurance policies depends on these factors:
Nature of business and its operations
Size of the business and the policy cover required
Risk factors that are specific to the business
Scope of insurance coverage
The geographical location(s) of the business
Retroactive period of the policy
Track record of the professionals
History of claims made by the business
Why Do You Need to Buy Professional Indemnity Insurance With Prominent Insurance Brokers?
PI Insurance with Prominent Insurance Brokers offers you the following benefits:
Comprehensive protection from professional risks and related legal expenses
Best price guarantee with attractive discounts on premium
Best-in-class customer support for claims settlement
5000+ business insurance policies sold and over 6000 claims settled in total
A top player in professional indemnity insurance UAE
How to Buy Professional Indemnity Insurance Online?
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Step 2
Once you provide all the required details in the form, click on the ‘Submit’ button.
Step 3
One of our executives will instantly get in touch with you. You will be guided by our team to buy a professional indemnity insurance policy. You can make the payment online.
You can also click on the Whatsapp icon on this page and chat with our team members, who will assist you in buying the policy online.
Frequently Asked Questions about Professional Indemnity Insurance in UAE
Professional Indemnity Insurance is a type of insurance that covers the following:
(i) The compensation payable to a client toward a claim
(ii) The legal costs incurred while defending such claims
These claims can arise due to deficient service or bad advice that results in a loss to the client.
Every business or professional who directly works with clients should buy PI Insurance. If you provide consultancy services or expert advice to your clients, it is advisable to buy this cover. You can find the detailed list above.
Indemnity Insurance covers the risks arising during the policy period. But a retroactive date is a date before the policy date from which the insurer agrees to cover. Certain risks during the policy tenure may arise due to events in the past. The insurer may agree to cover such risks under a retroactive date clause.
The coverage depends on the nature of your business and the kind of clients you serve. Professional Indemnity coverage cannot be the same for a hospital and a real estate agency. Please register your details on our website to get a quote and know more about the indemnity insurance policy.
The indemnity insurance cost varies between insurers. It also depends on the level of coverage you choose. Prominent Insurance Brokers provide indemnity insurance at a reasonable price. You need to renew the policy every year.
Disclaimer: Companies and individuals who provide services may protect themselves from potential lawsuits by purchasing professional indemnity insurance. Please read the policy carefully to understand the terms and coverage limitations that apply to you, and feel free to contact Prominent Insurance Brokers with any questions or for more information about the coverage choices that best suit your requirements.