Our clientele here come from a diverse background including Engineers, Security Companies, IT providers, Architects, Lawyers, Property Managers, Valuers and even contractors. The PI policy covers professional negligence, and can be arranged on a project basis dedicated to a project or an annual basis dedicated to all projects of an entire year. As society becomes more developed we foresee our clients will need more and more advice in this area.

Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual. PI insurance protects you against claims for loss or damage made by clients or third parties as a result of negligent services you provided or negligent advice you offered.

Compensation claims can be brought against you even if you provided a service or offered advice for free. Professional indemnity cover is usually offered on a claims-made basis. This means that your insurer will only cover you for claims that are brought against you during the term of your policy. If a claim is made against you after your policy has expired even if the incident occurred while your policy was in place, you will not be covered for that claim.

If you cancel your professional indemnity insurance, for example if you are retiring or are changing professions, you should consider purchasing a run-off policy (Retroactive cover). This covers you for any new claims that are brought against you after your professional indemnity insurance has expired.

New claims can be brought against you for up to six years after an alleged negligent act had occurred, so your run-off policy should cover you for this period.

If you are changing insurer, a run-off policy will protect you against new claims for incidents that occurred when you were with your previous insurer. Alternatively, your new insurer may agree to cover you for claims relating to prior incidents. Some professional bodies and regulators insist that their members are insured for a minimum amount. There are also a number of extra areas of cover that can be added sometimes. These are optional but sometimes can be offered as standard. This varies from insurer to insurer and is something that should be checked when comparing prices:

  • Loss of documents
  • Defamation
  • Dishonesty by employees
  • Intellectual property

Do call us if you belong to one of the professional's categories below:

  • Engineers
  • Architects
  • Valuer / Real estate Professionals
  • Property Management
  • Lawyers
  • Accountants
  • Financial Adviser
  • IT PI
  • Hospitals
  • Clearing House
  • Etc