Professionals, such as doctors, lawyers, architects or consultants, use their professional expertise and skills to solve complex challenges every day. Professional Indemnity Insurance provides financial protection to such professionals if their clients files a legal complaint for an unintentional mistake or miscalculation. It covers legal defence costs, settlements or compensation, safeguarding their reputation and years of hard work.
THE PURE POLICY Professional Indemnity Insurance provides broad coverage to handle such claims of errors or misjudgement, so that professionals can continue their work without any disruptions and financial strain.
Professional Liability Insurance covers defence costs, settlements and cost and settlement arising from professional errors, reducing the financial burdens.
Designed for a wide range of professionals - doctors, lawyers and more.
A professional indemnity insurance policy works differently from other insurance types, as it does not cover direct loss to the business, property or the insured themselves due to risks like theft, fire and burglary. This insurance covers claims that are reported during the policy period, protecting professionals if a client raises a complaint about errors or mistakes in the services provided. These claims work as a, i.e., the insurance policy can help only when there is a claim reported by a client. The policy also covers retroactive claims, i.e., the claims that are made during the current policy period or for an error made a few years or months back, when a policy was first purchased (retroactive date).
Simply put, here’s how it works:
A claim arises when a client alleges financial loss, damage or harm due to an error, omission or alleged negligent act in the professional's service.
The insurer steps in to cover Professional liability and defence cost or damages if the claim is valid and falls within the scope of the policy.
Coverage applies only if the claim is made and reported while the policy is active. This is why timely renewal is crucial.
The professional must promptly notify the insurer of any claim or even a potential situation that may lead to a claim without any delay in reporting.
Medical Practitioners
Interior Designers
Chartered Accountants
Lawyers
Depreciation, any consequential loss
Professional Liability Insurance covers defence costs, settlements and cost and settlement arising from professional errors, reducing the financial burdens.
Designed for a wide range of professionals - doctors, lawyers and more.