Professional Indemnity (PI) Insurance is a claims made insurance policy that protects organisations who provide professional design, advice specification or supervision services against claims brought against them by clients or regulators. Professional liability insurance is required by law for certain kinds of professional practice, and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.

ProRisk’s Professional Indemnity Insurance Policy is made up of four insuring clauses. The following is a brief summary of what each of those clauses covers:

  • Civil Liability Cover provides cover for claims for civil liability including legal expenses and damages in relation to the provision of professional services.
  • Employee Fidelity Cover provides cover to the insured entity for fraud committed by an employee.
  • Investigation Costs Cover provides cover for legal expenses arising from an investigation by an official body into the affairs of the insured in relation to the provision of professional services.
  • Statutory Liability Cover provides cover for a claim made against the insured by an official body for insurable fines and penalties.

Professional Indemnity insurance seeks to protect the assets and professional reputation of policyholders. Below are some of the main things the ProRisk Professional Indemnity policy provides cover for:

  • Damages and claimant costs
  • Civil liabilities which may arise from but are not limited to:
    • Providing misleading or negligent advice
    • Breach of duty (confidentiality and other privacy issues)
    • Defamation, libel or slander
    • The loss or damage to documents
    • Infringement to intellectual property (including copyright infringement)
  • Related defence and legal costs of a claim
  • The costs involved with investigating a claim including those by a professional body
  • The cost of responding to a disciplinary inquiry
  • Court attendance costs
  • Public relations costs
  • Bodily injury or illness caused from the professional services covered under the policy

Professionals such as lawyers, accountants, bookkeepers, architects, engineers and marketing specialists are a few of the professions where Indemnity Insurance can apply. Professions that have more hands-on jobs are less likely to need Professional Indemnity Insurance, however it can still apply in some cases. For example, agricultural consultants, event managers, life coaches and marriage celebrants. Whatever the industry a policyholder works in, if they are providing professional services then they have an exposure and Professional Indemnity Insurance is a must have. Talk to one of our underwriters about obtaining a quotation today. Our get a quote and bind online at