Professional indemnity insurance
- Date: 07/05/2014
What is it?
Professional indemnity (PI) insurance, also known as errors and omissions (E&O) insurance is a liability insurance that covers businesses in the event that a third party alleges they have suffered a loss as a result of your client's professional negligence. The word “alleges” is important, as even if your client has not been liable, the costs of defending an incorrect claim of negligence is high.
To insure or not insure?
As claims can be extensive and extremely expensive it is vitally important to have the correct insurer. One that understands what your client does, but who can also manage litigation to keep costs to a minimum and to allow your client to continue to concentrate on their business whilst the insurer focuses on the claim. ITIC’s professional indemnity insurance protects your clients against such risks.
Who/what can be insured?
ITIC is the world’s leading insurer for professionals who provide services to the transport industry. ITIC has been providing cover to professionals in the marine market since 1925, but since 2000 has also been able to offer professional indemnity insurance to those in the wider transport markets of rail, aviation and offshore.