In today’s litigious environment, businesses providing professional services face increasing risks from potential lawsuits. Professional Indemnity (P.I.) insurance, also known as Errors and Omissions (E&O) insurance, is essential for companies with professional liability exposures. Whether you're an architect, consultant, or IT services provider, this insurance safeguards your business from the financial impact of legal claims arising from errors, omissions, or negligence.
What Does Professional Indemnity Insurance Cover?
P.I. insurance protects businesses when clients make claims alleging that your professional services caused financial loss. It covers legal defense costs, settlements, and compensation if your business is found liable. Typical claims include misrepresentation, breach of duty, or failure to deliver services as promised. Coverage may also extend to subcontractors, loss of documents, and intellectual property infringement, providing broad protection tailored to specific industries.