Professional Indemnity Insurance has historically been the domain of businesses like architects, journalists, solicitors, surveyors, engineers, accountants and financial advisers. However, in recent year’s new professions such as e-commerce, programmers and internet service providers have found that Professional Indemnity Insurance is an essential part any business risk management strategy.

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Professional Indemnity Insurance also known as PI insurance or professional liability insurance protects you if claims are brought against you for providing advice or a professional service to customers/clients, as well as for handling client data or intellectual property.

Which basically means that it protects you if you are negligent or make a mistake that causes a financial loss to a client’s business.

Some areas that could lead to legal proceedings are:

• Intellectual property: unintentional infringing on copyrights, trademarks, broadcasting rights, any act of passing off.

• Negligence: or breach of duty of care

• Dishonesty: liability arising from the theft of your clients money.

• Documents/Data: damaged, stolen or lost data/documents belonging to your clients.

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Professional Indemnity Insurance will pay all reasonable costs incurred in the defence (e.g. legal fees) or settlement of such claims arising from the above.