Liability InsuranceProfessional Indemnity

Professional Indemnity/Errors and Omission Insurance

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Professional Indemnity/Errors and Omission Insurance

Professional Indemnity/Errors and Omissions Insurance cover is mainly for advice-based businesses. It provides protection for the company and its subsidiaries for claims brought in respect of negligent acts, errors or omissions in the performance of professional services. The policy is meant to pay for defence expenses and damages. It includes amounts that the insured is legally required to pay because of judgments, arbitration awards or the like rendered against the insured, or for settlements negotiated in accordance with the coverage afforded by the policy.

Who can take the policy?

  • Information Technology Companies
  • Doctors and medical practitioners
  • Medical establishments (hospitals and nursing homes)
  • Call centres/Business Process Outsourcing (BPO) Companies
  • Engineers, architects and interior decorators
  • Lawyers, advocates, solicitors and counsels
  • Chartered accountants, financial accountants, management consultants
  • Financial institution
  • Media Companies

Key Benefits

  • It protects your business against claims for loss suffered by a client or a third-party due to error made by you and are found to be negligent.
  • Typically, engineers, solicitors, consultants and accountants carry PII, but many self-employed consultants are now choosing to get covered, who advise, support or contract auditing.
  • Financial Protection from Lawsuits: Financial losses from lawsuits can interrupt your business, but if you have professional indemnity insurance, all defence cost is borne by the insurer. Defence cost such as lawyer fees, court cost, cost of filing legal papers etc. is covered in errors and omissions insurance. It provides a financial protection shield to meet legal repercussions against error and omission claims.
  • Peace of Mind: Performing professional services with greater confidence bring significant results. If you are held responsible or are blamed for a financial or reputational loss occurs to the client because of your advice. It brings in a significant mental and financial burden on your organization. But professional indemnity insurance provides helping hand in such scenario and handle all your strain by providing the required financial help.
  • Increases Credibility: Professional indemnity insurance enhances your goodwill and brand image. It assures your clients and investors that whatever professional services you are rendering if some discrepancies arise, professional indemnity insurance is there to provide strong support. As a professional, you are accountable for your services, and if you have taken professional indemnity insurance, you let the client feel confident about doing business with you.
  • Smooth running of your business: Claims arising due to error and omission may cause substantial financial loss and interruptions in your operations. But professional indemnity insurance helps in restoring the former business position after all the losses incurred due to legal court procedures. Dealing with legal issues are time taking and affect your business productivity, but professional indemnity insurance helps you save your time in the incidence of an allegation.
  • More chances to win tenders: Some contractors and government authorities put the qualifying condition of having professional indemnity insurance to apply for the tender. One can stand a high chance of winning a tender if professional indemnity insurance is already in place. Additional Benefits: One can make PI insurance policy more potent by adding extensions such as defamation, loss of documents, Libel & Slander dishonesty to cover every possible legal claim.


  • Covers claims brought by third parties (usually your client or those who rely upon the services or activities that you provide
  • Covers claims arising from the professional's negligent acts, errors or omission
  • Coverage extends to individuals and the entity
  • Contents include defence costs, settlement and judgments
  • Policy coverage is typically arranged on an annual basis. Occasionally, a multi-year policy can be arranged to meet specific project requirements.


Only civil liability claims are covered. Any liability arising out of any criminal act or act committed in violation of any law or ordinance is not covered.

Claim Process

In the event of loss, the following are immediate actions to be taken
To intimate to the insurer about the awareness of potential claim, submit written circumstances of the claim, provide the nature and extent of loss and also the estimate of loss. Any delay in intimation might jeopardize the claim as the insurer may express an inability in accepting liability of the loss/damage.

  • To take all steps to reduce and minimize the extent of loss/damage and liability.
  • To extend full co-operation to the insurer and appointed investigator/CA
  • Produce all such records and proof as may be required and support in defending the claim
  • Provide documents such as claim form, copy of Policy, Incident note, etc.

Why Choose PrishaPolicy

5 Reasons why you should choose us to be your policy issuing partner of choice. Allow us to tell you why we are one of the fastest growing insurance brokers.

Customer-Centric Culture

For us, you always come first. Our products and services are designed to find the best coverage for all.

A Decade of Market Leadership

Our teams expertise and experience makes them the perfect guides in choosing a policy that fits your needs.

Reliable and Consistent

Rest assured that everything will be taken care of without a glitch. From shortlisting to claims processing & delivering promises without a hitch.

Guided Policy Assistance

Our experts are forever ready to assist you through each policy detail with a fine-tooth comb.

Claims Assistance

Our DNA prompts - Sales is incomplete without timely support. From start to end, we facilitate smooth processing from lodging to settlement.

Still Thinking About It?

Get on a call with us. We take pride in being associated with you for competitively managing your risks with the best insurance covers and delivering a stress-free experience.

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Questions You Might Have

General liability vs. workers' compensation insurance

Both general liability insurance and workers' compensation are distinct but related. Both programmes serve various functions but are intended for business owners and contractors. Because they are interconnected, it is recommended that contractors implement both policies in order to run a successful business.

What is not covered in a liability insurance policy?

  • Any deliberate attempt to violate legal or legitimate provisions.
  • Property damage sustained by the insured. Also, if the property is leased or financed in the insured's name.
  • Loss or destruction caused by a conflict, raid, civil war, rebellion, insurgency, or military strike.
  • Any loss or damage caused by radioactivity, ionising radiation, nuclear waste, or hazardous explosions, whether direct or indirect.
  • Do I need Public Liability insurance?

    This is up to you to decide, as it is not a legal requirement. If you regularly interact with the public, clients and contractors, however, it is highly recommended. Even if you're taking all measures possible to avoid them, accidents do happen, and a legal battle ensuing one could be highly damaging to your business if you don't have the means to face it.

    Does Public Liability insurance cover my employees as well?

    No, public liability is not designed to cover your employees - it is only intended to protect you from third party claims made by members of the public. Your employees will be covered by the mandatory employers' liability insurance policy you need to have in place to protect them from workplace accidents or illnesses.