Professional Indemnity Insurance protects professional practitioners such as architects, accountants, consultants, doctors, engineers, surveyors, solicitors and many other professions in Ireland against potential negligence claims taken against them by their clients.
It can be referred to by different names depending on the profession involved.
For example, in reference to the medical profession such cover may be called Medical Malpractice Insurance.
Solicitors may take out Errors and Omissions Insurance (E&O). Other potential E&O policyholders include, Estate Agents, Surveyors and Valuers and web designers. There are also specific E&O policies for technology companies, such as software developers, IT consultants and other creators of new technologies.
Indemnity is provided against the failure to perform, financial loss and error or omission in the advice provided or in the products or services sold.
Additional cover can be included for breach of warranty, intellectual property, personal injury, security and cost of contract.
The primary reason for an individual or business to arrange professional indemnity cover is that a typical general liability policy only provides indemnity in respect of losses resulting from a personal injury to a third party or damage to third party property.
Many professional services and products can result in potential claims without causing a personal injury or property damage. For example:
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