Professional Indemnity Insurance
Professional Indemnity Insurance is essential protection for professionals against financial risks and lawsuits.
Reach out to one of our expert team members today to discover how we can help secure your future.
Key features of PI insurance
Why Paragon?
We provide Professional Indemnity Insurance (PI insurance) solutions to secure crucial protection against claims from errors, omissions, or negligence in your professional services. Essential for consultants, accountants, architects, lawyers, engineers, and healthcare providers, our PI insurance coverage mitigates significant liability risks, enabling you to deliver your services with confidence and peace of mind.
Why is PI insurance crucial for your business?
Professional Indemnity Insurance is vital in protecting professionals and their businesses against the potential financial devastation from lawsuits or claims linked to professional errors. It provides essential peace of mind and safeguards your reputation and financial health, making it an indispensable tool for professionals in diverse sectors.
PI Insurance FAQs
Professional indemnity typically covers:
- Damages awarded for negligent acts, errors or omissions in undertaking your professional services.
- Breach of contract claims (sometimes excluded).
- Legal defence costs.
- Failure to meet industry standards or specific client expectations.
Yes, you can customise your PI policy. Most insurers offer various add-ons like covering the failure of technology products or liability arising from the provision of technology services.
Factors influencing the cost of PI insurance include industry, business size, revenue, claims history, risk profile, and desired coverage limits.