Professional Indemnity

InsurePlus can protect Professionals in the event that their client suffers financial loss as a result of alleged neglect, omission or error on the part of the Professional.

Professionals have a responsibility to act as experts for their clients. If adequate skill or care is not applied and the client suffers loss, damage or injury, the client may sue.

For example if an Accountant advises incorrectly on an inheritance issue and it results in a financial loss, the Accountant’s liability, to their client for those costs would be covered under the Accountant’s Professional Indemnity cover.

Unlike Liability insurance, Professional Indemnity cover, is underwritten on a “claims made” basis.

Briefly, this means that your current insurance company may be liable for historic incidents which have only come to light recently – even if they were not the Insurer at the time of the incident.

Because of this it is important that you consider carefully the proposal form or declaration you complete prior to arranging Professional Indemnity insurance as Insurers indemnify you, or could potentially decline a claim, based on the information they receive.

Your exposure can manifest in different ways for example:

  • Breach of contract
  • Negligent Misstatements which cause loss
  • Breach of duty of care

Sectors covered:

  • Medical Clinics Fertility Clinics
  • Laboratories
  • Out of Hours Providers
  • Private Hospitals
  • Primary Care Providers
  • Diagnostic & Imaging Services
  • Nursing Homes
  • Rehabilitation Clinics
  • Counselling Clinics

Run Off Cover
As mentioned earlier, Professional Indemnity is written on a “claims made” basis. Because of this a specific issue may arise when the professional person ceases to trade or retires. You might assume that when you cease to trade you no longer require cover as liability is not an issue. However, with Professional Indemnity insurance cover stops once the policy stops so it is important that “run off” cover is in place for a number of years to avoid leaving you exposed to a possible claim and no cover. The premium should reduce in line with the reduced risk.