Professional Indemnity Insurance

At Consolidated Insurance Brokers we specialise in Professional Indemnity Insurance!

What is Professional Indemnity Insurance?

Professional indemnity insurance protects you against someone suing you due to a of your “professional services.” It is also known as civil liability insurance.
While public and products liability insurance protects you against someone suing for personal injury or physical damage to their property – professional indemnity insurance provides further protection for situations where you cause someone an “economic loss” (e.g. you have cost them money) without necessarily hurting them or their assets.
Ordinarily we associate this cover with “Professional” occupations such as architects, engineers and designers. These are people who are in the business of giving advice, and if that advice is wrong, they may be sued for their mistakes.
This cover is becoming increasingly more important for many trades now too. Electricians offering reports or doing thermographic scans are providing advice, as are commercial plumbers who recommend a certain flow rate on a filtration pump for a business’ needs. These occupations may protect themselves by taking $1.0M or $2.0M indemnity cover on top of their $20.0M public liability cover.

Information Technology Insurance

Those working in the information technology industry are able to package their public liability and professional indemnity cover into a single specialist IT Package. This is particularly important for those working with computers, as the very nature of their work means they are unlikely to cause personal injury or property damage, but their “advice” may be intrinsically linked to a software “product” they are providing.
In addition to the ordinary benefits of indemnity cover, IT Packages provide further benefits such as product recall costs, loss mitigation expenses and even key man protection for replacing critical staff if they are incapacitated.

Medical Malpractice Insurance

Similarly, those in the medical field may take a combined coverage for indemnity & public liability which is referred to as “medical malpractice insurance.” A range of specialist not-for-profit funds will offer this cover for doctors and surgeons, however we can provide very competitive rates for those in allied health services as well as doctor’s surgeries (that is, we can insure the clinic itself and any admin/nursing staff rather than the individual doctor).

What CIB Offers

CIB has access to a varied panel of insurers who provide specialist products for many different occupations. We know who to approach to get competitive terms for many different professions and trades, and have access to hard to place facilities for those who are doing something truly innovative or unusual!

Who needs Professional Indemnity Insurance?

If you or your company receive payment for a service (rather than just a physical product), or if you are concerned about being sued for something other than physical injury/damage – then it is imperative you obtain professional indemnity insurance to ensure your business is protected.

Contact one of our insurance specialists today for a professional indemnity insurance quote!