Professional Idemnity Insurance
A professional such as an accountant, architect and solicitor can protect against his legal liability due his own professional negligence.
The Professional Indemnity (PI) insurance protects a professional such as an accountant, solicitor, architect and engineer against his legal liability to pay damages to persons who have sustained financial loss arising from his own professional negligence or that of his employees in the conduct of the business. The insurance offers indemnity strictly on legal liability basis. In addition to indemnifying the professional against his professional liability, the PI insurance also indemnifies him for defence cost and expenses incurred in respect of a claim.