Professional Indemnity Insurance

Act and advise in the best interests of your clients without the fear of consequences towards your business.

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You and your clients can have peace of mind

Professional Indemnity insurance, also referred to as Professional Liability insurance, is a commercial policy to protect you from client action if something goes wrong.

Whether you or an employee makes a mistake, there is a breach of confidential information or data, or if a client believes work produced or professional advice provided is inadequate, they could ultimately pursue a claim against your Cyprus based business for financial or reputational damage.

Whoever is at fault, Professional Indemnity insurance will help protect you from compensation costs and legal fees, so both you and your clients can have peace of mind.

How Professional Indemnity Insurance can help…

Professional indemnity insurance offers protection for liabilities incurred as a result of negligent acts, errors, or omissions in the course of a business’ professional service. It includes economic and financial loss, and can also optionally encompass bodily injury and property damage.

Here are key advantages of taking out a professional indemnity cover:

  • Legal fees: Costs associated with defending a claim
  • Settlements or judgments: Compensation paid to a claimant
  • Investigation costs: Expenses incurred in investigating a claim
  • Loss of earnings: Income lost while dealing with a claim

It is worth noting that it is usually written on a Claims Made basis, which means the cover is triggered when a claim is made against the policyholder during the policy period, regardless of when the initiating act that gave rise to the claim (even retrospectively).

Professional Indemnity Insurance FAQs

Do we need professional indemnity insurance?

Some professional bodies, industries, countries and regulators legally require it, but it is good practice in any event to give protection to you and your clients.

A wide range of professionals can benefit from a professional indemnity cover, including:

  • Healthcare providers: Doctors, nurses, dentists, and other healthcare professionals
  • Financial advisors: Accountants, lawyers, financial planners, and insurance agents
  • Engineers and architects: Civil engineers, structural engineers, architects, and surveyors
  • Consultants: Management consultants, IT consultants, and marketing consultants
  • Creative professionals: Artists, writers, designers, and photographers

If your business provides professional services or advice, handles client data, or has responsibility for intellectual property of other businesses or individuals, you definitely need professional indemnity insurance.

How much professional indemnity cover do I need?

The amount of coverage you need will depend on several factors, including your profession, the nature of your work, the potential risks involved, and your financial situation.

For more information, please contact our team of expert advisors who can help you figure out the level of cover for your business.

Can professional indemnity insurance cover claims from past work?

Generally, professional indemnity insurance covers claims arising from your current work and any work performed within a specific time-frame, known as the “retroactive date.” However, some policies may offer extended coverage for claims related to past work, subject to additional premiums and conditions.

Our Partner for Professional Indemnity Insurance

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Protect your professional reputation and financial stability with tailored professional indemnity insurance. Get a free quote today and ensure you’re covered for unexpected claims.

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