PI 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.
You and your clients can have peace of mind.
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.
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.
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 PI insurance.
What does it cover?
PI 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.
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).