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Professional Indemnity Insurance
What Is It?
Professional Indemnity Insurance protects professionals against claims of negligence, errors, or omissions in the services they provide. It covers legal costs and damages awarded to clients.
Key Features
- Coverage for professional negligence claims
- Legal defense costs
- Compensation for damages awarded
- Protection for intellectual property infringement
- Coverage for breach of confidentiality
Common Exclusions
- •Deliberate or dishonest acts
- •Prior known claims or circumstances
- •Bodily injury or property damage
- •Contractual liability beyond common law
Where Is It Mandatory?
- •Singapore (for certain professions like lawyers, doctors)
- •Malaysia (for certain regulated professions)
Typical Cost
0.5% to 5% of annual revenue, depending on profession and risk level
Related Insurance Types
Need More Help?
Speak with a broker who specializes in professional indemnity insurance.
Request Broker Referral