Professional Indemnity Insurance
Professional Indemnity insurance is designed to protect an individual or a business in the event of a client making a claim for financial loss or damage to his reputation, against them resulting from non-performance, breach of duty of care or alleged professional negligence. In case you provide designs, specifications, advice, or instructions as any part of your job and such recommendations or advice have caused a financial loss to a client and you’re found to be at fault, this cover will keep you safe. Many professions are obliged to have Professional Indemnity insurance as part of their receptive industry body’s regulatory requirements. In Cyprus, the following professions are required to settle PI insurance: architects and engineers, accountants, corporate services, real estate agents, technology companies, telecom companies, outsourcing and managerial and employment practice liability companies. In general, any company or individual providing services should consider arranging this insurance. The insured limits may differ based on the size of your company, the nature of the work you do and the scale of the contracts signed. We will help you select the proper cover to enable you maintaining your business continuity in case of any future consequences following the aftermath of an unexpected claim.