Professional Indemnity Insurance
Professional Indemnity Insurance at a glance
Why become insured:
Coverage for actions or neglect arising from civil law and other existing divergences contingent on each profession.
Professional Indemnity Insurance in Cyprus Professional indemnity, otherwise known as errors and omissions (E&O) insurance, protects businesses against professional mistakes regarding their company’s services. Professional Indemnity Insurance Cyprus Even experts make mistakes. In some cases, you might be falsely accused of making mistakes. In any case, financial protection for legal defence costs can be a lifeline for your business. Suppose a client sues your company for professional mistakes that allegedly harmed them.
Fund administrator’s professional indemnity insurance Even if you’re an experienced fund administrator, mistakes can happen. Regardless of your experience level, there is always the possibility of an error and omission. Professional indemnity insurance for fund administrators can protect companies from any liability incurred if you allegedly provided poor advice, services, or designs to a client. After 2017 the number of fund administrators in Cyprus skyrocketed. Requests for comprehensive professional indemnity insurance have also increased significantly.
Though the term was previously reserved for more mainstream professions, a 'professional' is now regarded as any person who offers specialist advice or services to another. As the definition has expanded, so has the possibility for making mistakes during work and consequently causing financial loss.This is where Professional Indemnity Insurance comes in to protect you. 1.What is Professional Indemnity (PI) insurance? Professional Indemnity Insurance is a policy designed to protect business owners, freelancers and the self-employed in case a client claims their services were subpar and decides to sue.
Pitsas Insurances, with more than 35 years of experience, is one of the leading providers of professional indemnity insurance services in Cyprus. Our standard professional insurance contracts provide cover for the legal costs and expenses arising from claims related to errors and omissions. The most common areas of risk are: Breach of Duty (Professional liability) Intellectual property infringement, i.e. unintentional infringement of any intellectual property right Defamation and libel Loss of goods or money Loss of documents or data for which the insured is legally responsible.
Professional liability insurance (PLI), also called professional indemnity insurance (PII) and commonly known as Errors and Omissions Insurance (E&O), is a form of insurance that helps protect sole proprietors and companies providing professional consulting and/or other services from the full legal and defense costs arising from the clients' negligence (error, omission) claims and damages awarded in such civil claims. Over the past decades, this type of insurance has become widespread throughout the world and in Cyprus in particular.