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.
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.
Cyber attacks cost companies 400 billion dollars each year and even the biggest companies in the world have fallen victim. Do we know that your IT department takes every security precaution possible to protect your business, clients, and employees but are you financially covered if the worst happens? What Hackers Can Steal From You Right Now Confidential client records Client credit card & bank details Employee social security/passport details Passwords & website access details Confidential emails, documents & contracts With today’s technology and social media accessibility, a hacker can expose your confidential information at light-speed leaving you vulnerable to further hacks or in many cases lawsuits resulting from broken nondisclosure and data protection agreements.
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.