What is Professional Indemnity Insurance? Best PPI Company in 2024

What is Professional Indemnity Insurance (PII)?

Professional indemnity insurance (PII) is formulated to protect professional like CA, Architecture, Lawyers or many more from any financial or legal claim by their clients or any third parties alleging negligence, errors, omissions, or professional misconduct during the services or advice provided. Professional Indemnity Insurance is known as professional liability insurance and its covers legal costs, settlements, and judgments that may arise from such claims.

To Whom Professional Indemnity Insurance is important?

Professional who provides high value services should must in role himself with PPI

1. CA
2. Lawyer
3. Architectures
4. Auditor
5. Engineers
6. Consulting
7. Healthcare

Professional Indemnity insurance is not limited to these professional only but in current generation market theses profession are on high risk to get any legal claims during or after their services.

Limitation of Professional Indemnity Insurance

1. Loss due to war or foreign enemy: – Professional Indemnity Insurance doesn’t covers the loss occurs due to any war, invasion or any foreign activity.
2. Past Incident: – Any past incident that caused loss & reported in any other insurance policy doesn’t covers in Professional Indemnity Insurance.
3. General liabilities: – Professional Indemnity Insurance doesn’t covers general liability of individual, like medical insurance or property insurance.
4. Bankruptcy:- Any loss occurs die to insolvency or bankruptcy doesn’t covers in Professional Indemnity Insurance.

Having professional indemnity insurance can provide peace of mind and financial security for professionals, especially in industries where the risk of legal action is higher. It is often considered an essential component of risk management for businesses and individuals providing professional services.

Here we mentioned Top 5 most trusted Insurance Companies for Professional Indemnity Insurance.

HDFC Ergo

Link to Buy PPI:- https://www.hdfcergo.com/download/policy-wordings/

• ICICI Lomabard

Link to BUY PPI:- https://sme.icicilombard.com/indemnity-and-liability-insurance/doctors-indemnity-insurance?utm_source=echannel_top_navigation&utm_medium=referral&utm_campaign=IL_Website

• Reliance General Insurance

Link to Buy PPI:- https://www.reliancegeneral.co.in/insurance/professional-indemnity-insurance.aspx

• New India Assurance Company

Link to Buy PPI:- https://www.newindia.co.in/liability-insurance/clinical-trials-liability

• The Orinetal Insurance Company

Link to Buy PPI:-https://orientalinsurance.org.in/