Professional Indemnity Insurance
As specialist insurance brokers in Ireland, BBi Ireland can arrange independent or Professional Indemnity Insurance to protect your business, vehicles, people and more. Get in touch to discuss your requirements today.
Professional Indemnity Insurance
If you provide a professional service or professional advice, or sell your knowledge or skills, professional indemnity insurance is the form of indemnity insurance that protects your business against claims arising from financial loss suffered by clients or other third parties. For professionals, SMEs and specialists in Ireland including computer consultants, recruiters, media businesses, construction trades, training organisations, travel firms, financial advisers and event organisers, it is an essential safeguard, especially in high-risk professions.
This cover protects you when claims arise from negligence, advice, errors, omissions or failure in the service you provide, and it helps protect clients and third parties from the financial consequences of those mistakes. Cover includes legal costs, court costs, litigation costs, settlements and compensation when defending or resolving claims.
Below, we explain what professional indemnity insurance covers, why it matters, when run-off cover may be needed, and how BBi Ireland arranges sector-specific indemnity insurance solutions for different professional services in Ireland.
Why Choose BBi as a Broker Partner
Our Heritage
Dedicated Account Manager
We have specific service level agreements with insurer partners, ensuring our clients get a great service.
In-house Claims Team
BBi Ireland has an experienced team of professionals looking after your needs when you need us the most.
35+ years’ experience
With up-to-date knowledge of the latest legislation and health and safety issues faced by companies across Ireland.
Flexible Cover
Our cover and payment methods are flexible so you can choose the option that suits your business needs.
One Stop Shop
We can arrange cover for a wide range of business and personal insurance requirements.
What Can Professional Indemnity Insurance Cover?
Your potential liability for professional services rendered extends for a considerable time after completion. Ensure you are properly covered. When considering professional indemnity insurance it is worth noting that, because claims are made on a claims-made basis, coverage must still be active on the date a claim is first made, not just when the work was carried out.
This protection can be limited by policy terms, including limits and exclusions, so the insured should check carefully whether some sections extend in certain circumstances.
So if you plan to cancel your policy when you close your business or retire you may need to arrange “run off” such cover for a period of time afterwards. Continued protection is usually maintained by paying premiums. For solicitors, this may be needed for six years after practice.
We Can Also Arrange Sector-Specific Covers Including...
- Computer consultants
- Recruitment consultants
- Media consultants
- Contractors and allied building trades
- Training organisations
- Travel agents
- Financial advisers, including accountants
- Event organisers
- Other professional services and other professions
It can also be important for engineers where design or technical advice may lead to claims. Many firms providing specialist services arrange this cover to protect against liability linked to their work. Some policies may also include assistance with crisis management or reputational issues after a claim.
Frequently Asked Questions
It’s important to get the right Professional Indemnity Insurance for your business. To help you do that, here are our frequently asked questions about Professional Indemnity Insurance. If you’d like some independent advice, please call us on +353 49 433 1038, and the team will be happy to help.
Professional indemnity insurance covers financial losses due to negligence or errors in the professional services you provide, while public liability insurance protects against claims for bodily injury or property damage caused to third parties.
Professionals in fields such as medical, legal services, finance, media professionals, and others offering advice or specialist services, especially those in private practice or running SMEs, are strongly advised to have this insurance.
Run-off cover provides protection for claims made after you cease your business or private practice. It is particularly applicable in professions like solicitors, where it may be required for up to six years after practice.
In most cases, professional indemnity insurance focuses on financial loss, but for certain professions such as engineers or architects, it may also cover bodily injury or property damage related to professional advice or services.
Yes. If you work in a private practice, it is your responsibility to ensure you have adequate medical malpractice insurance or professional indemnity insurance to protect against claims.
Consider your specific requirements, coverage limits, exclusions, and whether the policy includes benefits like legal services and crisis management. Always check that your insurer provides protection relevant to your profession.
