This policy is designed for businesses who provide advice or professional services and design services. This policy is usually purchased by contractors, consultants, engineers, and accountants and be issued for a specific project or an annual basis.
Professional Indemnity Insurance indemnifies the insured for any claim and defense costs that arise from the conduct of professional business arising from:
- A breach of professional duty
- Negligent misstatement or misrepresentation
- Unintentional libel, slander or defamation
- Unintentional breach of or misuse of confidentiality or any right to privacy
- Unintentional infringement of intellectual property rights (but not breach of patent)