Professional Indemnity (PI) insurance provides cover for legal costs and expenses in defending a claim. It provides compensation to a client if inadequate advice, services, or designs cause loss. PI insurance protects professionals like accountants, engineers, and lawyers from financial losses from errors or omissions.
Some professionals require adequate PI insurance as mandated by institutes or associations. It protects against claims made for loss arising from a breach of professional duty. Even if cases fail, the defense costs can be significant, and costs may not be fully recoverable even in the event of a win.
The global strength of Gallagher gives professionals in Ireland access to competitive PI insurance. As brokers, we assist with professional liability needs.
Is professional indemnity insurance compulsory in Ireland?
It covers against claims for loss arising from a breach of professional duty, including financial losses from negligence, errors, or omissions. It also provides legal costs for defending actions by a client and manages the costs of the award.