Professional Indemnity Insurance
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What is Professional Indemnity (PI) Insurance?
Professional Indemnity Insurance provides industry professionals with protection against financial or legal costs in the event of a third-party claim. This includes actual or alleged negligence when providing a service or giving advice in a specialized field.
On our platform, cover is offered on a 'claims-made' basis. This means the policy covers claims that are made and reported during the time you hold the policy. It will not cover you once you stop paying for the policy, even if the event occurred while you were covered.
Who Needs Professional Indemnity Insurance?
Specialized Knowledge
If you sell your knowledge or skills, PI insurance is a must-have. It safeguards consultants, engineers, architects, accountants, medical practitioners, and IT experts.
- Audit or advisory services
- Technical reports & supervision
Regulated Fields
Healthcare, Law, and Finance professionals often cannot operate legally without PI cover.
- Legal requirements
- Professional body compliance
Negligence Protection
Covers failure in design, project management, or incorrect professional advice.
- Breaches of confidentiality
- Incorrect valuations
Extra Benefits Included in Your Cover
General guide to what you can expect from SimplyCovered partners:
Defamation
Protection against damage to your reputation.
Fee Recovery
Costs of collecting unpaid tax and fee liabilities.
Employee Dishonesty
Coverage for fraudulent acts committed by staff.
Loss of Documents
Costs to replace or restore lost/destroyed files.
Frequently Asked Questions
How much cover do I need?
Think about the value of the projects you handle. Consider your potential risks, the cost of a "worst-case scenario," and any professional statutory requirements.
What happens if I under-insure?
If you take out too little cover, a single large claim could exceed your policy limit, potentially forcing your business into bankruptcy.
Is PI insurance compulsory in South Africa?
For many professions, yes. Legal, accounting, medical, and financial practitioners often cannot operate legally without it.