Policy snapshot
Covers professionals against claims arising from errors, omissions, or negligence in the discharge of their professional duties.
What is Professional Indemnity (PI) Insurance?
PI Insurance protects professionals from financial loss due to mistakes or negligence in their services. It’s mandatory or highly recommended in many regulated sectors.
What can it cover?
- The policy covers legal liability arising out of acts of negligence, errors, or omissions committed during professional service delivery. It includes legal defence costs, settlements, and damages awarded by courts or regulators.
Who should consider it?
- Doctors, lawyers, architects, consultants, CA/CMA firms, Professionals providing advisory or opinion-based services
Key features to understand
- {"heading": "Key Features", "bullets": ["Claims-made basis", "Covers legal fees and compensation", "Tail coverage and retroactive date options", "Industry-specific wordings available (doctors, architects, etc.)"]}
What deserves attention before you buy?
Coverage, exclusions, sub-limits, deductibles, waiting periods, warranties and underwriting can vary between insurers and policy versions. The policy wording and schedule remain the definitive contract. Novo can help you review the relevant terms for your requirement.
Read the wording, not just the brochure
The schedule and policy wording determine the actual contract.
Compare meaningful differences
Look at exclusions, limits, deductibles, conditions and claim requirements—not premium alone.
Think beyond purchase
Servicing and claims-related support can matter as much as placement.