Professional indemnity insurance (PII)

We know that everyone’s needs are different, but a policy brokered through Wesleyan Financial Services will typically cover:

• Professional negligence

Cover for claims arising from mistakes, errors, or omissions in the professional services provided.

 




• Legal costs and defence

Indemnity for damages or settlements awarded to a third party in the event of a covered claim.

 




• Defamation

Cover for claims related to libel, slander, or defamation arising from professional activities.

 




• Breach of confidentiality

Protection for claims related to the unauthorised disclosure of confidential information or data breaches.

 




• Intellectual property infringement

Cover for claims alleging infringement of intellectual property rights, such as copyright, trademark, or patent infringement.

 




• Loss of documents or data

Compensation for the cost of recreating lost or damaged documents or data resulting from a covered event.

 




• Regulatory and disciplinary proceedings

Cover for legal costs associated with responding to regulatory or disciplinary actions initiated by a professional regulatory body.

PII provides crucial cover for many professional risks. However, generally, it will not cover:

• Known circumstances or claims

Claims or circumstances that were known to the insured before the policy began.

 




• Intentional misconduct or fraud

Claims arising from intentional acts, fraud, or wilful misconduct are typically excluded.

 




• Contractual liabilities

Obligations assumed under a contract that are not related to professional negligence, may not be covered.

 




• Fines and penalties

PII policies often exclude cover for fines and penalties imposed by regulatory authorities.

 




• Criminal acts

Cover is usually excluded for claims arising from criminal acts committed by the insured party.

 




• Liabilities covered by other policies

Some liabilities covered by other policies (e.g., cyber insurance for data breaches), are not always covered by PII.