Professional Indemnity

In an increasingly litigious business environment, professionals in a range of knowledge-based industries are exposed to risks. We recognise professionals’ need for comprehensive protection from litigation, and we have the right solutions to protect you against a wide range of scenarios. Professional Indemnity insurance covers professional mistakes arising out of the conduct of your professional business. It can be alleged negligence leading to inadequate advice, services or designs, resulting in the third-party losing money. It can also be a breach of confidentiality, an infringement of intellectual property rights or deceptive conduct in your professional capacity. Although Professional Indemnity is not mandatory in Singapore, except for professionals such as lawyers or insurance brokers, it is good to consider this insurance as part of your professional capacity where reputation is critical and everything.

Professional indemnity covers financial losses caused to a third party because of your professional negligence and if a client loses money due to negligence in your advice, services or designs. In the event, you are sued and/or investigated then Professional indemnity insurance is vital. If the allegations are justified, you must assemble an experienced legal team at considerable expense. You may be liable for damages or need to settle out of court.  In such instances, Professional indemnity will support in:

1. Loss of Documents
   • Provides cover for damages due to destruction or damage to, or loss, distortion, erasure or mislay of a Third Party’s Documents for which the Insured is legally responsible.
2. Dishonesty of Employees
   • Provides cover to the Insured (who is not the actual perpetrator) for any fraud or dishonest conduct of an Employee.
3. Defence Costs
   • Covers reasonable fees, costs and expenses incurred by or on behalf of the Insured in the investigation, defence, adjustment, settlement or appeal of any Claim.
4. Professional Liability Coverage
   • Any actual or alleged breach of duty
   • Negligent act, error, omission, or misstatement
   • Misleading statement
   • Breach of warranty of authority committed in good faith
   • Breach of confidentiality which occurs in the performance of or failure to perform Professional Services
5. Defamation
   • Provides cover for any actual or alleged libel or slander committed without malice by reason of words written, spoken or broadcast in the course of providing Professional Services.
6. Intellectual Property Rights Infringement
   • Provides cover for an unintentional infringement of any intellectual property right of any Third Party, other than patents.

Our Professional Liability insurance aims to remove the financial burden in the event of unforeseen circumstances to give you peace of mind and to focus on what’s important – servicing your clients. Talk to our team today and have your Professional Liability insurance drawn for you.