Professional Indemnity, also known as PI Insurance Hong Kong, protects professionals against the legal liability of having to pay damages and legal costs to persons who have sustained financial loss arising from their professional negligence or that of their employees for the services that they offer in the conduct of their business.

If you peel back the layers, a PI policy in its simplest form will protect your business against “errors & omissions”. It’s fair to say that many business owners believe they don’t make mistakes because they take great pride in their work with management and compliance oversight. This is great to hear, but a PI policy protects and defends your position, even against the most frivolous claims, giving you the confidence to focus on your business operations.

It’s important to remember that most claims never see the inside of a courtroom. This underscores the necessity for your business to have the solid backing of an insurer, ensuring you’re prepared for any eventuality.

No Professional is safe!

Any person, company or partnership providing:

• advice
• design
• specifications
• other professional services (not necessarily for a fee)

Examples of Professions:

“Old”

• Medical Practitioners • Solicitors/Barristers • Accountants • Architects/Engineers • Surveyors • Valuers/Auctioneers • Estate Agents • Travel Agents

“New”
• Broadcasters • Publishers • IT consultants • IT/Telecom providers • Marketing & Advertising agencies • Management consultants • Trustees • Financial Advisers.

More often than not, the level of cover, or limit you put in place, will be due to a contractual or regulatory requirement whereby you will be told what level of cover is required.

Be aware that the legal costs of defending your position alone without PI, can be enough to put many companies out of business, so you cannot afford to wait until your client has forced your hand.

For example, construction companies will need a much higher limit of coverage than recruiters because the contract values for their design-and-build contracts will be significantly higher, resulting in greater financial losses.

Example:

XYZ Co Ltd

A Recruitment firm which defines its activities as “Executive search firm that specialises in the placement of insurance & reinsurance personnel”.

Three employees with annual turnover of HK$2,200,000, all revenue generated from Hong Kong.

Professional Indemnity only

Policy limit: HKD7.8m/ USD1m.

Total indicative annual premium: HK$9,777.47* (incl, IA Levy)

*This is an indicative premium, for a personalised Quote, please complete the quotation form opposite.