Professional Indemnity (PI) Insurance in South Africa

Professional Indemnity (PI) is aimed at providing protection against financial loss, resulting from a legal liability to a third party.
 
 

Professional Indemnity:
Anyone who offers services or advice in a specialised field, could be held accountable at law for the advice or service to the general standards of their profession or industry. Some lines of business are therefore legally required to have this cover in place.

The world in which professionals operate is one of ever increasing pressure, with demands for quick answers and cost effective solutions. This pressure can lead to negligent acts, errors and omissions in the professional’s office, which can give rise to claims. This factor together with the litigious nature of our society underscores the need for Professional Indemnity (PI) Insurance, both for companies and individual practitioners.

In cases where the professional is blameless, you may nevertheless be drawn into lengthy disputes which can be both financially and emotionally draining. In the event that the professional is found guilty, the costs related thereto, which may include reimbursement of the litigant’s expenses, may be an unaffordable financial burden. Professional Indemnity (PI) insurance provides you, the professional and the client with peace of mind and financial protection.

Professional Indemnity (PI) Insurance is for all types of professional practices – from sole-traders to large multidisciplinary firms.

DIB Solutions have partnered with reputable underwriters and insurance companies in order to assist our clients with appropriate Insurance cover – we can therefore also assist clients with tailor-made products (where applicable) at competitive premiums. Talk to us today and make sure all your bases are covered. After all, the point of managing risk is not about avoiding it, but to be smart and strategic about it! 
 

Also note some of the important considerations about Professional Indemnity Insurance:
 
  • Professional Indemnity (PI) Insurance cover is normally on a 'claims made' basis.
  • A wide range of policies covering specific professions, or for other specified fields are available.
  • Tailor-made wordings and products on offer for the following professions: Accountants; Attorneys; Advocates; Estate Agents; Media; Telecommunications; Technology; Outsourcing; Insurance Intermediaries; Teaching Organisations; Engineers.
  • Typical cover may include the following: Breach of confidentiality; Breach of professional duty; Breach of trust committed in good faith; Wrongful act, error or omission; Fraud and dishonesty; Unintentional breach of contract; Unintentional infringements of intellectual property rights; Breach of warranty; Misleading statements; Defamation and/or injuria; Defence costs, etc;
 

Please contact us today for fast, friendly, professional advice and service!

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