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Professional Indemnity Insurance (P.I.)

Professional Indemnity Insurance (P.I.)​ also known as Errors & Omissions Insurance or Malpractice Insurance or Professional Liability, Professional Indemnity policies insure against alleged errors in professional services you provide to the public for a fee and demands for compensation against you.


Professional Indemnity Insurance (P.I.) in Thailand

What is Professional Indemnity Insurance (P.I.)?

Professional Indemnity Insurance (P.I.), also known as Professional Liability Insurance, is a type of insurance coverage designed to protect professionals and their businesses from financial losses arising due to negligence, errors, or omissions in the services they provide. It is particularly relevant for individuals and companies that offer professional advice, expertise, or services to clients.

Key features of Professional Indemnity Insurance include:

Protection Against Professional Negligence: P.I. Insurance covers the financial consequences of professional negligence, errors, or omissions in the services provided by the insured professional or business.

Legal Defense Costs: The insurance typically covers the costs associated with legal defense in the event of a lawsuit. This includes attorney fees, court costs, and any settlements or judgments that may arise from a covered claim.

Financial Reimbursement: If a client suffers financial losses due to the professional’s negligence, P.I. Insurance provides coverage for the damages, helping to reimburse the client for their losses.

Errors and Omissions Coverage: P.I. Insurance is sometimes referred to as Errors and Omissions (E&O) Insurance, emphasizing its coverage for mistakes or oversights made in the course of providing professional services.

Tailored to Professions: The coverage is tailored to specific professions, acknowledging the unique risks and liabilities associated with different industries such as law, accounting, consulting, healthcare, and more.

Contractual Requirements: Some clients may require professionals to have P.I. Insurance before entering into a contract to ensure protection against potential professional errors.

Professionals who may benefit from Professional Indemnity Insurance include doctors, lawyers, architects, consultants, accountants, engineers, and other service-oriented professionals. The insurance is designed to provide financial security and peace of mind in an environment where clients may seek legal remedies for perceived professional shortcomings or failures.

What else to consider with Professional Indemnity Insurance (P.I.)?

When considering Professional Indemnity Insurance (P.I.), there are several key factors to keep in mind to ensure that the coverage meets the specific needs of your profession and business.

The Key Factors are:

Policy Limits and Deductibles: Understand the limits of coverage provided by the policy. This includes both the maximum amount the insurance will pay for a claim (per occurrence and aggregate) and any deductibles that you may be responsible for paying out of pocket.

Tailored Coverage: Work with your insurance provider to tailor the coverage to the specific risks and liabilities associated with your profession. Different professions have unique challenges, and the policy should reflect those specific needs.

Retroactive Date: Be aware of the retroactive date specified in the policy. This is the date from which coverage begins, and claims arising from events before this date may not be covered.

Claims-Made Policy: Professional Indemnity Insurance is often written on a claims-made basis. This means that coverage is triggered when a claim is made during the policy period, regardless of when the alleged incident occurred. Ensure that you maintain continuous coverage to address claims that may arise in the future.

Exclusions: Familiarize yourself with policy exclusions, which are circumstances or situations that are not covered by the insurance. Common exclusions may include intentional acts, criminal activities, and certain contractual liabilities.

Risk Management: Implement strong risk management practices within your business. This may include thorough documentation of client interactions, clear communication of expectations, and regular training for employees to minimize the risk of errors or omissions.

Policy Renewal: Regularly review and update your Professional Indemnity Insurance coverage to align with changes in your business, industry regulations, and emerging risks. Stay proactive in ensuring that your coverage remains sufficient for your evolving needs.

Regulatory Compliance: Ensure that your insurance coverage complies with any regulatory requirements for your profession. Some professions may have specific insurance mandates to operate legally.

Professional Associations: Check if your professional association or licensing body has specific recommendations or requirements for Professional Indemnity Insurance. Meeting these standards can be essential for professional credibility.

By addressing these considerations and working closely with insurance professionals, you can tailor your Professional Indemnity Insurance to provide effective protection against the specific risks and challenges associated with your professional services.

At Thailand Insurance Service we have deep experience in serving and arranging PI insurance for all kinds of professionals engaged in their services to the public against alleged negligence or other kinds of liabilities, across all professional industries whether big or small. Talk to us now! We’re happy to sit down and explain in detail how these important professional liability policies work to protect your hard won expert client services and advice.  




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