Professional Indemnity Insurance covers businesses and professionals from claims of negligence, errors, or omissions in the given services. It helps to safeguard a company against financial losses caused by lawsuits or claims resulting from mistakes, substandard work, or advice that causes a client to face a financial or reputational loss.
What we offer
Canopius’ expert underwriters provide practical and bespoke Professional Indemnity Insurance solutions to address the specific demands of your organisation and its operations.
Professional Indemnity Insurance protects you from client or third-party claims for damages or losses caused by negligent services or advice, providing defence for your business by covering legal bills, expenses, and compensation charges.
What we do
We specialise in:
- Primary and Excess Professional Indemnity
- Direct and Facultative placements
- A broad range of industry groups
- Coverage for SMEs to large global corporate risks
- Trade through both the Open Market and Delegated Underwriting
Coverage
Our Professional Indemnity Insurance covers a wide range of risks, ensuring your business is protected from potential liabilities. We offer both Legal and Civil Liability policies, including but not limited to:
- Confidentiality Breach: protection for unintentionally disclosed sensitive information.
- Copyright Breach: coverage for unintentional use of intellectual property without having permission.
- Document and data loss: compensation for lost or damaged documents or data in your care.
- Defamation: protection from claims of libel or slander towards your business.
- Employee Dishonesty: coverage for claims arising from fraud or dishonesty by your employees.
Our target markets
We provide Professional Indemnity Insurance to a wide range of industries, including but not limited to:
- Accountants
- Architects
- Consultants
- Contractors (Design & Construct)
- Engineers
- Insurance Brokers
- Independant Financial Advisors
- Lawyers
- Surveyors
- Miscellaneous
Our capacity
We can offer capacity up to $15 million (USD) or currency equivalent.
What sets us apart
At Canopius, we pride ourselves on providing exceptional service and expert guidance.
- Leading specialised underwriters: in a recent broker 2023/2024 survey, our team scored highest amongst our peers for both proactivity and commitment. Unlike other carriers, we have stayed in the market during high volatility, providing long-term security and stability for brokers and clients.
- Staying ahead of the market: our underwriters and claims team actively participate in executive market committees to glean intelligence and insights which help us stay ahead of the market curve. We understand how important it is to develop an insurance solution that is tailor-made to suit client’s needs.
- Quoting quickly and always available: we understand the value of face-to-face conversations to better solve your insurance problems. A Canopius team member is always available for in-person discussions with our broker partners. Once the necessary information is received, we can turn around terms and offer solutions within 24 hours.
- Technical capabilities: we have a vast array of experience, coupled with emerging talent. Our team is empowered to make decisions, and we are structured so complex solutions are practical, innovative, and delivered quickly.
Contact us
Please speak to one of our specialist underwriters to learn more about our Professional Indemnity Insurance services. We are here to help you find the best solutions for your business.
FAQs
Who needs Professional Indemnity Insurance?
Professional Indemnity Insurance is a necessity for many firms or individuals who provide advice, services, or expertise to clients. This includes but is not limited to consulting, architectural, accountancy, legal services, and information technology.
What does Professional Indemnity Insurance cover?
Canopius offers Professional Indemnity Insurance cover for a wide range of risks, including claims of professional negligence, errors, or omissions, breach of duty, and misrepresentation. Additionally, we also cover legal defence costs and damages granted to clients as a result of such errors in your work.
Do you need Professional Indemnity Insurance by law?
In the UK, while there is no overarching legal requirement for all businesses to have Professional Indemnity Insurance, certain professional bodies and regulators do mandate it for their members.
For instance, solicitors, accountants, architects, and some regulated financial advisors are often required by their governing bodies to hold a certain level of Professional Indemnity cover. Even if it is not a legal obligation for your sector, many clients and contracts may still insist on you having it in place as a condition of working with them.
This not only helps safeguard both parties but also demonstrates your commitment to professionalism and accountability.
Additionally, many clients around the world may expect you to have PI insurance before entering into a business relationship.
Is Professional Indemnity Insurance different from Public Liability Insurance?
Yes. Professional Indemnity Insurance covers claims arising from advice, expertise, or professional services that have allegedly caused a client financial harm, while Public Liability Insurance focuses on protecting your business from third-party claims of physical injury or damage to property. Many businesses have both types of insurance to provide comprehensive protection against a wide range of risks.
