CCW Global is able to provide comprehensive Professional Indemnity and Liability Insurance coverage in Hong Kong, with the availability of specific policies designed for a range of specialist professions.
Professional Indemnity Insurance (PII Cover), otherwise known as Professional Liability Insurance (PLI Cover), or Errors and Omissions Insurance, is a type of Hong Kong Business Insurance policy which is designed to protect professional workers in advice-giving service industries against the full costs of defence in the event of a negligence claim regarding their services.
A number of professions will normally obtain professional indemnity insurance as a matter of their routine operations, and can actually have the implementation of a Professional Indemnity policy included as a contractual obiligation on the part of their customers. For example, for a doctor or other medical professional a Professional Indemnity insurance policy is commonly known as Malpractice Insurance (or Medical Malpractice Insurance). Professions normally purchasing this type of Hong Kong business insurance policy include:
In some cases a range of additional industries and professions may require PIL coverage while operating in Hong Kong. CCW can provide suitable solutions to these groups which are custom tailored to meet their specific requirements.
If your profession is not listed above, but you would like to purchase Professional Indemnity and Liability insurance in Hong Kong, please Contact Us Today.
In Insurance a general Public Liability insurance policy will normally protect individuals and businesses against their liability to the general public for the costs involved with an accident which results in actual bodily harm. Additionally, an employer’s liability to their workers will generally be covered under an Employee Compensation insurance plan. However, there are a number of risks encountered in the business world which are not covered under either of these two business insurance plans.
This demands the availability of a specialized form of Business indemnity insurance which has been designed to protect against risks which result in claims that are unrelated to bodily injury.
To understand how Professional Indemnity Insurance works we can look at the following examples:
A construction company builds an apartment block for a client. However, shortly after completion a number of major errors are found which leave the building unsuitable for habitation. This requires the demolition of the building, and the consequent reconstruction to rectify the problems. No one is hurt, but the client of the company suffers a severe financial loss and files a claim for compensation against the construction firm.
In this case a Professional Indemnity Insurance policy would normally provide coverage for the costs of the legal defence, and the liability of the construction company towards their customer's financial loss.
A customer contracts an Accounting firm to advise on a Tax problem. The accountant provides advice which later turns out to be incorrect, leading to the customer paying a large fine from the Revenue service. This results in the customer filing a claim for compensation against the Accounting firm for the losses incurred.
A Professional Indemnity Insurance policy would normally cover the costs associated with the legal defence of the Accounting firm and the firm’s liability towards the customer’s loss resulting from the faulty information.
CCW is able to provide a wide range of coverage options to professionals in Hong Kong requiring Indemnity and Liability insurance plans.
We work with a diverse range of Hong Kong insurance companies offering Professional Indemnity and Liability insurance in Hong Kong, and consequently able to provide coverage options which can include:
Because of the number of options we are able to offer for Professional Indemnity Insurance coverage the above may vary depending on the insurance company you choose to purchase your plan from. At CCW we work to ensure that your Professional Indemnity Insurance coverage, both in Hong Kong and Around the World, is exactly right for the needs of your business and staff.
All Professional Indemnity Insurance plans we offered are quoted on a bespoke case-by-case basis. However, because CCW works with a number of providers offering this type of coverage, we are able to give you an in-depth comparison of the market when it comes to securing your professional liability.
If you would like to receive a free quote for Professional Indemnity Insurance for your Hong Kong business, please complete the short form at the top of this page and select Business Insurance from the menu when prompted to do so.
Once you have completed your quotation request a CCW Global Insurance Broker will contact you with details of your coverage options, and discuss the suitability of the available plans meeting your unique coverage criteria. Should you require additional details about this process please visit Our Business Insurance Quotes. You can also speak to a Hong Kong Business Insurance Broker now, by Contacting Us.Print or Share