Overview

Professional Indemnity Insurance

Professional Indemnity Insurance coverage protects businesses and professionals in Hong Kong from claims alleging mistakes, errors, omissions, or negligence in the work product or services being provided. Professional Indemnity Insurance protection includes the costs associated with a legal defense and any compensation that may be awarded to the claimant, subject to the policy limits and any applicable exclusions.

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 and higher risk professional activities.

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Explanation

What is Professional Indemnity Insurance?

Professional Indemnity Insurance (PII) protects businesses and individual professionals against claims alleging errors, omissions, negligence or failures in the professional services, their work, or advice they provide.

A general Public Liability insurance policy will normally protect individuals and businesses against legal liability arising from third-party bodily injury or property damage. 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 creates the need for a specialized form of business liability insurance designed to protect against claims arising from professional errors, omissions, negligence or failures in the services or advice provided.

Coverage

What Does Professional Indemnity Insurance Cover?

CCW is able to advise on a wide range of Professional Indemnity Insurance options for businesses and individual professionals in Hong Kong, and across Asia.

Professional Indemnity Insurance (sometimes referred to as Errors and Omissions Insurance or Professional Liability Insurance) can help protect businesses against claims arising from alleged professional mistakes, negligence, errors or omissions in the services or advice they provide.

CCW Global works with a diverse range of Hong Kong and international insurance companies offering Professional Indemnity and Errors and Omissions coverage. Depending on your profession, business activities, and the insurer selected, available coverage options may include:

Coverage from US$ 500,000 to US$ 15,000,000 for select industries
Protection Against a Broad Definition of “Claims”
Continuity Cover for Existing Policyholders
Coverage options tailored to specific professions and business activities
The Choice of Worldwide PII Coverage for Multiple Business Locations
Claims support from established professional liability insurers

It is important to note that Professional Indemnity Insurance policy terms can vary significantly between different insurance companies, and policy terms can also vary between different policies offered by the same insurer. Important policy details like Limits, Exclusions, Geographical Coverage Areas, Definitions, and Policy Extensions should be examined carefully prior to purchasing any Errors and Omissions or Professional Indemnity insurance protection.

All Professional Indemnity Insurance and Business Insurance options offered through CCW Global are quoted on a bespoke case-by-case basis. As CCW Global works with a number of leading international business insurance underwriters, our brokers are able to offer in-depth comparisons of all available options; helping you to assess more than just the premium when considering your choices for covering professional and business liability exposures.

Professions

Who Needs Professional Indemnity?

A number of professions will normally obtain professional indemnity insurance as a matter of their routine operations. Professional Indemnity Insurance may be a contractual requirement, with clients requiring businesses or professionals to maintain a specified level of coverage before commencing services. For example, for a doctor or other medical professional a Professional Indemnity insurance policy is commonly known as Malpractice Insurance (or Medical Malpractice Insurance).

In some cases a range of additional industries and professions may require PII coverage while operating in Hong Kong. CCW can provide suitable solutions to these groups which are custom tailored to meet their specific requirements.

Lawyers and Solicitors

Lawyers and Solicitors

Insurance Brokers

Insurance Brokers

Accountants

Accountants

Educational Professionals

Educational Professionals

Financial Services Professionals

Financial Services Professionals

Construction Professionals

Construction Professionals

Media Telecommunications and Technology Professionals

Media, Telecommunications and Technology Professionals

Management Consultants

Management Consultants

Medical Professionals

Medical Professionals

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Case Study

Professional Indemnity Insurance Examples

Professional Indemnity Insurance Example 1: Construction

An engineering firm designs an apartment block for a client.

Shortly after construction begins, a number of significant errors are discovered in the engineering work.

Correcting these errors requires extensive and costly remedial actions. The client suffers a substantial financial loss and files a claim for compensation against the engineering firm.

In this situation, a Professional Indemnity Insurance policy may provide coverage for the costs of the legal defense and the engineering firm’s liability for the client’s financial loss resulting from errors in the professional services provided, subject to the policy terms, conditions and exclusions.

Professional Indemnity Insurance Example 2: Financial Services

An accountant provides incorrect advice to a client regarding a tax matter. Acting on that advice causes the client to incur additional professional expenses and other avoidable financial losses.

The client alleges professional negligence and seeks compensation from the accounting firm.

A Professional Indemnity Insurance policy may respond by covering the costs associated with the legal defense of the accounting firm and the firm’s liability for the client’s financial loss resulting from the incorrect professional advice, subject to the policy terms, conditions and exclusions.

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Consultants discussion

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pricing

How Much Does Professional Indemnity Insurance Cost?

The costs associated with a Professional Indemnity Insurance policy in Hong Kong will vary depending on your business activities and risk profile, the plan you are purchasing, and the insurance underwriter you are working with. Common premium considerations across most Professional Indemnity Insurance products in Hong Kong include business activities and industry, annual revenue, limit of indemnity selected, geographical exposures, in addition to claims history, contractual requirements, previous insurance history and overseas exposures. Understanding how your Professional Indemnity Insurance premium is calculated, and why your policy costs as much as it does, can more effectively assist you in purchasing the right coverage for your needs.

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Quotation

Free Professional Indemnity Insurance Quotes in Hong Kong

If you would like to receive a free quote for Professional Indemnity Insurance for your Hong Kong business, please complete the short form on this page. Once we have received your information an expert Hong Kong business insurance broker will follow up with a range of quotations suitable for your company.

You can learn more about how we generate our Professional Indemnity quotes by clicking Our Business Insurance Quotations.

Alternatively, you may Contact Us to speak directly with an advisor today.

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