Overview

Professional Indemnity Insurance

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.

Professions

Who Needs Professional Indemnity?

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).

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.

Lawyers and Solicitors

Insurance Brokers

Accountants

Educational Professionals

Financial Services Professionals

Construction Professionals

Media, Telecommunications and Technology Professionals

Management Consultants

Medical Professionals

What is Professional Indemnity Insurance?

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.

Case Study

Professional Indemnity Insurance Examples

Example 1: Construction Indemnity Insurance

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 defense, and the liability of the construction company towards their customer's financial loss.

Example 2: Financial Services Indemnity Insurance

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 defense of the Accounting firm and the firm’s liability towards the customer’s loss resulting from the faulty information.

Coverage

Errors and Omissions Coverage

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:

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
Simple Policies Designed for Ease of Use
The Choice of Worldwide Coverage for Multiple Locations
Superior Claims Handling

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.

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. One 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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