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Professional Indemnity
Professional Indemnity (PI) insurance protects directors and their companies against claims arising from professional advice or services that caused a client financial loss. If you are a director who provides consulting, financial, legal, accounting, engineering, or any other professional service, PI cover is essential. In New Zealand, PI is often required by professional bodies and major clients as a condition of contract.
Typical premium: $900–$4,500/year
Get a Quote for Professional Indemnity
Key Benefits
- ✓Covers legal defence costs and compensation payouts
- ✓Protects against client claims of negligence or errors
- ✓Covers breach of professional duty and misleading advice
- ✓Intellectual property infringement defence
- ✓Prior acts cover available for past work
- ✓Run-off cover when you retire or wind up a business
Who Needs This Cover?
- →Directors of professional services firms
- →Consultants and advisors who are company directors
- →Accountants, lawyers, engineers and architects
- →IT directors and technology service companies
- →Financial advisers and investment managers
- →Directors with contractual PI obligations
Typical Claims
📋 Client alleges incorrect financial advice caused investment loss
📋 Engineering error results in costly rectification work
📋 IT project fails and client sues for business interruption losses
📋 Accounting mistake leads to tax penalties for a client
📋 Incorrect legal advice leads to contract dispute