Professional Indemnity Insurance

What is the definition of Professional Indemnity Insurance? Learn what you need to know about this term.

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What is Professional Indemnity Insurance?

Professional Indemnity Insurance (PII), also known as Errors & Ommissions (E&O) Insurance, is a type of business liability insurance that protects professionals, such as consultants, architects, and accountants, against claims made by clients for financial loss arising from alleged wrongful acts or omissions in the course of their professional work.

The purpose of PII is to provide financial protection to professionals and to defend against claims that may arise from mistakes, errors, or negligence in their professional services.

Medical Malpractice Insurance is similar to PII, but it protects healthcare providers, such as doctors, nurses, and hospitals, against claims made by patients for harm or injury resulting from the provision of medical services.

Some popular business insurance services that can set up coverage for your business include: