Professionals, such as doctors, lawyers, architects or consultants, use their professional expertise and skills to solve complex challenges every day. Professional Indemnity Insurance provides financial protection to such professionals if their clients files a legal complaint for an unintentional mistake or miscalculation. It covers legal defence costs, settlements or compensation, safeguarding their reputation and years of hard work.
THE PURE POLICY Professional Indemnity Insurance provides broad coverage to handle such claims of errors or misjudgement, so that professionals can continue their work without any disruptions and financial strain.
Professional Liability Insurance covers defence costs, settlements and cost and settlement arising from professional errors, reducing the financial burdens.
Designed for a wide range of professionals - doctors, lawyers and more.
Medical Practitioners
Interior Designers
Chartered Accountants
Lawyers
Depreciation, any consequential loss
IT consultants
Different professionals face different kinds of risks while offering their services. That’s why Professional Indemnity Insurance comes in various types, each tailored to specific professions.
A professional indemnity insurance policy works differently from other insurance types, as it does not cover direct loss to the business, property or the insured themselves due to risks like theft, fire and burglary. This insurance covers claims that are reported during the policy period, protecting professionals if a client raises a complaint about errors or mistakes in the services provided. These claims work as a, i.e., the insurance policy can help only when there is a claim reported by a client. The policy also covers retroactive claims, i.e., the claims that are made during the current policy period or for an error made a few years or months back, when a policy was first purchased (retroactive date).
A claim arises when a client alleges financial loss, damage or harm due to an error, omission or alleged negligent act in the professional's service.
The insurer steps in to cover Professional liability and defence cost or damages if the claim is valid and falls within the scope of the policy.
Coverage applies only if the claim is made and reported while the policy is active. This is why timely renewal is crucial.
The professional must promptly notify the insurer of any claim or even a potential situation that may lead to a claim without any delay in reporting.
One of the most important aspects of the PI policy is its retroactive date. The retroactive date is the earliest date from which your professional services are covered under a professional indemnity insurance policy (or a claims-made policy). It only applies to claims-made policies, where coverage is triggered when a claim is made and not when the incident occurred. Simply put, it determines the period from which the policy will cover past incidents or errors.
For example, suppose a financial consultant insured their business through professional indemnity insurance from a different insurer from April 1, 2018 (retroactive date), and maintained continuous coverage without any lapses.
Suppose one of their clients raises a claim in 2024 for an error made in May 2018. Since the reported claim is after the retroactive date, and they maintained continuous coverage, this claim will be covered even when they shift to a new insurer. However, if the mistake happened in March 2018, before they purchased this coverage for their business, it won’t be covered.
When switching insurers, professionals must ensure that the retroactive date in Professional Indemnity is carried forward to avoid coverage gaps. This date ensures claims for past services remain protected. If not transferred, any claim arising from prior work may be denied, even if it is valid. This may leave professionals financially exposed to errors made before the new policy started.
Our professional indemnity policy covers the claims reported during the policy period due to unintentional errors reported on or after the retroactive date (i.e., the earliest date from which claims may be considered).
With us, professionals receive coverage for legal expenses.
Get uninterrupted coverage with a free 90-day window to report claims after the policy reasons other than breach of policy terms.
The same policy framework can be adapted to different professions (doctors, lawyers,). Thus, our plan is suitable for firms with multiple professionals.
We offer policy purchase, claim tracking and renewals through our website, and improving convenience and reducing in-person meet-ups.
Before buying a PI insurance policy, it is important to understand the risks it will cover. Here is the list of professional indemnity insurance coverage:
Understanding what is not covered under a plan is crucial for making an informed decision and securing the right type of professional indemnity insurance coverage.
Before you buy professional indemnity insurance, these are key factors that must be considered to ensure you secure adequate protection, as not all professionals face the same level or nature of risk
Assess your current potential legal costs and liabilities based on your profession and client exposure. Choose a sum insured accordingly to ensure you are adequately covered
Disclose past claims, complaints or incidents truthfully. Failure to do so can result in claim rejections and last-minute financial hassles.
Read the policy document carefully before buying professional indemnity insurance online to know exactly what is and isn't covered. This can help you prepare better and seek help for any disputes immediately.
Ensure the policy covers professional activities from the date you started practising and not just from the policy start date. This will give you better coverage.
A straightforward and supportive claims process makes a big difference during stressful legal disputes.
Ensure that the chosen sum insured and plan details are cost-effective. This means evaluating the coverage depth and service quality before making a decision.
Medical Practitioners
Claim History (if any)
Certificates for Professional Qualification
Annual Income or revenue details
As soon as a claim or potential claim arises, notify THE PURE POLICY via 24/7 toll-free number or via email. This must be done as soon as practicable.
Provide clear information about the incident or complaint, dates, persons involved and other relevant details.
Avoid settling or accepting responsibility without written consent from the insurer. Unauthorised actions may affect claim admissibility.
Assist THE PURE POLICY in the investigation by sharing all requested documents and facts. Take reasonable steps to minimise further loss.
THE PURE POLICY will assess the claim, approve legal defence and as per policy terms.
Limit of Indemnity or Limit of Liability is the maximum amount any insurer pays for the claims covered under a policy - which is also known as the policy’s sum insured. This means that this limit will state the maximum amount of coverage you can receive in a year or for a claim.
This limit can be applied in two distinct ways: the Any One Accident (AOA) Limit and the Any One Year (AOY) limit. These limits specify the total amount a professional will receive for one claim in the policy year, and the total amount covered for an entire year.
The insurer allows you to select the ratio of these limits when buying the policy, such as 1:1, 1:2 or 1:4. According to these ratios, the insurer pays the claim amount.
For example, suppose a doctor opts for a 1:1 ratio and has the sum insured of ₹1 crore. Thus, the maximum limit for any one accident is the same as the total sum insured - that is, ₹1 crore. Whereas, if they select 1:4 as the ratio, the limit for one accident will be ₹25 lakhs.
THE PURE POLICY Professional Shield Insurance is a professional indemnity insurance policy. It is designed to protect professionals and ensure that they continue to operate uninterrupted. We offer robust protection against claims arising from alleged negligence, errors or omissions in your professional services.