Professional Indemnity Insurance

With over 50 years' experience, OBF is one of Ireland's longest-established providers of professional indemnity insurance. Often referred to as PI insurance, this cover helps protect businesses and professionals against claims arising from errors, oversights or negligent advice. Our experienced team is on hand to find the right solution for your needs.

Features Benefits

Features

Any professional can face a claim, regardless of experience. A single allegation of negligence or an honest mistake can lead to costly legal proceedings. PI insurance protects you against claims made by clients who allege your advice or services caused them a loss. Whether you're an accountant, architect, engineer, consultant, medical or holistic therapy professional, or work in technology, our PI cover is designed to fit your profession.

Access to domestic and UK markets for broader cover options.
Dedicated and experienced insurance team.
Cover tailored to your profession and your business.
Broker to broker facility available.

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Benefits

Varying professional indemnity policy limits available, tailored to your business.
PI cover available across a wide range of occupations.
Competitive rates.
Flexible excess options to suit your budget.

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Tip #1

Did you know you can reduce your insurance premium by opting for a higher excess? Your excess is the amount you agree to pay towards any claim, and increasing it can meaningfully lower your annual cost.

Tip #2

When renewing your professional indemnity insurance plan, collect all relevant information and review any changes to your business at least one month before your renewal date.

Tip #3

If you cease trading or retire from practice, run-off professional indemnity cover is essential. It protects you against claims made after you stop practising that relate to work carried out during your years in business.

Tip #4

PI insurance operates on a 'claims-made' basis, it only covers claims made while your policy is active. Never let your cover lapse, and if you switch insurer, always secure a retroactive date to protect your previous years of work.

FAQs

Q: What is Professional Indemnity insurance?

A: Professional indemnity insurance is a type of liability insurance that covers the financial consequences of negligence, errors or omissions in your professional work. A PI policy provides expert legal advice and covers legal expenses in defending a claim, as well as any subsequent awards up to the policy limit.

Q: How much cover do I need?

A: The limit of cover is the maximum amount the insurers will pay out. Your limit should reflect your exposure to possible claims. Talk to our expert team for advice on appropriate levels of cover for your profession.

Q: Do I have to pay excess?

A: Yes, all professional indemnity insurers require professionals to pay an excess — the amount you agree to contribute towards the cost of a claim. Most insurers keep this relatively low, and at OBF we offer flexible excess options to suit your budget.

Q: What is run-off cover?

A: Run-off professional indemnity cover protects businesses that have stopped trading against claims relating to work carried out before they ceased practice. Run-off cover usually lasts for a period of 6 years but other periods of time can be specified.

Q: In which countries is my professional indemnity insurance policy valid against claims?

A: Coverage is typically limited to claims brought under Irish law, but your professional indemnity policy can be extended to worldwide cover or worldwide excluding the USA and Canada. Please refer to your policy schedule for full details.

Q: How much does professional indemnity insurance cost?

A: The costs of your policy will depend on a number of factors, including the nature of your profession, the size of your business and your exposure to risk. The level of cover you require and your chosen excess will also affect your premium. For a competitive quote tailored to your business, speak to one of our expert team today.

Q: Who needs PI insurance?

A: Any business or self-employed professional who provides advice, designs or services to clients should consider PI insurance. This includes accountants, architects, engineers, consultants, IT professionals, those working in media and technology, healthcare professionals such as therapists, counsellors and medical practitioners, and beauty and aesthetics professionals. Many professional bodies and regulators also require members to hold a minimum level of professional indemnity cover as a condition of practice.

Q: Can I get professional indemnity cover as a self-employed professional?

A: Yes - PI insurance is available to self-employed professionals across a wide range of occupations and industries. Whether you work as a sole trader or run a small business, our team can help you find the right professional indemnity cover to suit your needs and budget.