Professional Indemnity insurance

Professional Indemnity insurance – what is it about?

Probably, any organisation that provides professional services or consulting may sooner or later receive claims from dissatisfied customers. You might be claimed for being negligent, delivering the wrong consultancy or instructions, or making another mistake that resulted in financial losses of a client.

Professional indemnity (PI) insurance shall protect businesses whose clients suffer losses because of their improper service or advice.

What shall we insure against?

  • Professional negligence or breach of a duty of care

  • Negligent misstatement, misrepresentation, or defamation

  • Breach of confidence when private information is disclosed without client’s consent

  • Unintentional breach of copyright

  • Recovery of lost or damaged documents

BUNDA PI insurance advantages

  • Large sum insured

    We will insure professional liability up to EUR 5 million policy limit.

  • US jurisdiction

    We can extend insurance coverage to include the United States and Canada.

  • Help for many professionals

    We insure IT companies and freelancers, lawyers, translation bureaus, advertising and public relations agencies, employment agencies, private detectives, consultants, and representatives of many other professions.

Practical examples

The process of building multi-storey parking for cars. Concrete interior of unfinished parking area
Design company

Losses: more than EUR 70 thousand

During construction of a multi-storey parking garage, a designer’s mistake was noticed – too little load-bearing beams (risk of the building collapse). Losses include expertise and legal costs, costs of manufacture, transportation, and installation of additional beams

Businessmen,,Finance,,Accounting,Work,,Checking,Accounts,,Using,Calculators,And,Finding
Accounting and business management software development company

Losses: EUR 47 thousand

Error in the inventory management system of a wholesale company. Costs incurred: crisis management, system upgrades, additional order execution costs (to avoid penalties and termination of contracts), legal representation

Beautiful,Young,Woman,Standing,And,Choosing,Milk,Product,In,Grocery
Translation bureau

Losses: near EUR 55 thousand

Inaccurate translation of the product description. The error was noticed after the products were delivered to the market. Costs incurred: product recall (transportation, storage, new packaging, repackaging), product description adjustments, legal representation.

Practical examples

The process of building multi-storey parking for cars. Concrete interior of unfinished parking area
Design company

Losses: more than EUR 70 thousand

During construction of a multi-storey parking garage, a designer’s mistake was noticed – too little load-bearing beams (risk of the building collapse). Losses include expertise and legal costs, costs of manufacture, transportation, and installation of additional beams

Businessmen,,Finance,,Accounting,Work,,Checking,Accounts,,Using,Calculators,And,Finding
Accounting and business management software development company

Losses: EUR 47 thousand

Error in the inventory management system of a wholesale company. Costs incurred: crisis management, system upgrades, additional order execution costs (to avoid penalties and termination of contracts), legal representation

Beautiful,Young,Woman,Standing,And,Choosing,Milk,Product,In,Grocery
Translation bureau

Losses: near EUR 55 thousand

Inaccurate translation of the product description. The error was noticed after the products were delivered to the market. Costs incurred: product recall (transportation, storage, new packaging, repackaging), product description adjustments, legal representation.