Product
Protection against claims that your advice, service, or work caused a client financial loss.
Professional indemnity (PI) insurance — sometimes called errors and omissions (E&O) insurance — protects your business when a client claims that your professional advice, services, or work caused them a financial loss. It covers the cost of defending the claim and any compensation or settlement you're required to pay.
Even the most diligent professionals make mistakes. A software developer delivers code with a critical bug that takes a client's systems offline. An architect's design specification contains an error that leads to costly rework. A financial advisor's recommendation results in an unexpected loss. These aren't hypothetical — they're the kinds of claims that PI insurance is built to handle.
What makes PI particularly important is that claims can be extremely expensive. Legal defence alone can run into six figures, and settlements for professional negligence can reach millions. Without PI cover, those costs come directly out of your business.
Coverage
Key areas of protection included under a typical Professional Indemnity Insurance policy.
Claims arising from mistakes, oversights, or failure to deliver services to the expected standard
Failure to exercise reasonable skill and care in performing professional services
Claims of libel or slander arising from statements made in a professional capacity
Costs of restoring or replacing client documents lost, damaged, or destroyed while in your care
Unintentional infringement of copyright, trademark, or other IP rights in the course of your work
Solicitor fees, expert witnesses, court costs, and settlement negotiations — even if the claim is groundless
Costs of defending yourself before professional bodies or regulatory authorities
Who Needs This
IT and technology companies. Software bugs, system integration failures, data migration errors, project delays — the digital world creates constant exposure to client claims. If you build, advise on, or manage technology systems, PI is essential.
Consultancies and advisory firms. Management consultants, HR advisors, financial planners, and marketing strategists all provide advice that clients rely on to make business decisions. If that advice leads to losses, clients can — and do — sue.
Architects, engineers, and design professionals. In Singapore, registered architects and professional engineers are required by their professional bodies to maintain PI coverage. Design errors on construction projects can result in massive rectification costs.
Accountants, lawyers, and regulated professionals. Professional regulatory bodies in Singapore often mandate PI coverage as a condition of licensing. Beyond compliance, the nature of these professions — handling client finances, legal matters, and sensitive decisions — creates significant liability exposure.
Related Industries
Why TRS
Specialist placement. PI policies vary significantly in their terms, exclusions, and sub-limits. We know which insurers offer the strongest wordings for your specific profession and ensure you're not caught out by hidden gaps.
Contractual compliance. Many tenders and client contracts specify minimum PI coverage amounts and require specific policy wordings. We help you meet those requirements efficiently so you can win the work.
Retroactive cover. We ensure your policy includes appropriate retroactive dates to cover past work, and we advise on run-off cover if you're winding down or changing your business structure.
FAQ
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