If your business is built on expertise such as consulting, designing, auditing, advising, treating, or managing clients- your professional judgement is always under scrutiny. One single mistake, an overlooked detail, a missed deadline, or miscommunication can cause significant financial losses to the clients. When clients get into trouble because of you, they usually react by filing lawsuits against you. Professional Indemnity Insurance can be a vital line of defence in such situations.
In India, the demand for PI insurance has increased rapidly. Besides doctors and lawyers, IT professionals, architects, CAs, consultants, and even startups providing advisory services are the major buyers of PI insurance. As regulations become more stringent and client expectations rise, the risk of negligence, mistakes, or wrongful professional acts has intensified.
This blog covers everything about PI insurance from the basics- why it is necessary, who should have it, the covered and the non covered parts of the policy, and, most importantly, the best insurance brokers and insurers to purchase PI insurance in India. Read on!
Professional Indemnity Insurance: Overview & Importance
Professional trust is the foundation of success. Clients pay for expertise and expect accurate, dependable, and risk free services in return. However, even the most skilled experts are not immune to mistakes, since they are still humans.
Professional Indemnity Insurance (also known as E&O insurance) is a safety net that keeps professionals financially safe from liabilities that come about as a result of:
• Professional negligence
• Incorrect advice or service mistakes
• Violation of professional duty
• Breach of confidentiality or dishonesty by staff
• Legal defence costs in civil lawsuits
Without this liability insurance, professionals often end up paying legal fees, compensation, and penalties straight out of pocket — which can cripple finances, reputation, and entire careers.
Who Should Buy PI Insurance in India?
The real question is — who shouldn’t?
Here are the professionals most exposed to advisory or service-based claims:
• Doctors, surgeons, dentists, and medical practitioners
• Lawyers, solicitors, and legal consultants
• Chartered Accountants & tax advisors
• Architects & civil/structural engineers
• Software developers , IT service firms, & cybersecurity consultants
• Business consultants
• Agencies dealing in advertising, media, and digital marketing activities
• Agents, brokers, and investment/financial advisors
Even a single allegation , whether proven or not , can result in expensive lawsuits and reputational damage. By purchasing PI insurance, you become compliant, credible, and secure in client relationships.
Key Coverages Provided in Professional Indemnity Insurance
A well-designed PI policy typically protects the insured against:
• Legal defence expenses (even in the case of a fraud allegation, until proven)
• Settlements awarded by courts or arbitration
• Losses caused by professional errors or wrongful advice
• Claims related to breach of confidentiality and IP infringement
• Libel, slander, or defamation claims
• Employee negligence resulting in client loss
Moreover, depending on the insurer and the profession, additional extensions can include cyber cover, data privacy protection, public relations expenses, and more.
Top Risks Covered by PI Insurance
The biggest advantage of Professional Indemnity Insurance is its wide risk umbrella, including:
• Failure to deliver promised services
• Misrepresentation or inaccurate advice
• Omission of crucial details
• Loss of documents/data
• Accidental confidentiality leaks
• Lack of due diligence
• Professional malpractice
In essence, it protects your livelihood when your expertise comes under legal scrutiny.
What’s Not Covered Under PI Insurance?
While insurers offer comprehensive protection, some exclusions apply:
• Intentional wrongdoing or criminal acts
• Physical injury or property damage (covered under separate policies)
• Known claims or incidents before the policy start date
• Contractual liabilities beyond professional duties
• Losses not arising from professional advice or services
Reading the policy wording carefully before you buy PI insurance helps avoid painful surprises later.
Advantages of Professional Indemnity Insurance for Indian Professionals
Here’s why modern professionals can’t afford to skip PI coverage:
• Shields personal assets and business finances
• Pays for costly legal defence when sued
• Enhances trust and supports client acquisition
• Mandatory coverage in many medical/legal/regulatory sectors
• Strengthens compliance in high-exposure professions
Rather than fearing client complaints, you can focus on delivering your best work — knowing your liability insurance has your back.
Top 3 Insurance Brokers to Buy PI Insurance in India
Choosing the right policy requires a thorough risk assessment, negotiating coverage that fits your profession, and having access to the best insurers. Skilled insurance brokers are the ones who can make a huge difference in this situation.
Here are 3 best-rated brokers in India, to help you secure Professional Indemnity Insurance smartly:
1️. BimaKavach
BimaKavach is a specialist in Professional Indemnity Insurance for SMEs, startups, and individual professionals. They provide you with coverage that fits your actual risk exposures through expert advisory. Moreover, with dedicated claim-support teams, and access to multiple insurers, they ensure coverage customized to your real-world risk exposures. They make buying PI insurance easy and at a reasonable price, no matter if you are a doctor or an IT firm.
Key Highlights
• Expert consultation for different professions
• Fast and transparent policy issuance
• Strong claim support with a quick and easy response
• Competitive pricing and personalised coverage
2️. SecureNow
With a strong digital presence, SecureNow is a leader in corporate liability insurance. Their team helps clients compare options from leading insurance providers. This helps make policy purchase decisions more informed and strategic.
Key Highlights
• Provides quotes from multiple insurers so that you can make better decisions
• Profession-focused recommendations on insurance coverage
• Proper guidance on underwriting
• Quick and easy digital servicing
3️. PlanCover
PlanCover focuses on small and mid-size professionals including accountants, consultants, and startups. They simplify the E&O insurance buying experience through online support and reasonable pricing options.
Key Highlights
• Easy digital purchase and servicing
• Well-designed coverage options for smaller firms
• Profession-based profiling of risks
• Quick turnaround for documentation and queries
Choosing a knowledgeable broker will make sure that your professional indemnity (PI) insurance is not just adequately covered but also that you are not spending too much on the premium.
Top 3 Insurers in India Providing Professional Indemnity Insurance
India has a robust market of major insurers who deliver reliable coverage based on profession-specific risk exposures. Here are 3 top insurers:
- TATA AIG General Insurance
Known for global experience and robust underwriting, TATA AIG provides finely-tuned Professional Indemnity Insurance solutions. Their policies suit consultants, doctors, IT firms, and other high-risk professionals requiring strong legal coverage.
Key Highlights
• Superior crisis and defence cost coverage
• International exposure options
• High credibility in PI claims
• Flexible policy limits for varied industries
- ICICI Lombard General Insurance
ICICI Lombard stands out for its reliable policy structure and strong risk assessment for different professions. They focus on real-time protection for both established and growing businesses.
Key Highlights
• Fast onboarding with digital efficiency
• Strong presence in medical and advisory sectors
• Deep claims handling capability
• Multiple endorsements for tailor-made protection
- SBI General Insurance
A trusted name in the Indian insurance market, SBI General offers competitively priced policies for individual professionals and small firms who want essential PI protection.
Key Highlights
• Cost-effective for small & medium professionals
• Good regional servicing network
• Policies aligned with regulatory requirements
• Simplified claims assistance
Working with reputable insurance providers will give you the assurance of long term policy safety and credibility.
Why Smart Professionals Never Delay Purchasing PI Insurance
Errors happen. Lawsuits follow. And business partnerships can turn sour.
People who get Professional Indemnity Insurance early:
• Save themselves from financial that may arise from court judgments
• Maintain their reputation even during disputes
• Ensure absolute peace of mind while growing their businesses
PI insurance is not merely a cost. It’s an investment. It’s a shield for what you have developed through experience and effort.
Final Thoughts
In today’s world of high expectations, every professional carries more liability than ever before. Even a minor complaint can lead to a legal fight. That’s why PI Insurance should not be looked at simply as a compliance requirement. Rather, it should be seen as a safety shield for your career.
Whether you are a doctor, a financial advisor, a lawyer, or a tech consultant- the first step would be to choose a competent insurance broker and a reliable insurer so that you could be properly secured without paying unnecessarily high premiums. Take complete control today. Protect what matters — your profession, your credibility, and your future.
If you are a professional or a growing advisory business in need of PI insurance that genuinely caters to your unique needs, BimaKavach is here to help. We compare top insurers, negotiate better coverage, and support you throughout claims – so that you stay confident, compliant, and future-ready.
Visit BimaKavach and secure your expertise with the right protection today.
