Professional Indemnity Insurance

Professional Indemnity Insurance (PI), also known as Professional Liability or Errors & Omissions (E&O) insurance, is designed to protect professionals and businesses in Hong Kong from financial losses arising from claims of negligence, errors, omissions, or breaches of duty while providing professional services. This form of insurance is essential for service-based professions such as accountants, lawyers, architects, consultants, and technology providers to safeguard their reputation and financial stability against lawsuits, legal expenses, and compensation demands from dissatisfied clients. In some professions, holding professional indemnity insurance is a regulatory requirement under Hong Kong law

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Professional Indemnity Insurance

Broad Coverage of Professional Risks

PI insurance typically covers allegations of negligence, errors, misstatements, breaches of duty, breach of confidentiality, and certain types of unintentional intellectual property infringement arising during the performance of professional services

Industries Covered

A wide range of professions rely on PI insurance in Hong Kong, including architects, engineers, consultants, media firms, lawyers, accountants, property managers, insurance brokers, business outsourcing providers, and more

Mandatory in Some Sectors

In Hong Kong, PI insurance is legally required for certain professions such as lawyers, insurance brokers, and other regulated industries to protect clients and uphold ethical standards

Professional Indemnity Insurance FAQs

It covers claims arising from actual or alleged negligence, errors, omissions, misstatements, and breaches of professional duty while providing professional services. It may also cover unintentional defamation, breaches of confidentiality, and certain intellectual property infringements other than patents

Professionals and businesses that provide advice or services such as consultants, accountants, lawyers, architects, engineers, insurance brokers, and other specialist service providers should consider PI insurance. For some professions (e.g., lawyers, insurance brokers), it is a legal requirement

Yes. Under Hong Kong law, members of certain professions including solicitors and insurance intermediaries must carry professional indemnity insurance to operate legally in their respective sectors

No, PI insurance excludes coverage for criminal acts, deliberate wrongdoing, and claims or circumstances that were known before the policy start date

It provides financial protection for legal defense costs, settlements, or damages payable to clients in the event the business is sued for professional negligence or errors, helping to preserve professional reputation and business continuity

Most PI polices in Hong Kong operate on a “claims-made” basis, meaning that the policy covers claims made and reported during the policy period, regardless of when the incident occurred, as long as it falls within the coverage terms

Typical exclusions include claims arising from criminal acts, intentional or dishonest conduct, prior known circumstances, war or terrorism, insolvency or bankruptcy events, and issues occurring outside the defined territory or jurisdiction

Yes, unintentional defamation (libel or slander committed without malice) in the course of providing professional services is often covered by PI insurance policies

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