Professional Indemnity Insurance

Professionals — chartered accountants, consultants, architects, lawyers, and other service providers — face a distinct risk that general liability insurance doesn't address: the possibility that a client alleges financial loss from advice given, a report prepared, or a service delivered, even where the professional acted in good faith. Professional Indemnity (PI) insurance covers this specific exposure. VIRA helps professional firms across Ahmedabad — particularly CA practices, consultancies, and law firms — structure PI cover appropriate to their specific practice area and client base.

Professional Indemnity insurance covers a professional or firm against claims of negligence, errors, omissions, or breach of professional duty made by a client who alleges financial loss as a result. Unlike general liability insurance, which covers physical injury or property damage, PI specifically addresses financial/economic loss arising from professional services — a fundamentally different type of exposure. Cover typically includes both the compensation payable to the client if the claim succeeds, and the often-substantial legal defence costs of contesting the claim, which apply even if the professional is ultimately found not liable.

• A client alleges that a CA firm's tax advice resulted in a penalty that could have been avoided with correct guidance.
• A consultant's recommendation is alleged to have caused a client financial loss when implemented.
• A law firm faces a claim alleging a missed filing deadline caused damage to a client's case.
• An architect's design error is alleged to have caused additional construction costs for a client.
• A claim is filed years after the original engagement, testing the policy's retroactive cover date.

• Claims-made basis and retroactive date: PI policies are almost always claims-made, meaning the policy active when a claim is filed responds — not the one active when the work was done. The retroactive date determines how far back covered work extends, critical when switching insurers.
• Sum insured — per claim vs aggregate: Understand whether your sum insured applies per individual claim or as a total aggregate across the policy year — multiple claims can exhaust an aggregate limit.
• Run-off cover: If a professional retires or a firm closes, run-off cover extends protection for claims arising from past work even after active practice ends — an easily overlooked but important consideration.
• Named excluded services: Policies often list specifically excluded services or engagement types — confirm your actual scope of services is fully covered, not just your general profession category.
• Prior claims and circumstances disclosure: Full disclosure of prior claims or known circumstances that could lead to a claim is essential at renewal or when switching insurers — non-disclosure can void cover for that specific matter.

• Multi-insurer comparison: We compare terms across 20+ insurers instead of pushing a single insurer's product.
• Advisory-first approach: A proper risk assessment comes before any policy recommendation.
• Claims assistance: Our team handles documentation, survey coordination, and insurer follow-up until settlement.
• Documentation support: We help you get sums insured, declarations, and endorsements right the first time.
• Long-term relationship: Annual policy reviews, renewal tracking, and cover adjustments as your needs change.

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