Janardhan NTop 10 Professional Indemnity Insurance Companies: Expert Choices for 2025
From medical malpractice to tech blunders, the demand for professional indemnity insurance claims is seeing rapid growth every year.
Marsh India reports a 6% increase in PI claims over two years.
In India, there is a growing need for professional indemnity insurance, also known as errors and omissions insurance, as various sectors face a surge in claims and lawsuits. One prominent example is in the medical field, where a well-known surgeon’s professional indemnity insurance policy covers over 90% of the legal defense and settlement costs.
Why Must You Get PI Insurance Today?
With the rise of new technologies like AI, professional firms must ensure their staff are adequately trained to avoid mistakes.
A recent case reported by Allianz, involving a New York lawyer highlighted the risks, as the lawyer faced sanctions for using a ChatGPT-generated brief that cited six non-existent court decisions, resulting in legal consequences.
Hence, having the right professional indemnity insurance cover has become essential.
In this blog, we’ll explore what professional indemnity insurance is, its importance in India, the top 10 professional indemnity insurance providers in India, and the key factors to consider when choosing a PI insurance policy.
You must understand that PII and D&O insurance are different. Learn about them now!
Why is Professional Indemnity Insurance Important in India?
Today, an increasing number of professionals in India are opting for Professional Indemnity Insurance. Considering the high risk of certain occupations, such as architecture, consulting, or contracting, even a minor error can result in a significant financial and reputational impact.
While this won’t prevent mistakes from happening, it ensures that you don’t have to face the consequences alone.
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Why is Mitigata your best Professional Indemnity Insurance (PII) partner?
When it comes to professional indemnity insurance in India, Mitigata PI Insurance is a reliable name. We offer competitive rates and comprehensive coverage to ensure that professionals are protected from the financial consequences of errors or negligence in their work.
At Mitigata, we recognize that no two businesses are alike. That’s why we offer customized PI insurance solutions tailored to the unique needs of professionals, whether you’re an architect, consultant, contractor, or anyone else in the service industry.
Our PII policies protect against:
- Negligence Claims
- Errors and Omissions
- Legal Defense Costs
- Misrepresentation Claims
- Breach of Contract
With Mitigata as your professional indemnity insurance partner, you gain a reliable ally who is committed to keeping your business protected from unexpected risks.
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Top 10 Professional Indemnity Insurance Providers in India
1. HDFC ERGO
As one of India’s leading providers of professional indemnity insurance, HDFC ERGO offers comprehensive defense against lawsuits resulting from negligence, mistakes, or service delivery errors to businesses and professionals.
Primary Features:
- Covers legal liability from third-party claims
- Includes defense costs, even if the claim is groundless
- Tailored plans for accountants, lawyers, engineers, tech professionals, and more
- Extensions for employee dishonesty, document loss, and vicarious liability
2. Bajaj Allianz
Bajaj Allianz offers one of the most comprehensive professional indemnity insurance policies in India, safeguarding professionals, businesses, and service providers. The policy provides worldwide coverage and automatically includes new entities under specific conditions.
Primary Features:
- covers third-party losses and legal responsibility.
- It includes lawyer fees, court costs, and defense costs.
- Protection from document loss and confidentiality violations
- It includes coverage for historical claims as well as financial damages to third parties.
3. ICICI Lombard
ICICI Lombard offers Professional Indemnity Insurance to doctors and chartered accountants, covering legal liabilities arising from professional negligence, errors, and omissions. This policy ensures both financial security and satisfaction with safety.
Primary Features:
- Protects personal assets from legal fees, compensation, and associated costs.
- Provides professional reassurance, freeing you from financial worries due to legal claims.
- Profession-specific policies for doctors, medical professionals, and chartered accountants.
- Protects against professional negligence claims, offering full indemnity
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4. Iffco Tokio
Iffco Tokio’s Professional Indemnity Insurance covers professionals, including architects, engineers, and consultants, against damages caused by errors or omissions in their services. It covers third-party claims and legal fees, providing peace of mind in high-risk situations.
Primary Features:
- Provides specialised protection for architects, engineers, management consultants, interior decorators, and others.
- Covers third-party damages caused by errors or omissions
- Includes coverage for legal costs and expenses
- Provides a maximum limit of indemnity of INR 35 Crores, with the ratio of indemnity for any one accident to any one year not exceeding 1:4.
5. SBI General Single Project Professional Indemnity (SPPL)
SBI General Professional Indemnity Insurance protects businesses and professionals from civil liabilities arising from errors, omissions, or wrongful acts committed during their professional services. It covers financial burdens resulting from third-party claims, including defense costs, arising from failures to meet contractual obligations or serve the intended purposes.
Primary Features:
- Covers defense costs for claims against the insured
- Covers legal liabilities for third-party damages from professional service errors or omissions.
- Takes care of claims made during the policy period, even for past professional services.
- Safeguards businesses from overwhelming financial obligations due to a single incident, protecting assets and reputation.
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6. Kotak Zurich
Kotak Zurich’s Professional Indemnity Insurance provides tailored coverage for professionals in various fields, including IT, law, engineering, and consulting. It protects against legal liabilities arising from errors, omissions, or negligence, providing peace of mind to professionals worldwide.
Primary Features:
- Tailored Coverage for IT, legal, engineering, and consulting professionals.
- Legal Liability Protection for negligence, errors, or omissions.
- Mitigation Costs to reduce claim impact.
- Worldwide Coverage for Global Protection.
7. Raheja QBE
PI insurance by Raheja QBE protects professionals across various fields (construction, engineering, healthcare, finance, etc.) from legal liabilities. It covers claims, settlements, compensatory damages, and legal expenses, enabling professionals to work with confidence.
Primary Features:
- Designed for IT, consulting, law, media, and other professional firms.
- Covers legal claims from professional negligence, errors, and omissions.
- Easily track claims, change policies, and update contact details with self-service features.
- Quick and straightforward claim registration process with easy tracking of claim status.
8. TATA AIG
Tata AIG offers tailored Professional Indemnity Insurance for a diverse range of professionals, including IT firms, call centers, and consultants. From small to large businesses, their policies protect against legal claims due to professional errors or negligence. Policy management is simplified with self-service options.
Primary Features:
- Custom-designed for IT companies, call centers, financial institutions, media companies, and more.
- Convenient online services to register claims, track status, and update policy or contact details.
- Policy adjustments tailored to meet specific business needs, with flexible coverage options.
- Covers claims for legal expenses and damages
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9. Reliance
Reliance Professional Indemnity Insurance protects professionals (architects, doctors, lawyers, etc.) and their employees from legal claims due to errors, omissions, or negligence. It offers extensive coverage for various risks, providing peace of mind in high-exposure professions.
Primary Features:
- Tailored for professionals: doctors, engineers, lawyers, accountants.
- Protects against professional risks, including errors, omissions, and negligence.
- Covers legal defense costs and expenses with prior insured consent.
- Mid-term sum insured adjustments are available for changing business needs.
10. Go Digit
GoDigit’s Professional Indemnity Insurance protects professionals and businesses from financial implications resulting from negligence, errors, or omissions that may lead to legal claims. It covers various risks in professional services, allowing you to focus on work without fear of legal consequences.
Primary Features:
- Protects against claims resulting from faults or negligence in your services.
- Covers third-party personal injury or property damage resulting from your professional activity.
- Prevents the loss or damage of customer papers or data.
- Helps cover the cost of reputation management services after a claim.
Comparison Table for Top 10 PI Providers:
| PROVIDER | PRIMARY FOCUS | CLAIM MANAGEMENT FEATURES |
| HDFC ERGO | Business professionals, including accountants, lawyers, engineers, and tech professionals. | Tailored plans for specific professions, defense costs covered, extensions available. |
| Bajaj Allianz | Business professionals and service providers, with worldwide coverage. | Covers legal costs, including historical claims. Worldwide protection. |
| ICICI Lombard | Doctors, medical professionals, and chartered accountants. | Financial protection from legal fees and compensation for doctors and accountants. |
| Iffco Tokio | Architects, engineers, consultants, and other professionals. | Covers third-party claims, legal fees, and a max indemnity of INR 35 Crores. |
| SBI General SPPL | Businesses face civil liabilities due to errors or omissions. | Covers claims during the policy period, including past professional services. |
| Kotak Zurich | IT, legal, engineering, and consulting professionals. | Tailored policies for global protection with mitigation costs. |
| Raheja QBE | IT, consulting, law, media, and other professional firms. | Quick claim registration and tracking with easy self-service features. |
| TATA AIG | IT companies, call centers, media companies, and financial institutions. | Convenient online services for claims and policy management. |
| Reliance | Doctors, engineers, lawyers, accountants, and other professionals. | Provides coverage for legal defense costs and expenses. |
| Go Digit | Various professionals and businesses, with an emphasis on reputation management. | Protection for reputation management services post-claim. |
Conclusion
As professional indemnity insurance becomes increasingly necessary across various industries, its popularity among Indian professionals is also growing.
Whether you work in IT, architecture, or consulting, having the right PI insurance can protect you against monetary loss.
If you’re looking for reliable and cost-effective professional indemnity insurance in India. Mitigata stands out as your best broker partner in professional indemnity insurance in India, offering competitive rates, specialized coverage, and personalized support.
Don’t leave your career to chance —get your professional indemnity insurance with Mitigata today and ensure you’re covered when it matters most.
FAQ’s on Professional Indemnity Insurance
Q1. What is the meaning of professional indemnity insurance?
Professional indemnity insurance (PI insurance) typically covers legal costs and expenses incurred in defending against claims, as well as compensation payable to clients for errors, omissions, or negligence in the provision of professional services.
Q2. What is professional indemnity insurance needed for?
Professional indemnity insurance is needed to protect professionals and businesses from the financial risks associated with claims of negligence or errors in their services. Whether it’s an accountant, architect, or IT consultant, this PI insurance covers legal defense costs and compensation claims arising from a breach of duty or professional mistakes.
Q3. Who takes professional indemnity insurance?
Professional indemnity insurance is typically taken by individuals or businesses that provide specialized services or professional advice. This includes professions like lawyers, architects, engineers, consultants, accountants, and IT contractors.
Q4. What is an example of a professional indemnity?
An example of professional indemnity insurance could be a lawyer who is sued for negligence after failing to file an essential document for a client. This could result in the client suffering a financial loss, leading to a legal claim against the lawyer. The lawyer’s professional indemnity insurance would cover the defense costs and any damages awarded, protecting the lawyer’s finances.
Q5. Which professional indemnity insurance is best?
The best professional indemnity insurance depends on the specific needs of the individual or business. Factors such as the nature of the profession, coverage requirements, and budget all play a role in determining the most suitable option. Leading providers, such as ICICI Lombard Professional Indemnity, HDFC ERGO, and Bajaj Allianz, offer strong policies tailored to various professions.
Q7. Who offers the best professional liability insurance?
The best professional liability insurance provider depends on factors like the type of profession, coverage needs, and pricing preferences. There are many PII companies in India, such as TATA AIG, IFFCO Tokio, and SBI General, among others. It’s advisable to compare PI insurance quotes and coverage details to choose the provider that aligns best with specific requirements for comprehensive protection.
Q8. What is professional indemnity insurance in India?
Professional indemnity insurance in India is designed to protect professionals from financial losses resulting from claims arising from negligence, errors, omissions, or failure to meet industry standards during the provision of services.
Q9. What is the difference between PI and PLI?
The terms PI (Professional Indemnity) and PLI (Professional Liability Insurance) are often used interchangeably but have subtle differences. PI insurance explicitly covers negligence claims and errors or omissions in providing professional services. At the same time, PLI is a broader term that can also include additional coverage, such as breach of contract or misrepresentation claims.
Q10. What is professional liability insurance coverage in India?
Professional liability insurance coverage typically includes claims for negligence, errors and omissions, legal defense costs, misrepresentation, and breach of contract.
daksha Jain