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Discover How to Lower Your Professional Indemnity Insurance Premium Now!

You’re great at what you do—so why pay for insurance? If you’re a medical professional working in one of India’s…

You’re great at what you do—so why pay for insurance?

If you’re a medical professional working in one of India’s top hospitals, or a lawyer who has handled hundreds of cases without losing a single one or a freelance graphic designer with 5+ years of experience.

You probably double-check everything, rarely make mistakes, and take pride in your strong career.

So why would you even consider spending money on Professional Indemnity (PI) Insurance?

The answer lies in the unpredictable. A client might change their mind at the last minute. A brief could be misunderstood. Or someone might claim you made a mistake – maybe a copyright issue, a missed deadline, or a professional error.

Without PI insurance, even a single claim could bankrupt you, no matter how perfect your track record is.

Globally, the Professional Indemnity Insurance market hit USD 5.5 billion in 2024, reflecting growing awareness among professionals. Talking only about India, Marsh reports reveal a 6% rise in claims over just two years.

So, if you’re thinking about PI insurance, you’re already taking a smart step. In this blog, we’ll explore the key benefits of professional indemnity insurance, how premiums work, and why having the right coverage is more important than ever.

Mitigata – Leading Professional Indemnity Insurance Provider


Mitigata is India’s leading full-stack cyber resilience company, trusted by over 700 businesses across 25+ industries. We partner with top insurers like HDFC ERGO, ICICI Lombard, Bajaj Allianz, and more to offer you the most suitable PI insurance plans.

Here’s what Mitigata covers:

  • Negligence claims: Cover claims arising from professional errors or mistakes.
  • Errors and omissions: Protection for failures to deliver services as promised.
  • Legal defence costs: Legal expenses incurred while defending claims.
  • Claims of misrepresentation: Covers allegations of providing false or misleading information.
  • Breach of contract: Protects against claims arising from unfulfilled contractual obligations.

Why Do Businesses Trust Mitigata?

  • Working with Mitigata ensures competitive premiums without reducing coverage.
  • We assess your business needs and match you with the most suitable insurer.
  • From comparing quotes to completing paperwork, we handle the process.
  • Our claims process is fast and reliable, providing peace of mind when you need it most.
  • We offer 24/7 support and policies at competitive market rates.

Get ₹5CR of Professional Indemnity at ₹75,000/Year*

Professional indemnity cover at ₹75,000 per year saves you money while keeping your practice safe.

Coverage Limits and Sample Annual Premiums

1. Entry-Level Coverage (Low Sum Insured)

  • Coverage Limit: ₹10 lakh to ₹50 lakh
  • Premium Estimate: Approximately ₹9,440 per year (for doctor-specific plan with ₹1 crore coverage)—so for lower sums insured, expect significantly lower premiums.
  • Estimated Range: ₹2,500 to ₹10,000 per annum (aligned with lower-tier offerings from providers like PolicyBazaar starting around ₹2,500/year for ₹1 crore cover, implying lower rates for smaller sums insured)

2. Mid-Tier Coverage

  • Coverage Limit: ₹25 lakh to ₹5 crore
  • Premium Rate: Typical premiums run between 0.15% to 0.5% of the sum insured.
  • For doctors, ~0.3%–0.5% of the sum insured
  • Some sources mention ~0.25%–0.5% of annual turnover, which can imply similar ranges when turnover approximates sum insured

Examples:

  • ₹25 lakh sum insured × 0.3% → ₹7,500 per year
  • ₹1 crore × 0.4% → ₹40,000 per year
  • ₹5 crore × 0.3% → ₹1.5 lakh per year

3. High-Value Coverage

  • Coverage Limit: ₹5 crore to ₹10 crore
  • Premium Estimate (using 0.3%–0.5% range):
    • ₹5 crore × 0.4% → ₹2,00,000 per year
    • ₹10 crore × 0.35% → ₹3,50,000 per year
This aligns roughly with mid‑to‑high premium tiers in the market.

We offer End to End Professional Indemnity Insurance Protection.

Skip the sales deck and access exclusive quotes and claims support directly through Mitigata.

What is Professional Indemnity Insurance

Professional indemnity insurance, also known as Errors & Omissions (E&O) insurance, shields professionals who offer counsel or services from lawsuits that result in their clients incurring financial losses.

It covers claims from customers who lose money due to errors, negligence, or breaches of contract.

For example,

  • A graphic designer unintentionally incorporates a copyrighted image into a client’s advertising campaign. The designer is held accountable, and the client may be subject to legal action.
  • The patient loses money due to hospital bills resulting from a doctor’s prescription of the incorrect drug.
  • A breach occurs when a consultant provides advice on IT security, resulting in financial losses for the customer.

Professional indemnity insurance serves as a safety net for anyone providing professional services. That includes lawyers, doctors, architects, engineers, IT consultants, and freelancers across industries.

Benefits of Professional Indemnity Insurance

Professional indemnity insurance provides multiple benefits beyond simple financial protection. Here are the key benefits of professional indemnity insurance.

Financial Protection

No matter how diligent you are, mistakes still happen. It can cost you lakhs of rupees to make a single claim. These expenses, such as court fees, settlements, and damages, are covered by professional indemnity insurance.

An IT consultant might advise a client on network security, for instance. The client may be entitled to reimbursement for the damage if a breach happens as a result of missed vulnerabilities. The consultant does not have to incur any out-of-pocket costs when using PI insurance.

Also Read:

The Top 7 Mistakes That Will Get Your Cyber Insurance Application Rejected (and How to Avoid Them)

Enhanced Credibility and Client Confidence

Professionals with PI insurance are more likely to be trusted by their clients. It shows that you accept accountability for your work and have a backup plan in case something goes wrong.

Consider a startup pitching its services to a large firm. The client may request proof of PI insurance before signing a contract. Having a policy demonstrates professionalism and reliability. It can make the difference between winning a contract and being rejected.

Business Continuity

A legal claim can disrupt daily operations. Court appearances, legal consultations, and internal investigations consume time and resources. PI insurance ensures that legal experts manage the claim, allowing your business to continue running smoothly.

Access to Bigger and Better Clients

Many corporate and government contracts require professional indemnity insurance. Without it, you may not even qualify for these high-value opportunities.

Protection for Reputation and Brand

Even if a claim is baseless, the news can affect your reputation. Negative publicity can spread rapidly, affecting both current and potential clients. PI insurance provides legal experts and claim managers who handle the matter efficiently, often avoiding public exposure.

Must Read Blog:

5 Cyber Insurance Exclusions That Will Leave You Bankrupt

Coverage Beyond Negligence

PI insurance protects against a variety of claims, not just mistakes or negligence.
Intellectual property infringement: Using a stock image without a license or creating a design similar to another company’s work.

Loss of documents: Losing physical or digital client files causes them financial loss.

Access to Legal Expertise

Handling a claim requires expert legal knowledge. Insurers provide legal experts, claims adjusters, and investigators who defend your business from day one. Hiring such expertise independently would be extremely expensive.

Understanding Professional Indemnity Insurance Premiums

Professional liability insurance premiums depend on several factors that insurers consider while determining the risk.

Business size and revenue play a major role. Larger revenue typically indicates a higher potential liability, which can result in increased premiums. Similarly, the number of employees matters because having more staff may increase the likelihood of errors or claims.

The type of services you offer also influences premiums. Sectors such as healthcare, legal consulting, and IT services are considered higher risk because mistakes can have serious financial consequences. On the other hand, creative services like marketing or design often have lower risk and, therefore, lower premiums.

Insurers also look at your claims history. Previous claims suggest a higher likelihood of future claims, which can increase the cost of your policy.

Mitigata works across top insurers to find the most competitive rates without compromising coverage.

We offer a ₹5 Cr Pi Insurance cover at just ₹75,000/year*

making high-value protection accessible to businesses of all sizes.

How to Calculate Your Professional Indemnity Insurance Premium

The premium for professional indemnity insurance is calculated based on numerous factors that determine the risk your firm faces.

  • Business revenue: Total income affects risk exposure.
  • Number of employees:The larger the workforce, the greater the potential liability.
  • Type of service: Some services, such as legal or medical consulting, require more costly premiums than design or marketing.
  • Claims history: A history of previous claims can lead to higher rates.
  • Desired coverage limit: Higher coverage limits offer more protection but are more expensive. You must strike a balance between your protection needs and your budget.
  • Deductible: Higher deductibles cut premiums but raise out-of-pocket expenses in the event of a claim.

Mitigata simplifies this: we examine your company’s needs, recommend appropriate coverage, and compute rates in a transparent manner. This allows you to make an informed selection while avoiding overpayment.

Conclusion

Mistakes happen, and claims can disrupt your operations, harm your brand, and cost you a significant amount of money. A PI policy protects you from financial loss, increases your trust with clients, and opens the door to larger contracts.

Mitigata makes it simple to get the right coverage. With access to top insurers, competitive premiums, and expert claims support, we ensure you are covered without the stress.

Contact Mitigata today and get your professional indemnity insurance policy in place.

Janardhan N

Janardhan is a seasoned growth marketing expert with over 8+ years of experience in performance marketing. With a strong track record of driving brand growth via strategic content strategies, he has helped multiple businesses elevate their online presence and achieve measurable results.

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