Professional Indemnity Insurance
Shackleton Risk provides a range of professional indemnity insurance products to attorneys, business rescue practitioners, fiduciary professionals and medical practitioners. As a trusted provider of professional indemnity insurance in South Africa, we understand that this cover is vital in these industries, where legal and financial risks are high. Recognising the unique pressures and responsibilities involved in each category is one of Shackleton Risk’s strengths.
What Is Professional Indemnity Insurance
Professional indemnity insurance covers claims made against you for negligence, errors, or omissions in your professional services. It helps with legal costs, compensation, and related expenses if a client suffers financial loss due to your work. This cover is relevant for professionals such as attorneys, business rescue practitioners, fiduciary professionals, and consultants who provide advice or services that clients rely on.
Our Purpose
Our purpose is to challenge the status quo of the insurance service industry for the benefit of all our clients. We aim to shed light on a topic that has traditionally been somewhat obscure, to the detriment of every individual professional - whether an engineer, architect, lawyer, or any other working expert in South Africa.
Professional liability insurance has historically been dominated by large insurers, with very little transparency around how these solutions are designed, what they actually protect, and why professionals require the cover they are sold. Corporate ‘bullying’ has been a recurring theme through the decades, often resulting in professionals paying for unnecessary cover or remaining locked into long-standing contracts out of fear of changing providers - which often results in inflated costs and inadequate protection against third-party claims or damage. Our goal is to challenge this status quo and in turn, to allow professionals to be comfortable with the coverage they have, to pay only for what they need, and to focus on their profession.
To understand more about our PI products, please read further below on our various offerings as professional indemnity insurance providers.
Types of Professional Indemnity Insurance Offered:
Shackleton Risk Management offers Top Up Professional Indemnity Insurance to all our Attorney clients.
Professional indemnity insurance is indemnity in respect of an attorney’s legal liability to pay compensation to any client (including the claimant’s costs, fees and expenses) for any negligent act, error or omission that arises in the performance of his Professional Duties.
Additionally, Shackleton Risk offers several extensions to the Top-up PI section of the policy which include:
- AIIF Excess Infill
- Claims preparation costs
- Defamation
- Defence Costs to appear before a statutory body
- Investment Advice
- Liability following Employee Dishonesty
- Loss of Documents
- Sub-contractors / Correspondents
Shackleton Risk can also provide coverage for Impersonation Fraud, Misappropriation of Trust Funds and Fidelity Guarantee through its network of Insurers.
Shackleton Risk offers Professional Indemnity Insurance to Insolvency Practitioners who are on the Master’s panel. This policy is not top-up cover but comprehensive insurance cover for selected risks. Coverage is available for the following risks : Professional Indemnity, Fidelity Guarantee and Misappropriation of Trust Funds.
Click Here To Read More About PI For Insolvency Practitioners
Shackleton Risk offers Professional Indemnity Insurance for Business Rescue Practitioners.
The policy indemnifies the Practitioner for gross negligence in respect of a named company and the premium is paid for by the company in rescue. The policy allows the Insured to elect to take out a 12, 24 or 36-month extended reporting period (ERP) which is the period in which the Practitioner may lodge a claim against the policy (subject to policy terms and conditions).
Coverage is available for the following risks: PI, FG and MOTF.
Click Here To Read More About PI For Business Rescue Practitioners
Shackleton Risk, serving as professional indemnity insurers, addresses the pressing need for a bespoke product that indemnifies Fiduciary Practitioners in respect of their legal liabilities to estates and trusts which they are administering.
This policy is easy to understand and provides protection for practitioners who face two core risks in their business as Executors, Curators and Trustees
• Professional Indemnity; and
• Misappropriation of Trust Funds
Click Here To Read More About PI For Fiduciary Practitioners
Why Choose Shackleton Risk
Shackleton Risk provides professional indemnity insurance with a clear structure, so you understand your cover and avoid unnecessary costs. Their approach to indemnity insurance focuses on practical protection that aligns with how professionals work.
- Built for your profession. PI insurance designed specifically for attorneys, fiduciary practitioners, and business rescue professionals
- Right-sized cover. Flexible professional indemnity insurance in South Africa tailored to your risk profile and practice requirements
- Full transparency. Straightforward policy terms with no hidden exclusions or inflated extras
- Local expertise. Direct access to brokers who specialise in professional liability insurance in South Africa
- End-to-end support. Guidance from initial application through to ongoing policy management
At Shackleton Risk, we understand the unique challenges faced by professionals in South Africa. Our tailored professional indemnity insurance in South Africa provides the coverage you need to safeguard your expertise and financial stability. Contact us now to learn more and apply for a PI cover that fits your needs.
Frequently Asked Questions
Professional indemnity insurance covers claims arising from negligence, errors, or omissions in the delivery of professional services. This type of indemnity insurance also includes legal defence costs, settlements, and damages linked to financial loss suffered by a client.