Professional Indemnity Insurance Kenya Cost: Get a 1,000,000 Cover for Kshs 4,771 per Year

In the dynamic and demanding world of legal practice, safeguarding your professional reputation and financial well-being is paramount. A single instance of negligence, an inadvertent error, or an unforeseen omission can lead to substantial financial losses and irreparable damage to your firm’s reputation. Professional Indemnity (PI) insurance provides a crucial safety net, protecting you from the potentially devastating consequences of legal claims arising from your professional activities.

At Step by Step Insurance, we understand the unique challenges faced by Kenyan lawyers and are committed to providing accessible and comprehensive PI insurance solutions. We offer two distinct plans tailored to meet the diverse needs and budgets of legal professionals across Kenya: ShieldBasic and ShieldPlus. 

These carefully curated options are designed to offer peace of mind, allowing you to focus on serving your clients with confidence and dedication.

Understanding the Importance of Professional Indemnity Insurance

Before delving into the specifics of our plans, let’s underscore the critical role that PI insurance plays in protecting your legal practice. PI insurance, also known as errors and omissions (E&O) insurance, is designed to cover you against financial losses resulting from claims of:

• Negligence: Failure to exercise the expected degree of care in providing professional services.
• Errors: Mistakes made during the course of your legal work.
• Omissions: Failing to perform a necessary task or provide essential advice.
• Breach of Duty: Violation of your professional obligations to your clients.

These claims can arise from a variety of situations, including:

• Missed deadlines
• Incorrect legal advice
• Improper handling of client funds
• Breach of confidentiality
• Conflicts of interest

Without PI insurance, you would be personally responsible for covering the costs associated with defending against these claims, including legal fees, court costs, and any settlements or judgments awarded to the claimant. These expenses can quickly deplete your personal assets and jeopardize the financial stability of your firm.

Introducing Step by Step Insurance’s Professional Indemnity Plans

At Step by Step Insurance, we recognize that not all legal practices are created equal. That’s why we offer two distinct PI insurance plans to cater to the unique needs and budgets of Kenyan lawyers: ShieldBasic and ShieldPlus.

1. ShieldBasic: Affordable Protection for Emerging Practices

ShieldBasic is our cost-effective entry-level plan, ideal for solo practitioners, newly established firms, and lawyers seeking essential protection without breaking the bank. This plan provides a solid foundation of coverage, safeguarding you against the most common risks associated with legal practice.

Key Benefits of ShieldBasic:

• Affordable Premiums: Starting at just Ksh 4,771 per year, ShieldBasic offers the most accessible PI insurance option in Kenya.
• Essential Coverage: Protects you against court judgments, defense costs, and legal fees arising from covered claims.
• Document Loss Coverage: Provides coverage for losses resulting from the loss or damage of client documents (up to 10% of the coverage limit).
• Employee Dishonesty Coverage: Protects you against financial losses caused by the dishonest acts of your employees.
• Financial Support: Covers court judgments awards and legal fees for defending yourself or the business at the court of law. The policy may extend to also cover fees and other expenses that may arise from loss of documents.
• Peace of Mind: Professional Indemnity policy will increase confidence in carrying out the professional duty knowing that you have means to defend yourself against any allegations for malpractice and defend your reputation thus enabling individuals and companies to continue trading in successful businesses.
• Enhanced Image: Professionals are accountable for their services rendered and the professional Indemnity insurance provides support and enhances goodwill as it prides confidence to your clients and investors knowing that any discrepancies that may arise in course of your duty is covered.
• Increased Business Opportunities: Most contractors and government authorities will put a minimum requirement for having a Professional Indemnity Insurance to be considered in tendered businesses.