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What is Professional indemnity insurance?
If you have provided or alleged to have provided inadequate or wrong advise for your services to a client, professional indemnity insurance covers you for legal costs and expenses in defending the claim as well as giving the client compensation to rectify the mistake.
All firms and business at some point make mistakes no matter how many years’ experience you may have. Professional indemnity insurance covers against a wide range of problems including:
- Loss of documents or data
- Unintentional breach of data protection or copyright
- Loss of goods or money
- Business and professional negligence
Do you need professional indemnity insurance?
In some industries it is a requirement for professional indemnity insurance if you work in insurance, accountancy, law, business consultants and IT contractors. There are so many professions that would require Professional indemnity insurance.
The whole idea of taking this insurance out is to make sure your business or organisation is not left in a vulnerable position.
If you don’t take Professional indemnity insurance you could be liable to pay thousands of pounds in both legal fees and compensation sometimes resulting in tens of thousands.
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