Professional Indemnity insurance is designed to protect you against a dissatisfied client, who has suffered financial loss, injury or damage because of your mistake or professional negligence and files a claim against you.
It can offer protection against a wide range of risks, including negligence or duty of care; infringement of copyright and intellectual property rights; libel and slander; loss of or damage to documents or data belonging to your clients; and dishonesty of your employees.
Who should buy Professional Indemnity insurance?
If you are a professional services or consultancy business or you provide design or specification services, or if you offer any advice at all, regardless of whether you are obligated by your regulator or professional body, then you are recommended to take out professional indemnity insurance to protect your balance sheet and your reputation.
We live in a society, where clients will not hesitate to sue if they incur loss as a result of service or advice you have provided, sometimes even the most reputable companies find themselves in dispute over an error or mistake. Even unfounded allegations can run up significant costs to defend and will divert valuable time and resource away from running your organisation.
