Why do I need it?
The primary reason you would buy Professional Indemnity is to protect your business and your personal assets in the event of a negligence claim being made against your firm by a client.
Other key reasons why a Professional Indemnity policy is purchased:
- To protect your clients in the event of an error made by your Business
- A regulatory requirement for being part of a Professional Body/Association
- A prerequisite to a contract of services which you are due to undertake.
- A requirement from a client or another party involved in a Project/Contract
- As a marketing tool, as many prospective clients would prefer to deal with a firm holding Professional Indemnity Insurance
What is a professional?
Traditionally, people such as accountants, surveyors, engineers, solicitors and architects, were regarded as ‘professionals’.
However, modern reliance upon services provided by others and the increased use of outside consultants has increased the scope of this term and a professional is now often regarded as any person who offers specialist advice or services.
To learn more about Professional Indemnity insurance, please select your industry below.