Professional Indemnity Insurance is a form of insurance that covers you if you make a mistake during your work that causes financial or reputational loss for the client. This can cover several aspects of your work including:

Mistakes can happen to anybody and if you are providing advice or a professional service it is crucial that your business is safeguarded against any allegations. This is not a legal requirement however, some industries may require it regardless, largely dependent on client expectations and regulatory bodies. Professional negligence claims can be costly and have large financial consequences. Professional Indemnity combats this for compensation and legal costs.

Deciding how much cover you need can be difficult and vary drastically between industries and the size of the contracts and clients you have. Its best to check these with your regulatory body if applicable and also seek the assistance of an insurance broker in finding the best cover. Circumstances can vary so a tailored approach is essential.