Do I need Professional Indemnity insurance?
Professional Indemnity Insurance is compulsory across several industries such as medicine, accounting, law and financial services. This can be regulated by a professional body or an industry association.
There are increasing client, community and regulator expectations of service and quality of advice which result in increased PI allegations and claims. Professional Indemnity insurance is therefore important for any firm or individual providing advice, consulting, design or analysis services.
What is covered by Professional Indemnity Insurance?
Various business exposures are addressed including:
Professional Indemnity vs Public Liability
What is the difference?
Professional Indemnity protects against the risks associated with providing advice, design or recommendations to clients. For example, a customer could sue you for damages if it’s alleged that your advice has caused a loss.
Public Liability covers your liability to pay compensation for injury or damage to property caused to a third party in connection to your business. For example, if a customer slips and falls while on your business premises.
If your company has customers visiting your premises and you also provide professional services to those customers, then Public Liability and Professional Indemnity Insurance may both be beneficial to protect your business.