If you are in the business of selling your knowledge or skills, you may want to consider taking out professional indemnity (PI) insurance.  Professional Indemnity insurance protects your business against claims for loss or damage by a client or a third party if you have made mistakes or are found to have been negligent in some or all of the services that you provide for them. PI insurance will also cover legal costs.

Many professions are required to have PI insurance cover as a regulatory requirement or as a result of their professional authorisation. This includes solicitors, accountants, architects, mortgage intermediaries, insurance brokers and financial advisers. Many consultants, advertising and PR agencies, and designers also choose to have this type of insurance.

Scope of Cover:
To indemnify the insured against claims for damages and claimants’ costs for breach of professional duty due to negligent act, error or omission made against the insured during the period of insurance.