Do I need Professional Indemnity Insurance?
For some professions, it’s compulsory to have Professional Indemnity Insurance in place. However, many other businesses aren’t required to have it but still choose to take out the cover to protect themselves. They do so in case of any compensation claims, because covering the cost of claims can be financially exhausting.
That’s where Professional Indemnity Insurance steps in.
If you need to defend your business against claims for compensation – whether they’re founded or not – Professional Indemnity Insurance helps to ease the financial burden. Claims can arise from instances where you offer wrong advice, you make a mistake in designs or plans, or you accidentally disclose client information. Even if you’re meticulous in what you do, it’s better to be safe than sorry. Mistakes can and do happen.