What is Professional Indemnity Insurance?
Professional Indemnity insurance is designed for professionals who provide advice or a service to their clients. If someone alleges that you’ve made a mistake, overlooked a critical piece of information, misstated a fact or they have misinterpreted you in the course of your work resulting in a financial loss for your client, they may take legal action against you to recover those losses. Whether or not the allegation is true, Professional Indemnity insurance seeks to protect both your assets and your reputation, as well as the contents of your back pocket meaning you can continue running your business without the stress of financial or reputational ruin should a claim arise.
The risk of a claim being made against you isn’t always determined on your skill or level of professionalism. There is always the risk of an unhappy client making a claim against you