Who needs professional indemnity insurance?
Such people are relied upon as being experts in their fields and hold a greater level of knowledge and specialism in their subject matter than the average person.
Why you need professional indemnity insurance?
Professionals need to ensure they have sufficient business insurance to guard against claims for financial compensation. Professional indemnity insurance means they can offer their services with the knowledge they have access to legal and financial support.
Traditional vs non-traditional professional indemnity
However, over the last 15 years there has been a greater emphasis on non-traditional service providers purchasing professional indemnity.
Do we need professional indemnity insurance?
Professional indemnity underinsurance
Professional indemnity insurance should always be considered by any business where advice, professional, or technical services are offered to a client. We’ve produced a useful guide: How does a professional indemnity insurance policy work?
Do you have professional indemnity requirements?
We recommend you request multiple professional indemnity limit options to appreciate the difference in cost. Note the amount of professional indemnity you decide to purchase may not be sufficent to protect against the total cost of a claim.
Associations, institutes or regulators professional indemnity minimum requirements:
Below we have produced a simple professional indemnity insurance infographic for small business that explains - What is professional indemnity insurance? Who needs professional indemnity insurance? What is a professional service?
PI Insurance Explained posted by Get Indemnity
This guide is for information purposes and based on sources we believe are reliable, the general risk management and insurance information is not intended to be taken as advice with respect to any individual circumstance and cannot be relied upon as such.