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?
Many small businesses do not appreciate the need to purchase professional indemnity insurance, especially if there is not a legal requirement, or if offering services is only part of their business.
Small business professionals need to ensure they have sufficient protection to guard against demands for financial compensation in providing their services. Civil liability claims can be costly and time consuming, even if the allegations are without merit.
Professional indemnity insurance should be considered by a small business where advice, professional, or technical services are offered to a client.
How much professional indemnity insurance you require, wiill depend if you operate within a regulated industry or need to hold specific limits to meet your contractual requirements.
Small business infographic 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.