What is professional indemnity insurance?
Professional Indemnity Insurance refers to protection against incorrect or inadequate advice and services that you give. Unfortunately, any business can produce work resulting in both financial and reputational loss for their customer and this is sometimes only uncovered long after the contract is completed. In this instance, your company can be held responsible which is when Professional Indemnity Insurance supports your business.
Professional Indemnity is recommended for those who provide advice, consultancy or training and those that handle important client data.
It is a compulsory requirement for some trades and many potential customers won’t hire you if you don’t have adequate cover at the right level.
The following are some of the professions that require PI insurance:
- Website & Application Developers
- Software & Technology Companies
- PR Consultants & PR Agencies
- Estate and Lettings Agents
- Marketing, Advertising and Sales
- Design and Branding
- Media and Broadcasting
- Education and Care
- Insurance & Mortgage Brokers
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