Professional indemnity insurance pays compensation and legal fees in respect of financial or professional losses to third parties as a result of negligence or error in a service, design or advice you have provided.
This cover is important for companies who provide advice, design or a professional service or those who handle intellectual property or client data.
Professional indemnity can be provided as a standalone policy or be included as part of a package policy incorporating your liabilities such as public and employers liability and your office and contents.
No matter how big, small or experienced your business everyone makes mistakes and without professional indemnity insurance you and your business are open to financial exposure
So what do you need to know about Professional indemnity insurance and how can you determine if you have a need for it?