Professional Indemnity Insurance covers the costs you are required to pay if you’re found to have provided bad advice, or failed to give key advice, or made an unintentional design mistake which has resulted in your customer or others losing money.
Professional Indemnity Insurance is a very important type of Business Insurance when providing advice or consultation, and handling client data. Although it isn’t a requirement by law that businesses have Professional Indemnity Insurance, some professional bodies/regulators require their members to hold some level of professional indemnity insurance. Applying to such professions as solicitors, accountants, architects, chartered surveyors, financial advisers, and some healthcare professionals.
With the ever-growing market, it is now possible to add additional covers onto your Professional Indemnity Insurance making it a ‘Professional Combined Insurance’ policy. Such additional covers are Buildings/Contents, Public and Employers Liability, Business Equipment, Directors & Officers and more. Thus, meaning all insurance policies that you hold at that point in time are together as one, making it easier.