Professional Indemnity Insurance
Any company in the business of providing professional advice should have Indemnity insurance. You have a duty of care to your clients who will rely on your specialist knowledge, and PI cover provides protection against claims from clients for their losses because of incorrect or inadequate advice given.
Traditionally this cover was purchased by established professions such as Accountants, Solicitors, Surveyors and Insurance Brokers. In the modern world of Management Consultants, IT, Media and Design and Construction companies, far more businesses have a need for this cover.
Many regulatory bodies insist their members carry this cover, but even if it is not specifically required, you should still consider the need to protect you and your business.
These policies cover damages and costs awarded, along with legal defence costs, and can reflect Worldwide business activities.