You possibly will feel self-assured in the quality of your work, nevertheless, any business is exposed to a claim of negligence when professional advice or services fail to satisfy a client’s expectations and cause financial loss.
Professional indemnity insurance, often referred to as professional liability insurance or PI insurance, protects you against legal costs and expenses incurred in your defense if you were assumed to have provided inadequate advice, services or designs that cause your client to lose funds.
- Provide advice to your clients
- Handle data belonging to a client or business
- Are responsible for a client’s intellectual property
- Provide a professional service and could be challenged on your work.