Professional Indemnity (PI) insurance can help protect your business if a client claims there’s a problem with the work you’ve done for them.
It can cover your costs if you need to pay compensation to correct a mistake or settle a claim, and can also cover your legal defence.
Even though you may strive to deliver an impeccable service, mistakes do happen.
Professional Indemnity insurance is designed to protect you against the cost of dealing with a claim arising from strategic advice which has resulted in an error.
For example, you may be faced with paying compensation to a client if they make a claim of:
- negligence – being careless in your work, such as giving bad advice that has resulted in a financial loss to a business
- infringement of intellectual property rights
- breach of confidence – sharing confidential or commercially sensitive information without consent.