Do I need professional indemnity insurance?
It’s not a legal requirement, but trade bodies or regulators for some professions might insist on you having professional indemnity insurance. You may also find that some clients will need you to have a certain level of professional indemnity insurance if you sign a contract with them.
Even if you’re not required to have professional insurance by a trade body or under the terms of a client contract, it’s a good idea to have it if you’re giving advice to clients, providing them with a service, or handling their data/ intellectual property.
Here’s some of the professions where professional indemnity insurance tends to be a must:
- Financial advisers
- Chartered surveyors
- Certain healthcare professionals
Types of business insurance
provides protection for your business from financial losses.
Public liability insurance
provides financial security if someone makes a claim against your business.