Professional Indemnity (PI) Protection
- allegations of wrongful advice or consultancy
- alleged incompetence
- legal cases involving errors and mistakes
The need for Professional Indemnity protection
Any professional, offering advice or expertise within a certain field, or any type of expert engaging in consultancy, should arm themselves with Professional Indemnity (PI) insurance.
This cover will step in, to protect you from lawsuits, should your advice be deemed inaccurate or incompetent and can also prevent you from having to personally pay to rectify genuine mistakes.
You may need to purchase Professional Indemnity insurance to satisfy the requirements of a professional body or membership-based institution to which you wish to belong. If that is not a requirement, do consider PI insurance anyway. It can provide great peace of mind.