Professional Indemnity Insurance
We all make mistakes and the smallest error in some circumsatces can produce a large financial loss.
Luckily, Professional indemnity insurance – “PI” cover – is available to protect you if your client loses out because of this
Professional Indemnity Insurance explained
Professional indemnity insurance is a type of business insurance cover designed for Professionals, businesses or
tradesmen who give advice, offer services, handle client’s data and or property. The cover is triggered when a client
incurs a financial loss because of negligent advice, services or designs offered.
Professional Indemnity Insurance covers
Professional indemnity insurance covers legal fees and compensation should your client loses out financially or
professionally because of your services or work.
Examples of situations when professional indemnity insurance can cover you include:
- Misinterpreting the scale of parts of a Drawing when building.
- Missing out a zero from the sales contract
- Giving outdated or wrong advice