DO YOU NEED PROFESSIONAL INDEMNITY INSURANCE?
A professional is defined as “anyone who gives expert advice and/or services to another person”. No matter what type of advice, design or area of the professional’s occupation, errors and omissions can occur.
Financial loss arising from a mistake or failure by a professional may result in an award in favour of an external party (often your client). You may be deemed liable for mistakes, errors or omissions, even if the act was not negligent.
A Professional Indemnity policy is designed to protect the personal assets of a professional against damages awarded against them. It also covers the costs and expenses of defending claims.