Professional indemnity insurance is an important part of many people’s safety net should anything happen. There are some people who might need it a little more than most though.
Professional indemnity insurance is actually a legal requirement for a number of professions. Other kinds of insurance policies have been made compulsory for everybody in the past, for example employers liability insurance which is required by law in the UK. But for professional indemnity it is not a blanket rule. Some professions, such as solicitors, architects, consultants of a number of different kinds including for example business consultants and computer consults, as well as accountants, financial advisors and even insurance brokers themselves.
There are others that may find themselves on the compulsory list. But if you find that your profession does not require one then it is still a good idea to consider taking some out. This kind of insurance covers you against a client making a claim against you because of any sort of professional error or omissions on your part. It also covers accusations of professional neglect.
Professional indemnity insurance can be paid for on-line, but it is important to have a look around at all the different kinds and prices that are available, and to make sure that the policy you take out is one that is suitably tailored to the needs of your profession. Some may also apply a ‘retroactive’ date or clause to your policy. This means that, so long as you have no claims against you that are about to be processed, you can apply the indemnity cover retroactively for the last job that you did.
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