Professional Indemnity Insurance provides cover if you become legally liable to a member of the public (usually a client) following an error or omission in the professional advice, design, certification or service you have provided them with and as a result they have suffered a financial loss. The Limit of indemnity can vary usually depending on your specific occupation, statutory requirements, regulatory body requirements and client requirements.
Any profession that provides advice, designs or offers similar services in a professional capacity will be seen as an expert by their clients and as such will have a need for Professional Indemnity. A brief example of who requires it would be:
ACCOUNTANT FAILED TO ADVISE CORRECTLY ON TAX LIABILITIES
The Insured were engaged to carry out accountancy services and to give tax advice. As a result of their negligence the client became liable for deferred tax payments of €230,000 plus interest and penalties.
For more information on Professional Indemnity cover check out our documentation below.
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We went to Stephen for advice on life cover when we were buying our first house. He gave us the life cover we needed and also recommended we put some serious illness cover...