Professional Indemnity Insurance is also known as PI. This can provide protection for you against claims made by customers. This type of policy can protect you from these losses therefore reducing the risk to your business. You may wish to consider this policy if your business works with advising clients.
If your work causes either loss or damage to a customer. They may seek compensation. For example:
- If you were to cause an injury to a customer.
- There was damage to their property, from work you carried out. Therefore they needed to seek out repairs.
- If you shared information that was related to a customer. If this took place without their permission.
- Maybe you provided the wrong advice or info to a customer. Subsequently leading to a loss.
- Or you gave negative comments about the customers reputation.
You may not require this policy. However, it may be something you may wish to consider. Due to the protection it can offer, you may consider this policy if you work for a company that offers knowledge, skills or advice. In jobs such as accounting, solicitor or engineering. You are more likely to see the benefit of this policy.