Professional indemnity insurance is the cover that protects all the professionals in case your clients file a case against you for dishonesty or any kind of fraud. If your carelessness and negligence has caused your huge financial losses then also they can file a lawsuit against you and ask for compensation which can easily run into some million pounds. Buying professional liability insurance is the best security cover to safeguard your interests as a professional and run your business smoothly.
In countries like UK, it is also mandatory for the entire professional to own a professional indemnity insurance to protect themselves from any unforeseen claims and also to protect the clients in case they suffer any kind of loss because of you. In case, the client is not completely satisfied by the goods or services provided to them, you as a professional are liable for a penalty. You will be asked to compensate the client by paying them huge amounts of money. So during this time, your insurer will take care of all kinds of expenses like the legal fees and of course the claim amount too.
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