Professional Indemnity Insurance, sometimes known as professional liability or PI insurance, protects businesses and professionals that give advice, provide designs or a professional service as part of the business. Often contracts between your business and a client will have a requirement for Professional Indemnity insurance if you are providing advice, designs or have design responsibilities.
Cover is provided to pay the cost of correcting mistakes or to cover legal costs for errors in your work. In addition to this protection against legal ‘negligence’, policies often extend to provide an element of cover for intellectual property risks, dishonesty, defamation and loss of documents or data.
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