Who Needs Professional Indemnity?

18/06/2013 -- Mary Simpson
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Who Needs Professional Indemnity Insurance?

Doctors, lawyers, accountants, architects, chartered surveyors and financial advisers are required by their professional bodies or regulators to have professional indemnity insurance, also called professional liability insurance, or PI.

Most health care professionals generally wouldn't consider practising without it.

Anyone who’s in the business of giving professional advice or consultancy services in any capacity whatsoever and who could be sued for making a genuine mistake should consider PII.

As litigation becomes more and more prevalent, it's becoming the norm for self-employed professionals and companies offering consultancy services or advice to opt for this type of cover.

Examples of professions that typically take out this type of cover include:

  • Accountants
  • Advertising Agents
  • Architects
  • Auditors
  • Authors/Writers
  • Aviation Professionals
  • Bookkeepers
  • Building Contractors
  • Business Advisors/Consultants
  • Chartered Surveyors
  • Computer Consultants
  • Complementary therapists
  • Dentists and Dental Consultants
  • Doctors, Nurses and Medical Professionals
  • Engineers
  • Health and Safety Consultants
  • Graphic Designers
  • Health & Safety Consultants/Advisors,
  • Nutritionists
  • HR Consultants
  • Hypnotherapists
  • Insurance Consultants
  • IT Professionals and Businesses
  • IT Computer Consultants
  • Laboratories & Research
  • Loss Adjusters
  • Legal Consultants - Solicitors and Lawyers
  • Management Consultants
  • Market Research Consultants/Advisors
  • Marketing & Communications Consultants/Advisors
  • Mortgage Advisors
  • Motor Trade Professionals
  • Office Services/Bookkeepers
  • Optometrists
  • PR Consultants/Advisors
  • Psychologists
  • Recruitment Consultants
  • Security Consultants
  • Sports Agents
  • Surveyors
  • Telecom Consultants
  • Training Consultants
  • Translators & Interpreters
  • Web Designers

Charities and advisory bodies who offer free advice should also consider taking out professional indemnity cover.

You can usually buy professional indemnity insurance as part of a complete liability package alongside employers liability insurance and public liability insurance.