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Is professional indemnity insurance compulsory?

While some professions - such as financial advisors and accountants - are legally required to have professional indemnity insurance, in general it is a client expectation and can impact the way your business is perceived.  

Having a professional indemnity policy in place is important for the following reasons: 

·         Client expectations - There is a growing trend of businesses only employing the services of a professional who carries adequate professional indemnity cover. 

·         Financial prudence - Professional indemnity insurance can protect your business against compensation sought by a client for your alleged failure to carry out a service or for your actual or alleged negligence. More importantly, professional indemnity insurance provides the legal costs involved in defending such claims. 

·         Safeguarding your reputation - No one likes to think that they make mistakes but the reality is that we all do. The fallout from a claim being made against you can also be severely damaging to your reputation. In most cases the sooner a claim is dealt with the better the outcome both financially and to your reputation. Professional indemnity insurance means you can respond quickly to any allegations made against you.

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