Professional Indemnity Insurance

Importance of Professional Indemnity Insurance

Now a day’s indemnity insurance has become an important part of a professional’s life in the United Kingdom. The law regarding professional indemnity insurance in the United Kingdom makes it mandatory for traditional professionals such as contractors, architects, engineers, consultants, accountants, and freelance professionals. Professional indemnity helps the practicing professional to claim against error, omissions, professional negligence etc.

Indemnity Insurance is Necessary

Professional indemnity insurance becomes necessary when the unintentional errors occur and leads to financial loss. At times professional may be held to be liable for a mistake even though there was no negligence and Indemnity insurance takes care of such kind of undesirable situations. In other words, this insurance protects the professionals in case of failure to deliver task on time, legal cases can be filed by the company/organization against the professional who has been offering his expertise.