Do I need Professional Indemnity Cover?

Yes, if your business offers know-how or skills in a particular field for example if you are a self employed:
Lawyers, accountants and financial advisers are required by law to have professional liability insurance.
Doctors, pharmacists and health care professionals generally daren't practise without it.
Anyone who is in the business of giving professional advice or consultancy services in any capacity whatsoever, whether it's in the health, management consultancy or IT sphere, and who could be sued for making a genuine mistake, needs it.
As litigation becomes more and more prevalent in our society, it's becoming the norm for businesses to opt for this type of cover in addition to or in combination with employers and public liability insurance.

Who needs cover?

Examples of professions which require 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

Some professions carry a higher risk than others eg architects, engineers, surveyors and Independent Financial Advisors. If you work in any of these spheres, then professional liability insurance is a necessity.
Inevitably due to the riskier nature of these professions, insurers will require more information - and premiums will be higher.

Do I need Professional Indemnity Insurance cover?


Yes, if your business offers know-how or skills in a particular field. The type of business that needs professional liability cover are professionals who offer a knowledge-based service or advice such as:

Business consultants
Architects
Solicitors
Accountants
IT specialists - internet service providers, e-commerce businesses, web designers and programmers
Charities and advisory bodies who offer free advice should also consider taking out professional indemnity cover.
Whatever your line of business, you need to be covered when a claim is made, not the date when the mistake was made.
Remember, someone could still make a claim against you, even though you've ceased trading.
Discuss fine details such as this with your broker. Premiums should reduce once you've ceased trading or retired, but you will still have the peace of mind of knowing that you are covered for claims still to come.