Professional indemnity insurance (also known as errors and omissions insurance) protects professionals from claims of negligence or malpractice in their work. It covers the costs of legal defence, settlements, or judgments if a client or third party suffers financial loss due to professional errors or omissions.

Examples of professionals who might need professional indemnity insurance:

•  Doctors

•  Lawyers

•  Accountants

•  Architects

•  Engineers

•  Financial advisors

•  Insurance agents

The amount of coverage needed will depend on the nature of the professional’s work, the potential risks involved, and the legal environment in their area

Professional indemnity insurance can be a valuable tool for protecting professionals from financial ruin in the event of a malpractice claim.