Do you need to have professional indemnity insurance?
In short, if you provide any service that is relied upon by other people or businesses, you may need professional indemnity insurance to protect you. In fact, not having Professional Indemnity Insurance often represents a very serious business risk.
Is professional indemnity compulsory in UK?
Professional indemnity insurance (PII) covers civil liability claims, usually professional negligence, in private legal practice. Solicitors are obliged under the Solicitors Regulation Authority (SRA) Indemnity Insurance Rules to have PII in place at all times.
Who needs professional indemnity UK?
Accountants, financial consultants, surveyors, engineers and healthcare professionals are all likely to need professional indemnity insurance due to requirements set by their respective industry bodies.
Is professional indemnity insurance compulsory in Australia?
For many businesses, professional indemnity is not a legal requirement. In fact, in Australia quite often the only insurance that is required at law is workers compensation insurance. That's only for those companies with employees.