If you are alleged to have provided inadequate advice, services or designs to a client, professional indemnity insurance provides cover for the legal costs and expenses in defending the claim, as well as compensation payable to your client to rectify the mistake.
For example any businesses that are involved in design work would be at risk of defending a claim or paying compensation to a client for a mistake that causes financial loss.
Most professional bodies or regulators require that their members or the businesses they regulate hold professional indemnity insurance. This applies to solicitors, accountants, architects, chartered surveyors, and financial advisers.
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