UK Business Services

Professional Indemnity Insurance Lancashire , also known as Professional Liability Insurance or PI Insurance, ultimately covers the costs and expenses of hiring legal help as well as damages to the claimant if awarded. Professional Indemnity Insurance covers against the claims such as professional negligence, breach of copyright or confidentiality or wrong advice. Why Do You Need Professional Indemnity Insurance? Many professions require Professional Indemnity Insurance as part of their industry’s requirements, however, even if you aren’t required to have Professional Indemnity Insurance in place for your business it is wise to do so. If you don’t have adequate insurance in place you could run the risk of being liable for thousands of pounds in compensation and legal fees.  If your client who has filed claims against you is claiming to have lost income due to your negligence you could also see yourself financially liable if the claim is awarded. Industries that are lik