Professional indemnity insurance is not a legal requirement for business but is mandatory in some industries, such as medicine, accounting, law and financial advisers and it is recommended for anyone who is providing professional services or advice in exchange for a fee – like engineers, graphic designers, or IT consultants.
The amount of cover your business needs will depend on the nature of your work and the type of clients you service. If you work with large organisations in heavily regulated industries, then your professional indemnity requirements are likely to be higher.
There are often exclusions, deductibles and limits which apply, so contact an Avoca Insurance Broker to discuss your specific insurance needs.
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Other professions who provide advice or a professional service and should consider taking out a professional indemnity policy.