What is Professional Indemnity Insurance? UK Professional Indemnity Insurance Explained.

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Video Transcription:
What is professional indemnity insurance?
Professional indemnity insurance covers you for any advice that you give during the course of your occupation.

For example, a fitness instructor may give advice to someone that they're training to perform a certain stretch or something to that effect and that person could injure themselves while doing that because they've been given the wrong advice.

That person would obviously seek compensation from their fitness instructor.

Who needs it?
Anyone giving advice really, so obviously as per my original example the fitness instructor but a lot of clerical trades would require it, ourselves as insurance agents would need it, accountants, any clerical occupation you could think of really.

How much does it cost?
Prices start from as little as £45 for the year but can get higher depending on the trade involved and the risks involved.

How long does a policy last?
Professional indemnity insurance is normally an annual policy.

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