Why you can’t ignore professional indemnity insurance
You may believe that you don't need professional indemnity insurance because of the kind of work you need to do (or don't do). You're not involved in anything that has life or death consequences. You aren't even involved in something that could lead to death in a minor accident. And you aren't effective on multi-million projects. Or advise people regarding how to invest billions of money.
But even when everything is true, it's still dangerous to visualize you don't need professional indemnity insurance. An expert gets sued when a client believes he has suffered a financial loss because of the professional's negligence. And also you needn't be a surgeon or perhaps a trust fund manager for that to happen
Simply take the situation of the IT Contractor who accidentally deletes a client's database. The IT Contractor could be held liable for the price of rebuilding it. Or perhaps a Photographer who fails to capture as soon as at an elaborate photo shoot set up by a marketing agency. The Photographer could be held responsible for the wasted cost of hiring the place, the props and the extras. Or a Webmaster whose coding error causes an ecommerce site to crash. The Web Developer could be held responsible for any lost revenues while the site is down.
But then again, you may think that you do not need indemnity insurance since you don't get some things wrong. You pride your self on how conscientious you are. You double check everything.
Well, that's an even more dangerous assumption. You're only human. And all humans get some things wrong every once in awhile. Besides, you may not even know that you have acted negligently. A picture Designer might inadvertently copy someone else's work believing so that it is his own. But when the copyright owner sues the customer for breach of copyright, the customer is going to contain the Graphic artist liable. Similarly, an administration Consultant might genuinely believe that the data he's shared with a third party was in the general public domain. But if it turns out it had not been, he could be sued for breach of confidentiality.
So every business needs professional indemnity
insurance either its Building
service consultants insurance or professional
indemnity insurance for engineers.