Quick Answer What Is The Difference Between Professional Indemnity And Public Liability Insurance? Professional indemnity insurance and public liability insurance both protect businesses against potential claims, but they cover completely different types of risks. Professional indemnity insurance protects professionals and businesses when a client claims they have suffered financial loss because of mistakes, negligence, incorrect advice or errors in the services provided. Pub

Quick Answer Professional indemnity insurance for solicitors in the UK is a mandatory legal requirement under the SRA Indemnity Insurance Rules. All SRA-authorised firms must hold PI insurance with an SRA-approved insurer. Minimum indemnity limits are £3 million per claim for incorporated practices and licensed bodies, and £2 million per claim for unincorporated practices, as set out in the SRA's Minimum Terms and Conditions (sra.org.uk). Failure to maintain SRA-compliant cov

Quick Answer: What Is Professional Indemnity Insurance? Professional indemnity insurance (PI insurance) is a type of business insurance that protects UK professionals and service businesses from financial loss if a client claims their advice, work, or professional services caused a financial or reputational loss. It covers legal defence costs and any resulting compensation payments. In the UK, PI insurance is legally or regulatorily required for solicitors, architects, financ