Professional

Point 2: Professional indemnity insurance is compulsory for many professions. Lawyers, accountants, financial advisers, for example, are not allowed to trade without it. So contact your relevant professional body for more information. In other cases you simply need to decide if the benefits of a policy outweigh the costs, which is why we’re giving so much information here.

Remember that indemnity insurance will pay your legal costs of defending claims made against you, using the best lawyers your provider can find.

It will also fund the compensation if you are found legally liable for bad advice or bad work.

The right insurer may also pay to help put something right if you spot a problem even before a claim has been made against you. Can you manage without this kind of support?