Whether Professional Indemnity Insurance is mandatory depends on your industry and the nature of your work.
In some professions, it is a legal or licensing requirement that can vary from state to state. This includes:
- Engineers and certifiers registered with state or national bodies
- Building Designers, Architects and Surveyors
- Financial advisers, mortgage brokers and insurance brokers
- Legal and accounting professionals
In other industries, it may not be legally required but is often contractually required by clients, principals or project managers. You may need to hold a certain level of cover before starting work or receiving payment.
Even when not mandatory, it is strongly recommended for anyone providing advice, design, certification or professional services. A claim can arise even if no mistake was made, and legal costs can be significant to defend.
Contact us if you are unsure whether you are required to hold Professional Indemnity Insurance or want to confirm your current level of cover meets industry expectations.
