There's always a chance you could commit an error in your work and cause loss or damage to customers, other businesses or third parties. Because even professionals make mistakes, forget things or give incorrect advice. If you or one of your staff commit a professional error that causes loss or damage, then you're liable. You have to repair the damage or pay compensation.
That's where professional liability insurance steps in and compensates the person or business suffering loss or damage due to your professional error. That way, you protect your own business from compensation claims made by third parties. Even if the loss is purely financial, such as where a customer has to suspend works on site or pays too much tax because you made an accounting error, we will pay out.
If you're a director or manager of a company or NPO, our director’s third-party liability insurance gives you extra protection.