The truth for business people is that, even if they’ve done nothing wrong, they could end up having to defend themselves against a legal claim — and that can be expensive.
That’s the reason professionals such as accountants, architects and solicitors are required to have Professional Indemnity (PI) cover. PI insurance is there to pay the costs of a legal battle with a client, as well as covering payments demanded if you have, unfortunately, caused financial loss to a customer.
So who should consider PI insurance? In short, anyone 
who gives advice to customers. If that advice causes a customer financial loss, or if the customer simply claims it caused a problem, you could be staring down the barrel of a big legal bill, in addition to any compensation that is agreed.
PI is cover designed to protect you if you have made a mistake — and to protect you if you haven’t made a mistake but a customer is challenging you anyway. Think of it as a way of insuring against risks — and human nature.
