Professional indemnity insurance is an important consideration for all businesses, especially for those that give advice or provide a professional service to clients. It can cover compensation claims if a business is sued by a client for making a mistake that leads to financial loss. Insurers are facing millions of pounds worth of professional indemnity claims arising from negligent financial advice given to those transferring out of the British Steel Pensions Scheme last year. Why do you need professional indemnity insurance? There are a number…