We are all familiar with the traditional professions such as Accountants, Surveyors, Engineers, Solicitors and Architects. However for liability purposes, a “professional” is essentially any person who offers specialist advice or service, and it is not confined to these traditional categories. As such, anyone who holds themselves out as having a more than ordinary degree of knowledge in a particular area and gives advice to another party may be liable to that party if they rely on that advice and it causes them to suffer a financial loss. A fee for the advice does not need to be received for the liability to exist.

As a professional, Professional Indemnity Insurance (PII) is a vital consideration for all businesses that give advice or offer professional services to other businesses. It can cover you if you give faulty advice that causes financial loss to a client, but there other insurance your business may need to consider.