Professional indemnity insurance is a specialist area of insurance and it would be advisable to consult a suitably experienced insurance advisor. Generally, professionals such as lawyers, accountants, financial advisers, architects, consultants and designers carry professional indemnity cover.

One of the most important aspects of professional indemnity cover is the duration of the policy. Typically in cases related to professional indemnity, there can be a long gap between an event and a subsequent claim for the same. It is mandatory that you be covered at both times to avail the complete benefits this type of insurance has to offer.

If you intend to cancel your policy when you close or retire from your business, you must opt for "run-off" cover for a certain time period there off. This will hold true even if you plan to change your insurers until you get a confirmation that your new insurer will accept claims for prior incidents.

Proper documentation is a pre-requisite for this type of insurance. This is the best way to ensure your claims are down to the minimum. It is also imperative that you list out specific responsibilities in your contracts with your clients clearly and deal with complaints promptly.