Professional Indemnity Insurance (PII) shields businesses and professionals from financial liabilities stemming from errors or omissions in their services, crucial in today’s high-risk environment. It’s vital for those offering advice or services to have PII, covering legal costs and settlements if a client alleges harm due to their work. Businesses like IT firms, healthcare providers, architects, and educators benefit from PII, safeguarding against claims of negligence or errors. When choosing PII, assess coverage limits, type, pricing, and the insurer’s reputation. Understand the risks covered, including breaches of confidentiality and intellectual property infringement, while noting exclusions like war-related losses and fines.