Professional Indemnity Insurance serves to safeguard individuals and companies offering professional advice and services against legal liability. It protects against financial losses incurred due to their own professional negligence or that of their employees while conducting business. This coverage is crucial because professional services and products may lead to legal claims, distinct from those covered by a General Liability Policy. Typical claims covered include negligence, misrepresentations, breaches of good faith and unfair dealing, and providing inaccurate advice.