In regards to Conveyancing - NBIA BSBCNV601 - please expand this answer further

16. If you do not have PI and PL insurance, what could go wrong? And where would you go to get PI+PL?

• Public liability insurance is essential for any company, but whether you need professional indemnity depends on what type of business you run. You could save money by combining both insurances on one policy, but first work out if you need both types of cover. If you don't have Public indemnity protection then you could be liable for any costs relating to a claim made against you. This could include legal costs and compensation. The cost (or "premium") will depend on several factors and is based on the predicted likelihood of a claim being made against you and the potential size of any claim. It considers factors including the type of work you'll be carrying out, the level of cover that you have requested and how long you need cover for. As a general rule of thumb, the riskier your business the higher your premium will be. To get a quote for Building Regulation Indemnity Insurance you'll need to provide to your insurer the names of the legal owners, the property address, the name of your mortgage lender and the value of the property. Your acting solicitor would normally arrange the indemnity insurance for you.