Professional Indemnity insurance for Cooperative Society compulsory?

Is professional indemnity insurance compulsory for a Co-operative Society governed by the FCA?

I’m looking through the FCA Handbook and other documentation and I am unable to find an answer to my question.

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As far as I’m aware the FCA doesn’t require or force co-op societies to take out professional indemnity insurance (but I could be wrong, have you asked them if they do?), this is something that is more usually required by a professional association, for example the RIBA requires their members to have:

suitable insurance to cover potential liabilities arising from negligence or breach of contract associated with professional activities


Any insurances required for your cooperative will be wholly based on the type/s of business that it undertakes. It’s nothing to do with the legal structure.


The only required insurance is Employers Liability, but your better off getting a Public and Employers Combined Liability policy.

I’d suggest getting a professional liability policy just incase a client wishes to make a claim against you.

I used to work insurance, I’d also suggest using a broker as they are best suited to managing your policies.

Any questions feel free to message me :blush:

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I agree. No it isn’t compulsory. but it could be a very good idea to get this bundled in a business insurance package together with public liability insurance, employers liability insurance and a degree of insurance against loss of earnings/business interruption.

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Thanks for all the help, much appreciated!

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