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

No.

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.

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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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