Problems with suppliers, customers or your tax accounts could all threaten the viability of your business.
Especially if your business gives advice, offers a professional service or handles intellectual property belonging to clients you could need professional indemnity insurance (PI) to protect against negligence claims or mistakes that leave clients out of pocket.
Hedley Byrne principle :
there does not have to be a contractual or fiduciary relationship for there to be a liability for negligent misstatements that cause financial or physical loss.
This tort case on economic loss resulting from negligent misstatement has had subsequent development from 1964 to now.