Public liability indemnity is a phrase rather than a product, and it usually means one of two things: a public liability policy, which indemnifies you against third party claims, or the pair of public liability and professional indemnity that clients name together. Reading which is meant takes one look at the context.
The indemnity in public liability
Every liability policy indemnifies the insured: the insurer meets the claim on your behalf up to the limit. So a broker describing public liability as indemnifying you against third party claims is describing a single cover, not two.
The pair clients name
A client contract asking for public liability indemnity almost always means both public liability and professional indemnity, written loosely. When in doubt, ask which limits they require for each, because the answer settles it immediately.
Why it matters
Buying only public liability when a client meant both leaves the advice half uninsured, and that is the half a client is most likely to claim on. It costs nothing to ask and it is the single most useful clarification to make before signing.
Questions people ask about public liability indemnity
Is public liability indemnity one cover or two?
It is a loose phrase. It usually means public liability alone, or the pair of public liability and professional indemnity that clients name together.
How do I know which my client means?
Ask what limits they require for each. The answer settles it in one exchange.
What happens if I buy the wrong one?
You may be left without cover for the advice half, which is what clients most often claim on.