Business professionals give advice and provide services to their clients everyday without issue, however what would happen if you made an irrepairable mistake that cost your client a lot of money?
Your clients are placing their business in your hands, and it would be dangerous both for your business and theirs to take on such a responsibility without knowing that you could pay a compensation claim if something went wrong.
Professional Indemnity insurance can be off-putting to many business people, especially self-employed professionals and contractors who work on their own and have to pay for it out of their personal income. It can also be hard to find cover that is tailored to your individual needs.
For these reasons some professionals take a chance and go without. But no matter how much experience and knowledge you have of your industry, mistakes can still happen. Ignoring this possibility could be very costly and even put you out of business yourself.
Who needs professional indemnity?
If you sell your knowledge or skills you should certainly look into it. Professional Indemnity cover is designed for professionals such as accountants, consultants, project managers, trainers, IT consultants, architects, contractors - in fact almost all professional services could benefit from it.
What will be covered?
If you make a mistake or are negligent in the services you provide to a client, the insurance will help you defend any claim against you in court. If you lose, the policy could cover your legal costs as well as any compensation awarded.
The policy could also cover the cost of correcting a mistake, helping to avoid a larger claim being made against you.
For more information about professional indemnity cover, click here.
3 reasons to buy it today
You won’t go bankrupt if a client takes you to court over a professional mistake
Having the right insurance can make your services more attractive to clients. The knowledge that they have some sort of come back if things go wrong could be the deciding factor in their decision to hire you.
You need business insurance anyway, so why not include it in your policy?
Getting the right cover for your business
Every profession requires slightly different cover, and some need a higher level than others. Buying through a website like Simply Business gives you complete flexibility:
- Buy the cover separately or as part of your business policy
- Choose between 50k and 5m of cover
- Cover is tailored for individual trades
- Compare quotes online in minutes