I Trust My Clients And My Clients Trust Me. I Don't Need Indemnity Insurance
Is trust enough to render professional indemnity insurance irrelevant
? Hmm...Maybe you're an individual freelancer. Maybe you run your own professional consultancy. Either way, the fact that you're in business as an expert in your field must mean that you have clients who trust you. And for as long as your clients provide you with work and pay your invoices, then you trust them.
So what's the problem? Why would you need professional indemnity? What could go wrong?
You could make a mistake. That's what could go wrong.
Of course everybody makes mistakes from time to time, particularly when under pressure. And typically, those mistakes are quickly identified and easily rectified. But sometimes they're not. And sometimes they can have far-reaching financial consequences. Which is precisely when indemnity insurance becomes so important.
An IT Consultant's mistake might result in a revenue-critical system failing to work. An Engineering Consultant's mistake might result in a costly delay to a large infrastructure project. A Marketing Consultant's mistake might result in damage to a valuable brand.
In situations like these, issues of trust don't count for very much. The harm has been done, money has been lost, and compensation will be sought. From the person at whom the finger of blame can most easily be pointed. And if that person is the otherwise trustworthy freelancer or consultant, so be it.
If you're thinking that you have such a good relationship with your clients that, even if things went wrong, taking legal action against you would be the last thing on their minds, you might be right. But you're thinking of your clients as autonomous individuals. What about their bosses? Or their investors? Or their financial and legal advisers?
The harsh fact is that in today's business world, the pressure to take action to recover financial losses can be, quite literally, irresistible. And without professional indemnity insurance, or pi insurance as it is often known, your financial losses if you were sued could put you out of business and threaten everything you have worked for.
Trust is a valuable quality in all areas of life. But there can be times when it won't be enough to protect your business. So follow the link to find the Professional Indemnity Insurance you need.
Resource:-
http://www.coulsonpritchard.com/
I Trust My Clients And My Clients Trust Me. I Don't Need Indemnity Insurance
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