Who Is Indemnity Insurance For?
In the bad old days, it was only drunken doctors
, ineffective engineers and insubstantial architects that felt the sting of expensive law suits. Nowadays though, litigation is in the air and the changed definition of freelance professionals means that professional indemnity insurance has unfortunately become a must for them too.Basically, professional indemnity insurance is needed by anyone who is responsible for offering professional advice and services others. As this covers most freelancers work, professional indemnity insurance is an absolute must for those operating in this capacity.
Professional indemnity insurance is a type of insurance which is designed to protect professionals from claims made against them by clients. If, for example, a copywriter is employed by a large advertising firm and is then found to have plagiarized a rival firms work, the copywriters client is liable to get sued.
In turn, the copywriters client will seek compensation from the copywriter for damages incurred. Professional indemnity insurance would protect the copywriter and help him pay for the legal costs.
Whatever field the freelancer works in - whether its as an artist, programmer, writer or consultant they should make sure that they read their policy to find out exactly how much fees and legal costs will be covered. The amount needed will depend on the potentially risky nature of the business carried out.
Each profession and professional has slightly different needs, so it is a good idea to seek an insurance specialist to discuss whether or not a policy is needed, how large the policy should be, and what types of situations the policy should cover. A good insurance professional will not be afraid to tell a freelance contractor that they need only take out limited professional indemnity insurance.
In a professional capacity, most clients that a freelancer will encounter are fully aware that pursuing a claim against them could be a lucrative option if they feel that the services provided have not been up to scratch. Rather than hoping things might change, the professional freelancer should ensure that they are covered by professional indemnity insurance.
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