subject: Professional Indemnity Insurance: Not So Much A Cost As An Investment [print this page] Professional Indemnity Insurance: Not So Much A Cost As An Investment
Not sure you really need professional indemnity insurance? Think that you might be able to save some money by doing without it?
Well, these days, if you don't have professional indemnity you may well find that you're not so much saving money as losing out on opportunities to earn it. Because, if you haven't noticed the phenomenon already, more and more organisations, in both the public and the private sector, are insisting that all that their suppliers have full professional indemnity cover. Indeed, you may find you can't even get on the pitch list without it.
Why should this be so? There's no single reason. But in part it's due to the increase in the amount of work that organisations outsource. Good news for freelancers. But you can't be surprised if the organisations want to protect themselves in the event of something going wrong. Particularly in the case of more complex projects involving several different contractors - in situations like these, it's not unknown for one party to sue simply because they themselves are being sued!
Given that this phenomenon shows no signs of receding, it's not difficult to see why pi insurance is not so much a cost as an investment in the future of your business. Without it, you may well find it harder and harder to get the work.
And there's another important point to make. Professional indemnity insurance isn't anything like as expensive as many people imagine. The emergence of specialist online brokers has exerted a real downward pressure on premiums without any reduction in the reach of the cover or the quality of the service. Quite the reverse in some cases.
As you'll discover if you follow the link to get your professional indemnity quote here.
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