subject: FIVE BENEFITS OF BUYING PROFESSIONAL INDEMNITY INSURANCE [print this page] The first, and the most obvious, benefit of professional indemnity insurance is that it will cover the costs of any compensation award - as well the associated legal expenses - if a claim of negligence is upheld against you. And that is a highly significant benefit. The risk of being sued is only increasing in our evermore litigious world, and the size of the claims made can be bankruptingly (and if that word doesn't exist, it should) high.
But second, professional indemnity will also cover the costs of any remedial work that may be required to avoid a claim being made. Experience shows that this is often the best, and the easiest, solution for all parties concerned if something has gone wrong.
Third, if a dispute arises and you believe you are being unfairly blamed, pi insurance will enable you to fund a proper defence. The costs of securing the best legal representation can be prohibitively high for an individual freelancer or a small consultancy. And what could be more frustrating than knowing you have done nothing wrong but being unable to prove it effectively?
The fourth benefit of indemnity insurance is that it will enable you to pitch for work that you might otherwise be excluded from. Increasingly, clients in the private, public and not-for-profit sectors are refusing to even consider tenders from suppliers who don't have professional indemnity cover.
And finally, your professional indemnity insurance will protect you against a number of very real risks other than claims of negligence. Wouldn't it be good to know that you were covered in the event that you accidentally lose or destroy a client's data or documentation? Or inadvertently infringe someone else's intellectual property rights?
Or discover that one of your own employees has been defrauding or stealing from one of your clients?
So, five benefits. All of which add up to real peace of mind.
Simply follow the link to find the professional indemnity insurance that's right for you.
FIVE BENEFITS OF BUYING PROFESSIONAL INDEMNITY INSURANCE
By: ammenda
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