subject: To Err Is Human, To Be Insured Is Advisable! [print this page] Anyone who is considered as being an expert in their line of work will know all about professional liability insurance. Accountants, solicitors and financial advisers are legally obliged to have this type of protection before they can carry out their day to day duties. Other individuals, such as architects, engineers or graphic designers are not required by law to have professional liability cover, but they are strongly advised to! Everyone will make mistakes from time to time and this kind of insurance can help to save you a huge amount of money.
If your job involves giving out professional advice, then liability insurance should be a very serious consideration. Of course, it will only ever be used as a last resort, but it could effectively save your skin if you are ever to make a genuine mistake. Imagine if you were a financial adviser and that someone came to you wanting to know the best way of investing their savings. They would see you as being an expert in your field and it would be your job to give them your honest and informed opinion. Because of this, they would more than likely go away to do exactly what you had suggested...
But what if it all went horribly wrong? If the advice you gave to them turned out to be inaccurate, then this would mean you had cost your client a great deal of money. And it does not take a genius to realise that this person would not be particularly happy! They paid to get your expert opinion on their finances and you gave them advice that turned out to be both inaccurate and very costly.
So, you can probably see where this is all heading. It would be no great surprise then, to discover that this person was planning on taking you to court. And this is when your liability insurance would come to the rescue. Okay, so the whole sorry episode may take a bit of living down and it would certainly not have done your reputation any favours; but at least you would not be put out of business!
We are all only human beings and the sad news is that mistakes are a mortal trait. We all try to do our jobs as best we can, however it is only too easy to get things wrong from time to time. So, you can understand why it is such a good idea to have this type of protection. Hopefully you will never need to make use of your liability cover, but having it in place will certainly give you great peace of mind.
by: Jack Authors
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