Consultants Professional Indemnity Insurance
There is not much that is more important than safe guarding your business. Because you are an expert in your industry, you will be providing customers and clients with advice and recommendations. This immediately warrants the need for Professional Indemnity Insurance. Advising a client doesn't always go smoothly and if the advice you provide is incorrect or neglectful, you are more than likely going to be the subject of a large claim. If there are errors in the work you provide, or there is an accident in the office you may also be claimed against.
Why is Consultants Insurance important?
Working at such a high level can be stressful at times so the last thing you want is the added strain of a claim. Clients rely on you and usually take your help and advice on board so if something was to go wrong and you gave inaccurate advice, you are likely to be liable for the damages. Professional Indemnity Insurance will cover you against errors, miscommunication, misjudgements and mistakes that can happen when carrying out daily tasks.
As is is not abnormal for consultants to spend more time out of the office than in, it is vital that proper insurance is in place and that ultimate protection is held. This is because going out to various businesses and holding meetings can expose you to many risk factors.
Consultants Professional Indemnity insurance - what can I be held liable for?
There are many different reasons why people make claims against businesses. As more people are becoming more aware of the insurances companies hold and the reasons they claim on it, the higher the claim rate has got. The most common claims are usually for:
- Lost, destroyed or damaged data
As projects don't always go to plan it is a good idea for you to be covered. You can be found liable for damages that are not legitimate, but if you are found liable then you have to cover the legal costs and the compensation pay out. It can be a near on impossible task to recover from a claim that you were not insured for. It would be a shame to lose your livelihood over a claim against you that you were not covered for. The financial costs of a claim will more than likely destroy a company and the task of building your reputation back up can also be a long uphill struggle.
Being a contractor, you will probably be meeting different clients or customers on a regular basis. These meetings can take place in your home, if so this means your business could be left particularly exposed to liability claims resulting from injury or property damage. Without the appropriate cover you can be left financially stranded.
If you have any questions or queries regarding contractors insurance, please get in contact with one of our brokers who will be more than happy to help you out.