Do you need a professional Indemnity insurance?
Are you in the business of selling your knowledge and expertise to others who are ready to pay the price? If yes, then you are a ‘professional’ and you should definitely get yourself a professional indemnity insurance cover.
Professional insurance will primarily protect you in the event of your failure to deliver your service/product up to the agreed standards. Such inability often leads to legal battles, which often are considerably costly. Moreover, any professional should bear in mind that competing with any organization in the court can be a really costly proposition. Other than this, professional indemnity also includes the cost you might have to incur to make up for the losses.
Professional indemnity insurance is widely popular across the United Kingdom and more and more professions are now being included in the veil of professional indemnity. However, the kind of businesses that usually need this cover are professionals offering a service or advice such as architects, accountants, solicitors and consultants.
Note! To avail professional indemnity insurance, you need to be covered when a claim is made, not for when the mistake is made. Hence, be insured early.