Most businesses invest time and effort into looking after their customers and building up a good professional reputation. Unfortunately, mistakes can happen and disputes can arise, often leading to hours of worry, expense, bad publicity and even significant damage to your professional reputation.
It doesn’t really matter whether you charge a fee for your services or offer what you see as some friendly free advice, a professional owes a duty of care to clients and if something goes wrong there could be a claim for financial compensation.
Professional Indemnity insurance also steps in to defend you should your client accuse you of making a mistake, even if the basis of their accusation is unfounded.
For accountants, structural engineers or solicitors it is easy to see how an expert in a particular field would need such cover, but professionals reside in many areas. For example, manufacturers or suppliers of a product could be relied upon for their specialist advice when helping clients with choices.
If you require our advice on whether you have a requirement for Professional Indemnity then we would be happy to discuss this with you.
One of our insurer partners, QBE, has produced a useful guide to professional indemnity which you can download here.