If you’re an insurance broker, an accountant or work in the provision of financial services, or if you’re a plumber, an electrician, a bricklayer, a software developer, or work in the provision of transport then you’re working in one of the many trades for whom getting professional indemnity insurance is without doubt a smart thing to get.
For better or worse, we’re living in a world where many people, upon suffering what they see as a failure to fulfil adequately the services promised by you, will automatically seek legal redress. Should they be proved right, without professional indemnity insurance coverage such as builders insurance, you’ll be left by yourself to provide whatever recompense is deemed appropriate, and if the claimant is judged to have had their future ability to earn harmed, these numbers can swiftly turn astronomical.
With professional indemnity insurance, you’re provided with a safety net that can limit the liabilities you or your company might face. No-one makes a mistake on purpose, but the reality is that sometimes in our professional lives mistakes do get made, and seeing as your professional reputation will likely suffer as a consequence, the best thing you can is to get professional indemnity insurance, so that you don’t take a massive financial hit too.
Professional indemnity insurance covers a whole range of injuries not covered by personal insurance policies, such as libel and slander, malicious falsehood, breach of confidentiality, passing off copyrights, professional neglect, and the making of negligent statements, or negligent actions. With professional indemnity insurance, you’ll be provided with a means not only to cover any financial recompense you are required to pay, but also to provide the best and strongest defence that you and your company deserve. You wouldn’t leave your house uninsured, so in this increasingly litigious world, it would be equally crazy to leave your professional life open to the elements.
This has been a guest post. I hope you enjoyed it!
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.