Do I Need Professional Indemnity Insurance?

I‘m always on the lookout for articles with the potential to positively change a business. What’s your take on the following points I came across recently?

Do I need Professional Indemnity (PI) Insurance?

Here are some reasons why you may need Professional Indemnity Insurance which might help make things clearer:

• You provide advice and consultancy - Clients can claim compensation if there’s a mistake in the advice you’ve given
• You provide an expert service - In case you make a mistake in designs, plans or calculations
• You handle people’s information - You could face claims if you accidentally disclose data or infringe on a client’s legal rights

What professions need PI?

Professional indemnity is designed to provide cover to professions who give advice or provide a service as part of their business. Examples of professions that normally require PI are:

• IT consultants
• business consultants
• accountants
• architects

What kind of claims can Professional Indemnity Insurance provide cover for?

Professional Indemnity Insurance is designed to protect you against the cost of dealing with a claim from a disgruntled customer. Whether that’s due to a mistake in measurements or strategic advice that ends up losing a client money, it’s important to ensure you’re covered should an error occur.

I’d be really interested to know your opinion. Check out the full article here and then I’d be happy to discuss with you by phone (07) 3243 0000 or email [email protected].

Thanks,

Mark