WHO NEEDS PROFESSIONAL INDEMNITY INSURANCE?

WHO NEEDS PROFESSIONAL INDEMNITY INSURANCE?

It used to be the case that professional indemnity insurance was associated only with the most traditional of professions - doctors, lawyers and accountants, those who were obliged by law or by their profession to hold such cover.

But times have changed. Society has become more litigious. And within the business world a claim follows blame' culture has evolved. If something goes wrong and financial losses are at stake, someone must have been at fault and that someone must be sued.

All too often, that someone will be the most vulnerable link in the chain - the isolated freelance professional.

So whatever your profession - from marketing consultant to technical author, from civil engineer to IT contractor - if you're paid a fee to offer advice or provide services, you need indemnity insurance.

Without it, you could find yourself liable for a compensation claim running into tens or even hundreds of thousand pounds not to mention all the associated legal costs. Because what matters is not the value of the work you do but the cost of the consequences of any error or omission on your part. And if you cause a major delay to a multi-million project...

And don't imagine that you don't need professional indemnity because you're too conscientious to make mistakes. First, everyone makes mistakes or overlooks something occasionally, particularly when under pressure. And second, it might not even be you who made the mistake. You might just be the easiest person to blame - and sue.

In a situation like that, without pi insurance, you would need some very deep resources of your own to fund an effective legal defence, particularly if you were being sued by a large corporation.

So the simple answer to the question who needs professional indemnity insurance?' is probably you' if you're reading this. Make sure you're covered by calling or emailing info@coulsonpritchard.com.

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