professional indemnity, business insurance, PI, Local Broker

7 Reasons why you should embrace Professional Indemnity Insurance


If you’re not sure if you need professional indemnity insurance, here are some reasons that might help make things clearer for you:

You provide advice and consultancy Clients can claim compensation if there’s a mistake in the advice you have 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. A client insists you have it Many clients will require that you have professional indemnity insurance in place before you can start working for them. Your professional body requires it

You might belong to a professional body or industry association where professional indemnity insurance is compulsory.

Professionl Indemnity Here are some more reasons to take a positive view of this highly useful and protective product: 1. See it as valuable protection. Like a footballer’s shin pads, a boxer’s mouth guard or a fencer’s face mask, once you’ve put it in place you’re correctly set up to meet your professional responsibilities. 2. It means yours is a proper, grown-up business. Rather than some street hustling number cruncher, you run a responsible firm and you’ve protected that firm against the unexpected. 3. It replaces fear with optimism. Even the best firms can have concerns about potential claims. But with PI cover, they become mere prangs on the great highway of business life. If a dispute arises, just call your insurer. 4. It supports your ambition. You’re free to grow your business without exposing your firm to larger claims. 5. It can make your finances predictable. With PI, you can build more reliable financial forecasts without making allowances for unforeseen litigation. 6. You may need it in order to join leading professional bodies. Membership of trade organisations will give your business  credibility. They will often require you to have PI. 7. You can look to the future with optimism. Whether you run a respectable high-street accountancy firm, are involved in design and construct projects or offer advice in any type of industry then PI should be part of your plans. So, don’t fear the worst, protect yourself against it. Cyber Liability To find out more contact one of our consultants today on 01245 459061 Matthew Collins Managing Director Ascend Broking Group

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