If you offer advice or a service for a fee as part of your contracting business, you will need to consider obtaining Professional Indemnity Insurance. Businesses that offer professional advice are exceptionally open to the risk of any number of claims during their professional career. Persons such as lawyers, accountants, bookkeepers, and health professionals should always have Professional Indemnity in place. In fact, the associated bodies representing these industries often require mandatory Professional Indemnity be in place before a license is given to work.
Courts also now take a broader view of what constitutes professional advice and contractors such as pest controllers, marketing and advertising professionals, digital media persons, and even funeral directors are finding the need to consider Professional Indemnity Insurance to protect themselves against a financially deadly claim.
Professional Indemnity Insurance safeguards your business against the costs of a claim. The claim could be against yourself personally, and can also extend to your responsibility over actions of your partners, employees, volunteers or other subcontractors depending on the case.
If you are in doubt whether you may be at risk of a claim against you, or unsure if you need Professional Indemnity Insurance, speak to your insurance broker today. It is always better to seek advice rather than fail to be appropriately insured and face the costs of claim.