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Assess Your Risks Before Taking On Professional Indemnity Insurance
Professional indemnity insurance is as important to you as any other insurance such as health, commercial or vehicle insurance if you are an independent consultant. The fields could be health, finance, construction, real estate, engineering and so on.
Though you may already have some general liability protection, you must ensure that you get added cover through an 'errors and omissions' policy. This is to cover you against claims that clients might file against you should they incur any loss or strife following one of your recommendations.
Before selecting the right cover, it is necessary to assess the possible risks that are associated with your profession and decide. Since you would not want to spend money on a policy that is all too encompassing and consequently cost more, assessing specific risks and the probability of them occurring should be the right way to go about taking this cover.
The same principle holds when you subcontract. The amount that your subcontractors must get insured for should not be much different to your own cover since they too would be exposed to a great extent to the same risks as you. Moreover, companies too or clients have also begun insisting on their contractors, independent consultants and subcontractors to have recourse to such policies and hence there is no merit in procrastinating on this issue.
Let us look at a couple of examples of how this policy would help professionals like you. These examples will give you better clarity on why this cover is essential.
a) As an independent software developer, you have designed a database application for your client. For some reason, the client is not able to use the application fully and therefore goes ahead and sues you for the loss in business they have incurred due to this problem. The client refers to historical data of sales as support and comes up with a figure which he expects you to compensate. Now on your own and without any cover backing you, it would be curtains for your business. But a cover that protects you for an estimated amount that you would have ascertained and the legal fees you would have to incur would save you a lot of trouble.
b) Another example is when you have recommended some investment options to your client and due to some global factors, the financial market takes a plunge and the client wants to make that loss good from you. Again here, without any protection against such claims, you would not be able to either fight the case in court or compensate the client.
The above two cases may seem a bit exaggerated on the face of it. But even if they were not to happen and you think you have enough safeguards built in already, the time and effort you would have to commit fighting a legal case itself is enough to cause you a lot of damage.
Professional indemnity insurance is thus a cover that is imperative especially for those in the technology and finance sectors.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including professional indemnity insurance Find out more by visiting his preferred website Flint Insurance.
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