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Why You Must Take Professional Insurance Coverage
Professional indemnity insurance is a must for those professionals engaged in advising their customers on certain business and legal transactions or assisting them as a consultant in running their business. It is possible that during the course of this interaction with the client, some errors may creep in or certain judgement calls made may backfire. As a professional, you need to protect yourself as well as your reputation from any claims made by your clients and other third parties. That can be done only through the professional indemnity insurance cover.
First of all, assess the risks involved in your profession and their impact. Then think of risk mitigating measures so that the chances of you getting dragged into a legal wrangle are minimised. Now once again assess the probability of claims being filed and accordingly opt for the appropriate cover. When you have taken recommended risk mitigating measures, you would not have to pay a high premium for your cover as the insurance service provider recognises the fact that their exposure to potential claims would not be a high one.
The typical professions where such professional advice or consultancy is very prevalent are the healthcare, engineering, legal, construction and finance industries. Here on a daily basis, professionals are advising and helping their clients to take decisions based on their knowledge, experience and facts known to them. It is likely that they may make an error of judgement or a situation may suddenly develop that has not been factored into their decision by them. At these times, they can gain protection from any claims only through the right insurance cover. Those in the healthcare industry are particularly vulnerable considering the fact that their patients may develop health complications at any time and they cannot remain in control all the time.
When you are contemplating taking such policies, understand that no policy will back you for negligence or willful non-discharge of your duties as per your agreement with your client. But policies with a 'errors and omissions' category, enables you to get protection.
You need to take into consideration the following before signing on the dotted line.
a)Would you want to spend time and effort battling a legal case?
b)The implication of my absence from regular work or occupation on my income and family?
c) What is the money you can afford as pay out should a claim be filed against you?
It is clear from the above that not many would be comfortable answering any of the above questions confidently and would not be in a position to bear such risks. In addition to loss of time, money and opportunity losses, the reputation too will take a hit and that is not something anybody can afford. It will take a much longer time to win back the confidence of clients and you need to evaluate all such costs before deciding not to go for insurance cover.
Professional indemnity insurance therefore is a must for any professional.
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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