How Professional Indemnity Can Cover Common Risks
If you’re operating a business, no matter how large or small, it’s advisable to have professional indemnity insurance. There are many challenges and risks that you can face in the professional world, and some mistakes and errors can set you back in terms of time, money and reputation. Some might be more obvious, but others you might not have thought about. So what are some of the common risks in business that can be covered through a suitable professional indemnity insurance policy?
Bad or Wrong Advice
Professional indemnity is all about providing cover when offering professional services, and this includes giving expert advice. If a client acts on advice you’ve given them, such as from a consultancy standpoint, and it has a negative impact on their business, then they may go down the legal route to make up for the bad, wrong or misguided advice that your business has provided. Having professional indemnity insurance can cover for this risk.
False Claims
Whatever business you’re operating, you’re likely to eventually come across a bad customer. Whilst some customers may have legitimate grievances with a member of staff or your business, other customers may start making false claims about your business. This could be through the form of bad online reviews, which could harm your reputation and your lead generation, but it could also be in the form of a legal complaint, which can be costly. Professional indemnity can ensure you’re protected from legal costs, and even to loss of income as the result of fraudulent and false claims through libel, slander and/or defamation.
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Handling Client Information
No matter whether you’re a B2B or B2C company, handling client information and data will be a common practice, which needs to be done with care. Even if it’s not highly-sensitive data, businesses still have to comply with data protection and GDPR laws. If client information is misused, stolen or lost, then your company can be held liable for the mishandled data. By including cover for client data in your PI insurance policy, you can protect yourself from expensive legal costs and fines.
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Refused Payments
When working with clients and issuing invoices, there may be some clients that refuse to pay. Either they’d claim to not be satisfied with the work, or they just want to try and get out of paying you, believing that a long and expensive legal battle would put you off. Taking them to court can be expensive, and any counter-claims can be costly too, but having financial protection for these non-payment scenarios can be included in your professional indemnity insurance policy, especially if it’s a common risk to your business.
How [broker_name] Can Help
By working with [broker_name], we can work with you to create a professional indemnity insurance policy that works best for your business. It will take into consideration the unique risks and challenges you face on a day-to-day basis, allowing you to have cover that protects you for everything you need it to, with the right level of cover too. By going to an insurance company directly, you may receive a policy that isn’t best suited to your business, where you’d be paying for things you don’t require, as well as possibly not having the correct cover in other areas. Instead, by working with an insurance broker like [broker_name] we can help to craft a bespoke PI insurance policy for your company or organisation.
