Garfield3
Joined: 31 Jul 2013
Posts: 5
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 Posted: Wed Jul 31, 2013 5:15 pm Post subject: PI Insurance: Who needs it? |
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PI Insurance: Who needs it?
Just about everyone whose business involves the provision of professional advice and/or the delivery of professional services. And the definition of 'professional' has widened considerably over the years. No longer is the term restricted to doctors and lawyers. It refers to anyone whose judgement any client might reasonably be expected to rely on. Indeed, at www.professionalindemnitypolicy.co.uk, we offer individually tailored professional indemnity policies for over 350 different professions.
The reason why this particular policy is so important is because, as a professional, you can't simply agree not to charge a client if something goes wrong. You are potentially liable for the total amount of any financial loss the client suffers as a result of negligence on your part. When you bear in mind that a mistake you make could result in delay to a bigger project, additional labour costs, lost revenue and, in some cases, repair to any damage caused and compensation for any injuries suffered, it's easy to see how claims can run to thousands, tens of thousands and even millions of pounds.
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