There is no doubt you have the confidence and expertise required to work in your professional field, however if you give advice or provide a service it’s important to protect your business against claims of malpractice or professional misconduct. After all your only human and making mistakes is part of life. It only takes one allegation that you’ve made a mistake, overlooked a critical piece of information, misstated a fact, or failed to provide a promised service resulting in financial loss or injury to your client to turn your business upside down. But while you can’t control an unhappy client you can have some control over how a claim made against you is managed.
Professional Indemnity insurance is designed to protect business’s and individuals against the financial consequences of any errors you or your staff might make. It covers compensation costs to your client/complainant as well as legal and defence costs. Even if you haven’t done anything wrong an unsubstantiated allegation could still cost thousands of dollars to defend, so unless you’ve got a law degree up your sleeve you’re going to need some expert help. Having a Professional Indemnity policy will not only give you access to the funds you need to defend yourself, it will help protect your reputation too.