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Put this top of your to-do list: protect your business with legal-bill paying, mistake-fixing, client-keeping, reputation-saving professional insurance.
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Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £10,000,000 cover.
As long as there are busy people with too much to do, you’ll be there to offer your expert services. It can be a busy job, but you’re not complaining.
Sadly, even the most diligent professionals can slip up. A heaving inbox may mean more clients, but it’s also a prime location for things to get lost.
Good thing you have professional indemnity insurance. It can cover the costs of defending you from allegations of negligence, as well as compensating dissatisfied customers if necessary.
No matter how careful you are, all businesses can slip up and make mistakes. Clerical and admin assistants are no different.
It doesn’t take much to make a spelling mistake in an important report, forget to send a letter, or file a document in the wrong place. They may seem like small errors, but they all have the potential to cost your client money.
Without professional indemnity insurance, you’d have to fork out for a solicitor, or act as your own legal defence. Not appealing options, are they?
You need PI insurance because you have a business to run; because you have limited funds; because you’re not legally trained; and because your reputation matters.
That’s not an easy one to answer.
There are no rules governing how much professional indemnity insurance admin and clerical assistants need, so you’ll have to decide on that one for yourself.
Some business activities are more risky than others are, so you should consider what you do, and who you do it for. For example, typing is generally low risk. However, if you’re working on things like medical or legal transcriptions, your potential exposure to a claim is increased.
To be safe, buy as much cover as you can afford.
PI insurance covers negligence and mistakes you’ve made that cost your client money.
Specifically, this includes things like:
Some professional indemnity policies can even fix mistakes before you client is aware of them, preventing a claim from occurring in the first place.
Public liability insurance covers you if you’re responsible for injuring someone or damaging their property. It can pay for the legal costs of defending yourself, as well as any compensation you’re liable for.
Employers’ liability insurance compensates your employees if they suffer a workplace injury or illness and you’re to blame. It can even pay for any legal fees.
Office and property insurance covers the things in your office such as furniture, plants, and fixed IT equipment, like printers. Portable insurance covers gadgets and technical equipment that you take away from your office, like laptops, tablets, and projectors.
Business interruption insurance helps you stay working when your office is out of action. Be it flood, fire or flea infestation, it covers the costs of setting up elsewhere and any lost revenue in that time.
Directors’ and officers’ insurance covers your company bosses. Anyone from regulators to shareholders to competitors can accuse you of not running a business with due care. Worse, directors are personally liable for their actions. The good thing is this insurance covers your defence costs and any compensation you have to pay. So you can put away your chequebook.