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Do I need professional indemnity insurance?


Answering the question 'do I need professional indemnity insurance?' is more straightforward than you might think.

Quick question for you: do others consider you a professional, a specialist, a trained expert in your field?

Chances are, you’ll say ‘yes’.

And if we’re OK to assume that's the case, then you need to ask yourself something else: 'Do I need professional indemnity insurance?'.

Again, it's odds-on that the answer is 'yes'.

Why do I need professional indemnity insurance?

'Aha, I see your cunning plan', you'll be thinking. 'You just want to sell me something.'

Well, we are an insurance broker, after all. And it's our job to advise people about their insurance and what's best for them.

The simple fact is that professional indemnity (PI) insurance forms a vital line of defence for our customers. They choose to have it because they know their business could be at risk without it.

We go by a simple rule of thumb: if you offer advice, know-how, consultancy, design or other specialist services to your clients then you need professional indemnity insurance.

You might think that that sounds a bit black and white, but take it from us: if a client relies on your expertise – in whatever capacity – and they think you’ve not done what they paid you to do, it’s likely they’ll sue you for their loss.

Whether they’re right or wrong doesn’t come into it (initially at least); whether you’re right or wrong certainly does.

How you defend yourself against allegations of wrongdoing is critical – for both you and your business. But defend yourself you must, otherwise you’ll lose by default.

Want versus need

Arguably, the question shouldn't be 'do I need professional indemnity insurance?'.

It should be more like 'do I want to protect my business?'. We’re guessing you probably do.

And that's a good enough argument to say that every professional should have PI insurance – regardless of what they do, who they do it for and where they do it.

You can read more about what professional indemnity insurance does, how it works, and how it protects your business here. Or if you want to check out how much it costs to protect your business, click here.

Now, over to you...

Image used under license from Shutterstock.

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