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Why buy professional indemnity insurance?

12 September 2012

Ask a silly question …

Can I interest you in some professional indemnity insurance sir?

Ugh. Insurance.

It’s not enough I have to insure my car, my house, my holidays, my LIFE.

But now you’re telling me I have to get insurance for my business? For what? In case something goes wrong? You’re kidding, right? I live for my business and I’d never make a mistake so bad I can’t fix it myself. I’m an expert. I really don’t think I need insurance for doing my job, do you?

Well that’s one way of looking at it, certainly.

But give us a minute, please. Explaining why you need professional indemnity insurance without coming across as a scaremonger or target-hungry salesperson is really tricky.

We’ll make it quick.

Cover story

Forget clauses and conditions for now. They’re important of course, but no one ever bought a policy because of the small print.

No, let’s be clear. Professional indemnity insurance is all about protection. Your money is buying you rock-solid defence.

That defence comes in the form of financial might and legal expertise. The financial might and legal expertise of a multinational insurer in fact.


Well, you need that defence if you’re dragged into a claim without having done *anything* wrong. It’s rare that professional people are actually negligent. It’s less rare they’re accused of it – particularly when times are hard and it’s easier for clients to cry wolf than pay your bill.

Accusations have to be defended and that takes time, effort and money. Lots of it. That’s what your insurance pays for (and, naturally, any settlement costs if the claim turns out to be valid).

There’s really only one way to describe it: peace of mind. And we hate clichés.

So, yes, it’s unlikely you’ll ever need the insurance. And yes, you could easily spend a couple of hundred quid a year on something else.

But what’s the value of your business, really? What if a claim comes out of nowhere and wipes you out? You said yourself you live for your business. Can you live without it?

We’ll leave that up to you to decide.

(But just in case you want to talk about it, our number’s 0345 222 5360. Don’t worry, we won’t tell anyone you called.)

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