Professional indemnity insurance defends you against claims of negligence, breach of confidentiality, dishonesty, libel and slander. We offer up to £10,000,000 cover.
Audit, advice, action.
A useful framework to work from, and a handy way to make sure clients understand what they’re getting.
Despite this, each stage comes with its own set of potential problems. Many charities have limited resources and there’s a lot riding on you.
What if you miss something at first-review? What if your strategic thinking falls short? What if (whisper it) your great plan to raise money, actually isn’t.
Being sued for negligence when you’re trying to help sounds uncharitable, but it happens. Clients’ financial losses, mistakes they think you’ve made, and things they say you haven’t done can all end in a claim against you. Fighting your corner takes a great deal of time, know-how and money.
Fundraisers’ professional indemnity insurance helps. If a client, or indeed anyone, alleges you’ve been negligent, your policy steps in. It pays your legal bills and, if you’re at fault, any compensation you’re liable for.
All this means you can give your all, safe in the knowledge your business and your reputation stay protected.
The problem with someone else’s money is, well, exactly that. It’s someone else’s money. And because it is, you need to be extra careful with it.
Fundraising differs because you’re there to help a charity make more money, rather than look after what they already have. But that comes with its own set of problems – and expectations.
The fact you’re a professional, giving professional advice, raises the stakes. It’s true that your success is measured in revenue but, by the same token, so is failure. There’s a financial expectation that you’ll get it right.
So can you afford not to? Well, it doesn’t always follow that a missed fundraising target means you’ll be sued, of course, but it will mean some awkward questions. How comprehensive was your initial scope? Was your strategy signed off? Did you monitor campaigns and actions and make adjustments along the way?
Unsatisfactory answers here might well make matters worse. And that’s when you can expect things to get serious. It might seem unfair but your clients have a right to take you to task if they deem you haven’t done what they asked you to do, and claim against you for their losses.
The answer is professional indemnity for fundraising consultants. Regardless of whether you’ve actually done anything wrong, it pays the legal bills to defend you and covers any compensation too. Naturally, that’s a good thing. But more importantly, as far as you’re concerned, it leaves your reputation intact and frees you up to do business as usual.
Fundraisers’ insurance protects your business. No one else’s.
That said, the risks are common to all fundraising consultants. Although there’s no right and wrong answer to this question, it pays to be pessimistic about your business.
So, think about worst-case scenario. If you make a mistake, how much will it cost to fix? How much is riding on you doing your job and what are the possible consequences of you not doing it well enough?
Also, consider that the bill to defend in court can run into many thousands of pounds. The bill to compensate your client even more. Your level of cover has to be enough to take care of all this.
It’s true that you can never have too much cover, but that means you’ll pay more for it. While we’d always say err on the side of caution, we know it’s not always that simple. If you’re after more help, read this this guide or call us.
Put simply, negligence claims and allegations made against you by clients and third parties. These will usually be because of mistakes you’ve made or things you’ve failed to do.
Specifically (but depending on the policy wording):
But that’s not all. Some professional indemnity policies can fix a mistake before your client is even aware of it, thereby preventing a claim in the first place.
If you have any employees, employers’ liability insurance is a legal requirement. If an employee suffers an injury or illness as a result of working for your company, they can sue it for damages. Your insurance can cover their compensation, plus any legal fees.
If you visit clients, or they visit you, consider getting some public liability insurance. This covers you if someone is injured, or their property is damaged, and you’re to blame.
Office and property insurance covers the things in your office (furniture, plants, fixed IT equipment etc) and portable insurance covers gadgets and technical equipment away from the office (laptops, tablets, projectors etc). If you’re not sure it’s worth insuring, add it all up – it’s probably worth more than you think.
Business interruption insurance means you can still work when your office is out of action. Be it flood, fire or flea infestation, you’re covered for the costs of setting up elsewhere and for any lost revenue in that time.
If you’re a company boss, you can protect yourself with directors’ and officers’ insurance. Anyone can accuse you of not running your business with due care, and in the UK, company 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.
Glad you asked.
The simple answer is: we know what we’re doing. Professional insurance is all we do so we know what you need, even if you don’t.
We also know that buying insurance can be, well, a bit of a pain. So we make sure getting yours is quick and hassle-free.
We do all that while treating you like a human being, too. You won’t find a call centre here. Or a phone menu. And we’ve banned nonsense insurance jargon.
Plus, every insurance-related question you can think of is answered in our School of Risk, and you’ll get our quarterly risk advice email – ‘The Waggle’ – to help you avoid problems in the first place.
If you’re after a second opinion, have a look at our customers’ feedback. They’re the ones you should really listen to.