Even the most confident and able businesspeople can make mistakes. That’s why it is important to have the right protection in place.
Although professional indemnity insurance (PI) is not a legal requirement, if you do not have it, and something goes wrong after a client has followed your advice, you could find yourself in hot water.
Professional indemnity insurance protects your business if you are found to have provided an inadequate service. Depending on your business, this could take any form. Perhaps you have unknowingly given the wrong financial advice, maybe your design wasn’t thoroughly researched, or perhaps a client has suffered a financial or reputational loss because of your actions. Your business could be held responsible for paying compensation, legal fees, expenses, and more. It’s simply not a risk worth taking.
Eley Insurance can provide you with PI insurance that covers you for costs if you or a member of your team makes a mistake in a piece of work for a client that causes financial or reputational loss.