Invest In Professional Indemnity Insurance


If you haven't noticed it already, maybe you haven't been promoting your business as widely as you could. The fact is that more and more organizations in the private, public and not-for-profit sectors are insisting that any consultants they engage are fully covered by professional indemnity insurance. Indeed, they will sometimes specify the amount of cover the consultant should have.

So for that reason alone, pi insurance should most certainly be viewed as an investment rather than a burdensome expense. Your professional indemnity could be a passport to pitch lists from which you might otherwise be excluded.

But why should organizations that use freelance services be so insistent on indemnity insurance?

The simple answer is that the organization wants to be certain that if you fail in your duty of care (a technical term for making a mistake and, let's be honest, everyone makes mistakes occasionally) then the money will be there to put that mistake right and compensate for any lost revenue and/or additional costs.

And who can blame them? Particularly in today's complex business world where large projects often involve a network of interrelated contractual relationships and any individual business might be both a client and a supplier. Given how quickly claims and counter-claims can fly if something does go wrong, it's hardly surprising that everyone want to ensure that every base is covered.

Even in situations where potential clients don't make it a contractual requirement, your professional indemnity insurance can still work in your favour. It stands as a mark of your professionalism; it shows that you've thought about what you do, it indicates that your business is a solid and reputable one.

So why not follow the link to add Professional Indemnity to your marketing mix.

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This article was sent to us by: Samantha Harley at 08112010

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