The initial, and the most obvious, profit of professional indemnity insurance is that it can cowl the costs of any compensation award - moreover the associated legal expenses - if a claim of negligence is upheld against you. And that's a highly significant profit. The risk of being sued is only increasing in our evermore litigious world, and the dimensions of the claims created can be bankrupting (and if that word doesn't exist, it ought to) high.
However, second, professional indemnity can also cowl the prices of any remedial work that may be needed to avoid a claim being made. Experience shows that this is often usually the simplest, and the best, resolution for all parties concerned if one thing has gone wrong.
Third, if a dispute arises and you suspect you are unfairly blamed, pi insurance can enable you to fund a correct defense. The costs of securing the most effective legal representation will be prohibitively high for an individual freelancer or a little consultancy. And what may be additional frustrating than knowing you have done nothing wrong however being unable to prove it effectively?
The fourth benefit of indemnity insurance is that it can enable you to pitch for work that you might somewhat be excluded from. Increasingly, clients within the private, public and not-for-profit sectors are refusing to even consider tenders from suppliers who do not have professional indemnity cover.
And finally, your skilled indemnity insurance will protect you against a variety of very real risks different than claims of negligence. Wouldn't it be good to grasp that you simply were coated within the event that you accidentally lose or destroy a consumer's information or documentation? Or inadvertently infringe someone else's intellectual property rights?
Or discover that one amongst your employees has been defrauding or stealing from one of your clients?
Thus, five edges. All of that adds up to real peace of mind.
Merely follow the link to search out the professional indemnity insurance that is right for you.