For further information on Professional Indemnity and freelance insurance, please contact Coulson Pritchard Associates on 01480 470220 or visit at www.coulsonpritchard.com
So you are a professional and provides specialized consultancy to a large number of people? There are millions of professionals who earn their living by selling their advices and knowledge. It is true that, for earning the status of professionals, these people have worked hard to gain a thorough understanding of their chosen subjects. Besides having expertise in different disciplines, professionals are prone to make mistakes or commit errors capable enough to spoil their future career.
Professional Indemnity insurance policies are advanced insurance options that protect professionals against professional negligence made by their clients. The policy meets the cost of defending claims and damages payables to clients that have generated from alleged negligence, omission and error.
A number of surveys have confirmed that many professionals consider indemnity insurance policy as an expensive and unnecessary overhead. They may not realize its usability in the long run. Therefore, many professionals do not bother to buy it. However, the recent cases have revealed that professionals are no longer safe. Even, courts have awarded verdicts in favor of clients and professionals have to pay substantial claims. Hence, without having a strong and supportive financial security, a professional business is not free from risks.
Indemnity Insurance: How much cover is required?
The amount of cover varies with a professional’s needs and requirements. To determine the extent of risk involved in a particular business, it is important to have a realistic view that can protect the further damages and losses that a professional could be held liable. Also, being under insured may rise to embarrassing situation when a professional has to pay a heavy sum as directed by the court for his/her professional services.
Usually insurers follow different policies when it comes to decide the amount of insurance policy to an extent. It also depends on disciplines chosen by professional.
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