At Bollington, we are often asked the question: who is professional indemnity insurance for?
If you give professional advice in the course of your work, then it could be for you. Professional indemnity insurance is taken out by individuals or businesses who give advice to their clients. It is not a legal requirement though in today’s litigious society it could be invaluable, both financially and for peace of mind.
You may feel that all the advice you give your clients is good advice, and indeed it may be. However all advice is open to interpretation, and while the advice that you have given may be good, your client may not have understood, and consequently blame you for errors on their part. In some cases, the client may have understood, but other circumstances may have changed which they feel you should have taken into account.
For solicitors, their legal advice may be taken, and it may later cause a problem that they are held responsible for. Engineers give advice on the best design for certain buildings or products, but there can be unforeseen consequences to aspects of design that may later prove problematic. Architects and accountants both give professional advice which they could be held accountable for.
Who is professional indemnity for? You may think, “Not me, as I am just a sole trader”, but if you are giving advice even as an individual, you could be liable. Even a charity, offering services for little or no financial gain, can be sued for advice given, regardless of the fact that they did not receive payment. Unfortunately when people are under stress – when their life or business is in difficulties – they do not always think about the morality of their behaviour, but instead simply look for someone else to blame.
You can be held responsible for the advice you give in a variety of other professions, which you may not consider you would need to take out professional indemnity insurance for. For example builders, contractors IT consultants, nurses and even landlords can benefit from the protection afforded by professional indemnity insurance.
If you are unsure of the answer to the question – “who is professional indemnity insurance for?” why not contact us. At Bollington, we will take the time to listen to you, and understand the nature of your business and industry. Together we will be able to decide if you need professional indemnity insurance in your line of work. If you do, we are ideally placed to source you the very best deal for your policy. With over 40 years’ experience in the insurance industry, and as one of the leading insurance brokers, we have the market reach to access the best deals for our customers.
So if you would like to know whether your profession features in the answer to the question, “Who is professional indemnity insurance for?” simply contact a member of our highly trained and professional team today. Please call 01625 400206, or to read more visit our website www.bollington.com