In today’s world it seems that if you are self employed, you need to have an insurance policy to cover yourself against almost anything that could possibly happen to you. Depending on what type of business you have, the choice could be between either professional indemnity insurance or public liability insurance.
Making the choice can be difficult, but with a little searching you should be able to decide which will suit you best. A good insurance policy could be the best investment that you ever make.
Public liability insurance is basically to provide protection for your business against the financial risk associated with a claim from a third party. This might be a claim in connection to an injury suffered by someone, or damage to someone’s property that was caused directly because of your work practice.
If you injure someone, or cause damage to someone’s property in the course of carrying out some work then public liability insurance is what you would need. Although it is not compulsory to have this insurance it seems like good working practice to have it on board.
On the other hand, professional indemnity insurance is a legal requirement in such professions as accountants, financial advisers and lawyers. Others like pharmacists and doctors would be very reluctant to carry out their work without it.
Professional indemnity insurance is designed to protect people whose business involves them giving a consultancy service or professional advice. It is there to protect you and help you should the worst comes to the worst, and you become embroiled in a legal battle.
If as an example you are an accountant and you give a client some financial advice, and it then transpires that the client suffers a financial loss, he may well want to sue you. In this was the case, professional indemnity insurance would protect you.
If your job involves you giving professional advice in any way shape or form, you will need to have the protection of professional indemnity insurance. Basically, if you are offering professional advice, you are in a higher risk category than other professions.
From architects to web designers, dentists to optometrists, book keepers to translators, all of these types of business will benefit from the protection that professional indemnity insurance offers. There are a huge amount of professions that will need it, so it could be well worth your while taking some time to check if yours is amongst them.
Do not whatever you do presume that you will be all right without it, especially as the country seems to be infatuated by the recent advent of no win no fee legal offers. Imagine if you can, the consequences of being taken to court, losing the case against you, having to pay compensation as well as all of the costs, and not having the protection of professional indemnity cover.
The costs alone could be astronomical, so, if you give good advice, then take some good advice and get yourself covered with professional indemnity cover.