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As a professional you are putting yourself out there. You are providing a service to the public. You are also human and mistakes do happen. In the event that you, or one of your employees unintentionally makes an error, or have an omission in your work and you could be held liable for in the event your client or third party suffers a financial loss. Even if you think this is something that is not possible for you, the truth that it is no business is immune. Things do happen and generally when you least expect it. Professional indemnity insurance provides protection for awards and defence costs arising from allegations of professional negligence. It is designed to provide protection for third party financial loss. So don’t be the one that is caught without professional indemnity insurance. In business, we don’t plan on doing anything on purpose, but accidents do happen. What is unfortunate is when an accident results in an individual being sued and that individual has to pay for the damages out of pocket. They may have to sell their home or their possessions, or go out of business as they are unable to fund the costs. When purchasing insurance, remember, under current legislation there is a requirement for the policyholder to understand the terms and conditions of cover. Make sure you read the policy documents and have a relatively good understanding of what type of policy you are purchasing covers. If you do not understand something, ask your broker to explain. Too many people make assumptions which can lead to disappointment in the event of a claim. Under current legislations, clients have a responsibility to understand the products in which you are purchasing. Amanda Smith is an award winning insurance specialist with over 14 years of experience. As the senior principal of Optimum Insurance Services, she provides qualified and tailored insurance broking services to business and corporate markets.
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