There is probably nothing more stressful than starting out your own business, especially when it comes to the amount of things which should be taken into consideration. In today’s article, we are going to discuss professional indemnity insurance, and provide you with a short guide of what this type of insurance involves.
When starting up a business there is so much focus given to ensure that everything runs successfully, and as a result, certain things may unintentionally slip your mind. Sadly, insurance is not always the first thing to be taken into account when you start your business plan, but perhaps, it is one of the most important factors to consider.
You may feel as if you do not have the time to seek out the correct insurance for your business, however, this is where care and attention is needed. When help is required, Watson Laurie should be your first port of call. Our expert team will of Insurance Brokers will assist you when it comes to finding the correct policy.
This brings us to professional indemnity insurance. Known in short as PI, this kind of insurance should be seen as essential for all providers of professional services. The purpose of PI is to protect your business from the threat of compensation claims from clients who have stated that they received financial loss due to a mistake made on your part. Unfortunately, some clients may also seek financial reward even if you have not done anything wrong, further proving the importance of this policy.
It is compulsory for accountants and financial advisors to be covered by PI insurance, however, it is worth noting that not all businesses are legally obliged to take out professional indemnity insurance. Architects, IT consultants, journalists and engineers are just some of the professionals who may benefit from this kind of insurance. You can gain more knowledge on this topic by clicking here, or alternatively, visit us over on our website for more information on professional indemnity insurance.