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Why PII? |
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Why PII?
IT Analyst or Engineering Contractor. Management Consultant or Web Designer. Social Worker or Forensic Investigator. As a professional, you provide professional advice and/or services. And that leaves you open to accusations of negligence if anything goes wrong.
Even if the accusations are unfounded, you could find yourself paying out huge sums of money to defend yourself in court. And if the case goes against you, you could end up liable for the full amount of any compensation award as well as not just your own legal costs but the other side’s legal costs as well.
And that could be more than enough to put an end to everything you’ve worked for and even leave you facing bankruptcy.
Professional indemnity insurance will protect you against that possibility. Some might call it a ‘no brainer’.
But of course, you might be thinking that you’re far too professional to make the kind of mistake that could possibly be viewed as negligence. Well, think again. Everyone makes mistakes from time to time. And while most mistakes can be easily rectified, others can cause significant financial damage. If that happens, you can be sure the client (even the client you had a drink with last Friday) is going to take legal action to recover those losses.
But professional indemnity insurance isn’t just about protecting yourself. These days, it can be an essential marketing tool as well. Many organisations, in the public, private and not-for-profit sectors, are insisting that all of their suppliers (and their potential suppliers) have full professional indemnity insurance in place. Without it, you simply won’t get the work. |
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