Every company has its risks, and at times a little accident can lead to enormous consequences, and you need to have the necessary insurance in place to help you with this issue. At times it can be that a client or employee takes you to court over a mistake or complication and this can lead to financial problems for you and your business. It is why you should get professional indemnity insurance and be at peace knowing you are covered.
It does not matter what qualifications or experience an employee have, mistakes happen and it is part of our daily life. You can offer them and yourself the opportunity to have assurance knowing if something is to happen, you will have the finances to rest your case.
You as the small business owner needs to look at the below before saying no to insurance:
- Do you have the finances to settle a claim that a client won in court? It can set back a small business for years if they do not have indemnity cover.
- Do you offer a professional service to people? Then, your answer is to get the necessary coverage.
- If you are starting up a big company, at times, you will be required to have indemnity insurance before they can sign a contract with clients. It will ensure that both parties will have the necessary protection against any unforeseen situations.
- Business owners at times are not at fault, but the client does not see it that way and sue for compensation. It can be when your company works with another to complete a project for the customer and the third company make a mistake. The client will see as the responsible one. It is also a good reason to find a business to get the PI cover.