How every contractor can benefit from Professional Indemnity insurance
We’ve no doubt that you’ve heard of Professional Indemnity insurance before. You may know it by a different name; errors and omissions, PI insurance or professional liability insurance. Whatever you call it, it means the same thing.
It’s insurance that provides cover for freelance contractors in the event that a client suffers financial losses as a result of a ‘breach of professional duty’. That could mean neglect of professional responsibilities, an error in work or omission on the part of the contractor.
It’s a pretty fundamental element of cover for any contractor. It will protect you if a client alleges you’ve made a mistake in any designs, advice or specifications you provide during the course of your contract.
Many freelance contracts now require you have a minimum level of Professional Indemnity cover and for good reason. Read on to find out what we think are some of the main benefits that this insurance can bring to a contractor’s life.
Peace of mind
There’s no two ways about it: having the right insurance cover just gives you one less thing to worry about. If you want to focus on generating newer, bigger and better business opportunities for yourself then you don’t need the threat of legal action being taken against you by a disgruntled client.
Having adequate Professional Indemnity cover gives you peace of mind, knowing that if the worst happens you have professionals looking out for you.
With professional indemnity cover you don’t need to bury your head in legal books should a former client allege negligence on your behalf. Having adequate professional indemnity insurance will provide cover for your defence costs, allowing legal experts to handle your claim and ensuring that you can continue with your business.
That way, you can focus on doing what you do best and let experts take care of you in the event of a claim.
Your professional indemnity insurance will provide financial cover for your legal expenses as well as covering any damages that are awarded to your client in the event of their claim being successful. That way, you don’t have to worry about having deep pockets should a former client bring a claim against you. That’s the beauty of holding comprehensive insurance cover.
How can Kingsbridge help?
A contractor’s world is fast-paced and changeable and we understand that mistakes are bound to happen occasionally. Contractors are humans after all, and who can say they’ve never slipped up in work from time to time? We have many years of experience in dealing with the risks that contractors are exposed to in their working lives.
It’s for this reason that we developed our comprehensive contractor insurance package. Featuring Professional Indemnity cover of up to £1million, we’ve tailored our policy package to provide the most comprehensive insurance cover that the modern contractor could need.
If you’re seeking comprehensive contractor insurance cover, speak with the team at Kingsbridge for an easy to understand, fuss-free service that will give you the peace of mind that you’ve got experts looking after you.