If you are self-employed, having Professional Indemnity Insurance (PI) can be very important depending on the nature of your work and here’s why.
With more people discovering the joys of working for themselves or starting up their own small businesses, the number of freelancers working in the UK has increased by over 30% since 2014.
What Is Professional Indemnity Insurance?
Professional Indemnity (PI) insurance covers individuals or organisations providing professional services to clients against things which lead to expense, either for the client or the provider. This could include claims stemming from breaches of professional duty, negligence, or just plain human error. Protecting your finances with PI insurance means you would be able to continue trading in the event of a case.
How Do I Choose The Right Policy?
Unlike other insurance policies which usually have a standard upper limit (the maximum amount your insurer will pay out), PI Policies often have a choice of limits. Your relevant industry bodies may well make a recommendation on which one you should choose.
Here at IFM Insurance Brokers we can offer Professional Indemnity tailored to your profession and circumstances. Please get in touch here to discuss in more detail.
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