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Do you need indemnity insurance? If you are a business professional who advises clients, then you should have this insurance. Professionals such as lawyers, doctors, accountants, architects, and all others that provide consultations should be insured.
The reason to have this insurance is that your client might be dissatisfied with your advice and might claim damages based on what he claims to be inaccurate guidance. As you can see, this can be a subjective charge. You need to protect yourself against the whim of a client who is looking for someone to blame for his misfortune.
Insurance carriers offer policy holders protection from allegations of negligence. Companies offer protection against claims that you omitted to properly handle your client's business. The insurance offers protection of not only your finances but also of your reputation.
You have spent a lot of time and money acquiring your professional degree. You have spent years establishing your business. One claim against you could ruin your career.
In addition, the legal costs of defending your business could very well destroy your company viability. Even professionals are only human. And all human beings make mistakes.
But one mistake should not end your professional career. This type of insurance is not cheap. But you must realize that only one lawsuit can cripple a professional's business.
Depending on your profession, you will have unique needs. A surgeon will have a different standard of care than an accountant. This is why you should speak with an insurance expert familiar with the insurance needs of your particular profession.
There are many companies that offer this insurance coverage, so you need to do find the best company with the right policy and least expensive price for your needs. Some companies specialize in certain areas. Some offer insurance only to medical professionals.
Some work only with lawyers, while others only serve the architect profession. Others serve all professions. You may want to get several quotes before deciding on a particular company.
You purchase insurance and hope you never have to use it. Insurance truly is buying peace of mind against the litigious nature of the society we live in.
As a professional you do your best to serve people. But if you make a mistake, or if you come across a person who is intent on trying to take advantage of the legal system, you need to be protected. The worst case scenario if you do not have indemnity insurance and you are sued is that your professional business will be ruined. Do not let this happen.
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