No one is ever negligent on purpose, nor are you planning on doing a poor job or making mistakes, but life happens. There’s a saying that if you don’t want to make mistakes, then you shouldn’t work. And that’s all well and good and very true, but that doesn’t mean clients will accept such an explanation, especially if your mistake or negligence resulted in a significant financial loss for them. So, does this mean you have no choice but to risk a law suit and being cleaned out financially or should you just quit working so you are never liable?
In the first instance, you will likely lose everything, including the shirt off your back, while in the second instance… Well, that’s like saying you’ll never leave your house because you might get run over by a bus.
Instead, Access Financial suggests the Professional Indemnity Insurance policy we offer thanks to our various partners all over the world.
The Professional Indemnity insurance policy will protect you against clients seeking compensation in the event you have made a mistake or were found to be negligent in the services you provided.
This policy won’t cover just the compensation but any legal costs involved in defending the case as well. Please note that most end clients require contractors to have a solid Professional Indemnity Insurance policy.
Access Financial can offer you a Professional Indemnity Insurance policy, whether you are employed or self-employed, at highly attractive rates with coverage up to EUR 5 million all over the world, except for the US and Canada.
So, even if your end client hasn’t made it mandatory for you to have professional indemnity insurance, it’s a cover you should get in any case. There are so many risks involved in working in different countries that you can make a mistake without even realising – such as one caused by a cultural misunderstanding – and that is precisely why you should always protect yourself.
For more information please contact Access Financial’s Insurance Wealth Section Manager at firstname.lastname@example.org or call us at +357 2582 0640.