Starting a business from home: What insurance do you need?

Summary

Professional indemnity insurance

What is it?

Professional indemnity insurance

What is it?

Professional indemnity insurance can also be referred to as either professional liability insurance or simply PI. It covers you in the event that you make a mistake or provide inadequate services or advice while working with a client.

Claims that are covered by PI insurance include: libel and defamation, negligence, misrepresentation, errors, omissions, breach of confidence, loss of information, loss of money, and more.

You'll be covered for the legal cost of defending your business against any claims, as well as for the compensation that may be owed to a client.

Should I get it?

It's easy to say that you will never make the mistakes listed above, but accidents can happen to even the most cautious businesses – and even if you manage to avoid mistakes entirely, that won't necessarily stop a client from making a claim against you.

If you deal primarily in knowledge and skills – offering a service of consultancy: as an architect, accountant, IT professional, trainer or designer, for example – you should think seriously about getting this cover.

In fact, some clients will refuse to work with you unless you have it.

Starting a business from home: What insurance do you need?
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