Professional Indemnity and Keeping Up with Professional Progression

By Cliff

Professional indemnity insurance has to keep up with the current job market as job titles change, new roles appear, and people change jobs more often than they used to. Today we are witnessing the rapid appearance of new roles such as GDPR consultant, cyber-security adviser, blogger and on-boarding manager.

A recent report from Forbes called ‘Millennials Aren’t Afraid To Change Jobs…’ said a LinkedIn survey indicated that millennials do more job-hopping than previous generations, but this generally calms down after five years of being in a career. On balance,  the same article warns that baby boomers also frequently suffered from itchy feet in their 20s.

Professional indemnity covers the human policyholder rather than accidents and possessions. It insures against claims for  loss caused by mistakes, negligence, errors, omissions, misstatements or misrepresentation: for example, confidentiality and copyright breaches, losing files, dishonest employees, and writing or saying defamatory statements or comments.

Being accused of any of the above could result in a financial compensation claim, the legal costs of drawn-out disputes, reputational damage, and even the loss of some existing customers and inhibited new business generation.

There’s always a chance of making a simple mistake that leads to loss when providing professional services.

Professional indemnity insurance is a safety net which is particularly important for those working as consultants, advisers, trainers, designers, translators and inspectors. Every profession is different, so we take time to understand your potential risks and challenges so we can be confident that your professional indemnity policy acts as the safety net it should be.

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