Don’t believe that professional indemnity insurance is necessary to protect your business? This guide will show you some of the ways having an insurance policy can protect you from lawsuits and other issues that may threaten your business.
We dive into why you need to be able to stay in business for the long haul, and how an insurance policy can help.
Professional indemnity insurance, also known as PI insurance, can help protect your business against potential claims that may arise out of the work your business provides.
This insurance policy will protect your business should someone bring a lawsuit against you, alleging that the work you provided was faulty or not up to the required standard.
Professional indemnity insurance can save your business a lot of time. That’s because it means you won’t have to take the time to hire a lawyer if you are served with a claim.
Taking on the lawyer yourself will likely cost you more than the insurance you have in place.
This will allow you to focus on running your business. You won’t have to take time off to deal with any legal issues because you’ll have the insurance policy to rely on.
Professional indemnity insurance also serves as a deterrent to people who may want to sue you. In many cases, it’s less likely that they will take the time to pursue a lawsuit against you.
If they do, they will likely have to pay the cost of the legal fees, as well as the cost of the insurance policy.
This will likely dissuade them from pursuing a claim against your business, which means you won’t have to deal with an issue that could distract you from running your business.
Even if you run a business that is virtually guaranteed to never have any problems, having PI insurance in place will allow you to feel more comfortable about what you’re doing.
The insurance policy you have in place will also allow you to have peace of mind. You won’t have to worry that you won’t be able to provide for your family if you are sued and the claim is upheld.
This allows you to focus on running your business, rather than having to worry about the legal issues that might arise.
If there is a suit brought against you, you won’t have to worry about losing everything. This can be a large weight off of your shoulders, especially if you have a family to support.
A PI insurance policy can also protect your assets. By making sure that you have the right insurance policy, you can be certain that your assets will be protected if you are sued.
This means that you won’t have to worry about how you will cover the costs of a legal battle that you can’t afford to pay. This will allow you to focus on your business and what you want to achieve.
Professional indemnity insurance is a great way to protect your business, making it easier and less expensive to manage the legal issues that could arise.
If you want to protect your business, Ensura can help you out. We offer business insurance in Sydney to ensure successful and worry-free operations for you. Get in touch with us today to learn more.
Disclaimer: As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy document. The information contained on this webpage is general only and should not be relied upon as advice. The opinions expressed in the Blog are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific insurance product. It is only intended to provide education about the financial and insurance industry. The views reflected in the commentary are subject to change at any time without notice.
