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Ask The SheEO: I just started my own business, do I need Professional Indemnity insurance?

“Jen, I’ve just started my own business, do I need Professional Indemnity Insurance? And where do I get it?”  As it happens I received two separate emails this week asking about Professional Indemnity (PI) Insurance, so maybe it’s been in the news lately? Well anyway, if you’re thinking about starting your own services business, this is something you should consider. 

I’ve been a self employed business consultant and career coach for almost 10 years now and I’ve always had PI insurance. I guess my opinion was shaped from working in a global consulting firm, where there was always the risk of litigation. But the clincher for me was that the corporate clients I work with require me to have it.

So if you’re planning to work with large companies it’s essential… but it can be expensive!  Think in the several thousands of dollars a year for a small consulting practice from the larger company providers.

As my consulting practice shifted and shaped over the years I changed my cover to an industry based one. I encourage others to look into whether their industry body has an affiliated package available – for most accountants, lawyers, consultants etc this is possible and it could save you thousands of dollars every year (it has done for me!)

I now consult to and advise many small business operators and my advice is that if you are offering advice that others may rely on, you should have PI insurance.  Consider it part of your set up costs…

 

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2 weeks ago

Jen Dalitz

What are the lessons you’re teaching your kids? We took the opportunity of a holiday long weekend to visit my mum interstate as the timing of the trip coincided with my son’s favourite AFL team battling it out against my mum’s beloved team. Perhaps only those of you with the love for AFL will appreciate why we’d plan a long distance trip around a game of footy, but suffice to say it was a passion project! With every ounce of anticipation, the game was a tough, tight duel and could easily have gone either way. Yet when the final siren sounded, it wasn’t our team that was smiling. It sure is tough for a 10 year old boy to sit within a crowd 41,000+ people all cheering for the opposite side. It was tough for him to see the exhaustion and disappointment on the faces of the players he adores. And yet, it’s so important for him to learn that his team won’t always win. There’s so many lessons in that, but the one I chose to instil is that you won’t always back the team that wins but you’ll always back the team that you love. That’s why I asked him to wear his team colours home the next day, and show his support even when the chips are down. That’s the kind of commitment I want my son to learn and the kind of team player I want him to be. PS. #gotheGiants @GWSGiants #neversurrender ... See MoreSee Less

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2 months ago

Jen Dalitz

I haven’t been here in a while as the writing has been on hold. But I was reminded today that there are things in our life that light us up. That might take us out of our comfort zone but, once you sit with it, bring you both joy and a sense of “I can do this” achievement. These moments are such a gift. So I’m curious, what’s your special thing that lights you up?

Despite (or in spit of) my professional career, these moments for me normally involve my horses. I’ll never be an equestrian Olympian, but I take great pleasure in all the lessons my horses teach me. They remind me that it’s a team effort, we’re in it together, and that if I’m prepared to give a little bit more, they will too. That’s true whether we’re on the ground taking care of their feet, or grooming, or when I’m atop riding as one. Two hearts one team.
It’s hard to describe the adrenaline and joy they bring to my life. But I’d love to know, what lights you up??
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And so, maybe time does change some things. Or women do.

Skavlan Talkshow
– They let me go at 42 because they told me I was too old to represent women's dreams. #kvinnedagen

Watch our talk show interview with Isabella Rossellini here: www.youtube.com/watch?v=zRa7UptZ3qw
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