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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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