Liability, Litigation, Liquidation - Remove The Financial Threat Of Making Mistakes At Work - Entirely!

For professionals without professional indemnity insurance, a simple mistake can signal the start of a remorseless journey - from bad to worse.

For example, an Engineer makes a calculation error. Or an IT Consultant misinterprets a technical specification. Or a Graphic Designer inserts the wrong contact details in an advertisement.

 Simple mistakes, but mistakes that can result in significant financial losses for the client.

 The construction project suffers a costly delay, thanks to the Engineer. The new data processing system crashes because it can’t cope with the number of users, thanks to the IT Consultant. Sales are lost because customers are ringing the wrong number, thanks to the Graphic Designer.

 At which point, the unhappy client’s lawyers will seek to pin Liability for the losses on whoever made the mistake – the Engineer, the IT Consultant, the Graphic Designer, you? - Regardless of whether or not he or she has pi insurance.

 Of course, the option exists to challenge the claim. But that means Litigation. And without the protection of professional indemnity, that will almost certainly mean lawyers’ bills. Lawyers’ bills of a size that a large corporation can probably swallow unthinkingly but which an independent freelancer or a small consultancy firm will probably drown under.

And it really can go from bad to worse. Because if the litigation ends with the claim against you being upheld, then in addition to paying the legal costs, you’ll have to find the money to cover a compensation award commensurate with the financial losses the client has suffered. And if, without the protection of indemnity insurance, your business simply can’t raise that kind of money (and it could be tens of thousands, hundreds of thousands, even millions of pounds in some cases) then Liquidation beckons.

 The crazy thing is that this tale of woe could so easily have turned out differently, because Professional Indemnity" insurance really can remove the financial threat of making mistakes at work. Entirely.

 Find out more by calling 01480 470220 or emailing info@coulsonpritchard.com.