How much does Professional Indemnity Insurance cost?
So, how much does Professional Indemnity Insurance cost? As with most insurance, the cost of a professional indemnity policy will depend on certain factors. For example, exposure to certain risks associated with your profession and the size of your business.
Ultimately, choosing to take out professional indemnity insurance is a personal choice, but it is something which all professionals’ should consider seriously. The costs associated with a claim, from legal expenses and compensation could run into thousands of pounds. Without the right insurance cover, you could risk losing your business and much more.
Being mindful of the potential pitfalls you could be vulnerable to when freelancing is fifty percent of the battle. Doing this will enable you to implement effective precautions to negate most of the risk. Examples include checking whether you have the legal right to use certain images on websites, or a client’s consent to use their company logo.
A cost-effective way of managing your business insurances may be to combine policies. You could look to include Public Liability Insurance with your professional indemnity insurance in order to protect your business from various financial risks.