Creating a Risk Management Strategy Focusing on Professional Indemnity Insurance
Working with clients can involve a number of risks, and it’s inevitable that some mistakes will be made somewhere along the line. We’re only human, afterall. Therefore it’s important not only to have professional indemnity insurance, but to have the right cover for you and your business. The best way to do this is by incorporating a risk management strategy in with any professional indemnity cover to ensure you’re getting the most suitable cover for you and your business.
What is Professional Indemnity Insurance?
Professional indemnity insurance, also known as PI insurance, is cover that protects you and your business from the costs of compensating a client through any mistake you’ve made that causes them financial or reputational damage.
These could include things like giving incorrect advice, sharing sensitive information, defaming your client, breaching copywriting, and losing or damaging goods or documents.
If you’re a business that works with clients on a regular basis, it’s always useful to have professional indemnity insurance to cover you in case anything goes wrong through your dealings with them. There are many risks that could be covered by professional indemnity insurance, including some you might not have thought about before.
The world of professional indemnity insurance can be broad, with many different options for cover out there to use. There are a number of ‘off the shelf’ policies that you could take out, but they might be unsuited to the specific way your business operates. To better understand what you might need to have protection for, it’s best putting together a risk management strategy to go with any PI cover you take out.
Creating a Risk Management Strategy
By having a risk management strategy created, you are able to identify and assess the risks that might come up when working with clients. This could be something you put together yourself, but Full Time Cover are able to create one for you from the ground up, making sure that the insurance you require is being taken into account from step one.
Creating a unique and tailored risk management strategy allows us to narrow down the field of what specific type of professional indemnity insurance you require. It’s different for all sectors and can even vary from business to business depending on what work you do with clients. For example, a logistics company would need a different sort of PI cover to one that offers financial advice.
If you have a good idea of what risks your company encounters or may encounter in the future, then you can always piece together the start of a strategy that we can work with you to develop and attach specific and relevant professional indemnity insurance onto.
Strategies like this are useful because they not only allow you to identify the risks that you know that are currently present, but they can also identify gaps and deficiencies in business practices. It gives you a broad look over your company’s processes and current risk management methods and allows you to match any professional indemnity insurance to any newly-identified areas of risk.
Developing a Tailored Risk Management Strategy
And it’s not just new policyholders we can help with professional indemnity insurance either. Even if you’re an existing policyholder for PI insurance, we’re also able to take a look at your current coverage and advise you on the areas where you will need coverage and the areas where you may be paying for cover but don’t actually require it.
So you can call us on 0207 923 4191 today to discuss not just any professional indemnity insurance you require, but a tailored risk management strategy to go with it to ensure you’re receiving the most relevant cover for your needs.