Professional Indemnity Insurance for Freelancers

In today's knowledge-driven world, where clients struggle to enroll the most gifted, highly experienced people, the chances for freelance consultants are infinite. Certainly, freelancing can be profitable and rewardful but it's not all sweets and roses. How come? Due to the fact that even the most knowledgeable freelancers will find themselves in a really hot water if their recommendation / works bring financial losses to a customer.

If everything does go badly and a single professional nonperformance claim is filed on the freelancer, their whole life, career and financial prospect may be easily put on the line. Smart freelancers understood its value in the professional indemnity insurance. Surely professional indemnity insurance acts as a reliable safety net, finance legal expenses and compensation expenses during a claim - it also works as a seal of authenticity and credibility while tapping new customers. So why don't you keep up a policy for only a few dollars each week?

A good example about the way professional indemnity insurance claims can take place is shown as follows.

• A graphic designer developed a logo taken from the internet, and he was sued for copyright breach. Compensation is awarded for £45,000.
• A marketing advisor published the wrong phone number in an ad and was litigated for damage to the advertised brand and loss of income £50,000 was granted as compensation. Fortunately for the advisor, he had enough professional indemnity insurance for covering the legal costs and compensation.