November 2013

PI Insurance for freelancers

With flexibility, power and a greater potential for earning, freelancing is a highly appealing career choice. It gives individuals greater responsibility and ownership, as well as allowing for sole business decision making.

However, like any job, there are always less positive elements that one must consider. Job security and stress comes to mind for most, yet risks that can be mitigated by implementing an insurance program are often overlooked.

When a freelance consultant offers a specific service or specialist expertise, they owe a duty of care to those relying on them for that particular advice or job. Dissatisfied clients or those claiming to have suffered a loss on account of the freelance work could hold the individual financially liable.

To safeguard both a freelance business, as well as the freelancer’s personal assets, it’s crucial to secure Professional Indemnity (PI) insurance, which offers protection against client claims.

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