Business

Professional indemnity insurance can protect your business against a financial claim made against you by a client who believes they have suffered a loss due to poor service or bad advice.

It can even cover the cost of your legal defense when you are accused of a mistake, you haven’t made.

The level you require will depend on your profession and the services your company offers. Stressful and costly losses can be incurred via: –

Advice and consultancy – Clients can claim compensation if there’s a mistake in the advice you’ve provided.

An expert service – A client can make a claim if you make mistake in designs, plans or calculations.

Handling client information – You could face a claim if you accidentally disclose data or infringe on your client’s legal rights.

Some clients will insist that you have PI before you can start working for them and in some industries it is compulsory.

If you are able to choose your own level of cover then there are a few things you will want to consider selecting the right level for you. Our policy offers limits ranging from £100k all the way up to £5 million, to suit your individual requirements. Considering your type of profession or creative field of work; you may wish to consider the following:

IT Consultants -Explore rectification costs 

These could be very costly in the event of a serious mistake you’ve made. Costs could also include fees and charges for a specialist 3rd party to resolve the issue and see the project through to completion.

Creative & Media – Think about the potential legal fees in the event of a court case against you

Legal defense costs are not simply the costs needed in order to defend yourself but also those incurred by your client  legal fees incurred by your client that may become payable by YOU if a case is awarded in their favor. Costs such as these could run into eye watering figures.

Project Managers – Consider the maximum compensation that could be awarded against you

We know that you do your job properly, but everyone makes mistakes and so when considering what indemnity limit to buy, you need to consider both compensation payments as well as legal defense costs. Think about what could happen, what effect it may have and how much it would cost. We would suggest that you err on the side of caution here to ensure that your limit is enough to protect you, should you need it.

Translators and Interpreters – Consider the fact that compensation claims, and legal defense costs can vastly exceed your contract value. 

It is only common sense that the larger the company you deal with the bigger the legal department and the greater chance of a claim made against you if a mistake leads to financial loss.

You may be doing a small £50 job for a customer, but you need to remember that compensation payments and defense costs are not limited to the value of your contract. For example, if you make a mistake in the translation of some food packaging and the manufacturer must recall their product, they are going to look to you to reimburse their loss, which will be no doubt substantially more than they paid you to do the work.

Why is professional indemnity insurance important?

As you will know, working for yourself has its benefits but it also comes with its risks. If you make a mistake (and we all do) or are accused of making one that has caused your client financial loss, then you could be responsible for both hefty legal costs and heavy compensation payments. We hope that you never have a claim launched against you but if the worst should happen and you cost your client money through a mistake, then it makes good business sense to have a policy in place that can protect you. Would your business stand a chance at surviving if a client claims you’ve lost them money?

As you will know, working for yourself has its benefits but it also comes with its risks. If you make a mistake (and we all do) or are accused of making one that has caused your client financial loss, then you could be responsible for both hefty legal costs and heavy compensation payments. We hope that you never have a claim launched against you

What does professional indemnity insurance cover?

At ipro, our professional indemnity policy can help protect you from the risks you face in your line of work. Unlike many other providers, we include full retroactive cover which means that our policy can cover claims from incidents that happened in the past but are not yet known about, even if you had no insurance in place at the time.

What level of professional indemnity insurance do I need?

Professional indemnity insurance (PI), or professional liability insurance as it sometimes referred to, can cover you against a client making a financial claim against your work.

PI can pay your legal costs and any compensation payments that may be due if a client takes legal action for a mistake you have made when providing your services, designs or advice. It can even pay your legal defense costs to clear your good name if you are accused of making a mistake but have done nothing wrong.

We’re sure you are very good at what you do so you may find yourself asking “why do I need professional indemnity insurance?” The reality is that we live in a compensation culture and any business providing a professional service can be challenged if a client deems the advice or service received is incorrect or has failed to meet expectations. A professional indemnity policy can cover legal defense costs as well as any award made against you. A claim can be extremely costly and disruptive and so it is wise to protect your work from the outset.

In terms of specific professions; professional indemnity can offer the following benefits:

Here at ipro, we offer professional indemnity insurance cover which can protect your IT firm whilst you offer your skills and services to protect the information technology of others. Keeping computers and software running smoothly where hacking and cybercrime pose an ever-increasing threat can be a challenging task, but you can run your business confidently knowing that our professional indemnity insurance can offer protection for such issues as:

Creative media is at the heart of almost every business with social media being the platform on which to market, advertise and increase footfall to your client’s door. Our professional indemnity insurance for creatives & media could be exactly what you need to protect yourself against the worst. This professional indemnity insurance is ideal for those involved in the following professions:

brand development/corporate identity consultants

If you infringe on somebody’s intellectual property or are accused of providing poor advice to your clients, your professional indemnity policy could protect you against costly legal defense and compensation awards.

Working as a project manager can be immensely rewarding when you see a project from design brief through to completion. However, it is not without its challenges. Many times, a looming problem can be avoided, but when there is no solution but hindsight – it may lead to a costly and stressful claim that could literally mean game over for your business. ipro offers project managers’ professional indemnity insurance which can protect you against such problems as

We know that translators and interpreters work hard on many different projects and as we are all only human, mistakes can be made. If you mistranslate or misinterpret something you client could suffer financial loss and may launch legal action against you to recover it. Defense costs and compensation payments can run into thousands, or even millions of pounds. Our policy could protect you against such things as:

Professional Indemnity insurance is essential in today’s compensation culture-driven environment. It takes just one mistake for a client to lose out financially, and even if you have not made a mistake, but you are accused of doing so, legal defense costs can run into some seriously big numbers.

Professional indemnity insurance can protect your business, and when your business is not only your baby but your livelihood, it makes sense to do just that. Professional Indemnity Insurance (PI) – or Professional Liability insurance as it is sometimes known can cover legal defence costs as well as compensation payments for any acts, errors or omissions that you make or accused of making in the course of your work. 

It is only human to make mistakes but even a small mistake could result in a big loss to a client, especially when you are employed in a creative field where there are fewer rules and the finished product can be open to interpretation. You need to feel confident in your ability to carry out a project to conclusion without sweating the small (and big) stuff and the certainty of knowing you have a professional indemnity insurance policy can take some of the weight of those shoulders.  

PI can help with a variety of losses to a client so if you are a business that provides some kind of professional service to clients, offers advice, handles data or intellectual property belonging to others, then Professional indemnity insurance can help to protect you in terms of compensation claims and legal defence costs.  

The following looks into the benefits of cover for a few of the professions that we offer products for:- 

Whether you work for a small business or major corporation, IT consultants are one of the many professions that are often required under contract to hold professional indemnity insurance. An ipro professional indemnity policy could provide cover for such things as:- 

Infringement of somebody else’s intellectual property 

Media is perhaps the biggest player in the industry, with almost every business involving interaction of some kind. Risks facing the industry such as defamation and intellectual property infringement have always been there and in a compensation culture are only becoming more prevalent.

If you count yourself among marketers, graphic designers, web designers, advertising agents, public relations, brand development, corporate identity consultants, copywriters, publishers and broadcasters then professional indemnity insurance can offer protection against such issues as:

unintentional infringement of intellectual property rights

Being a project manager can be satisfying work when everything runs according to plan. As the saying goes, however, what can go wrong will go wrong some of the time and a client won’t be pleased if it leads to their loss. In a time like this it’s nice to know that project managers’ professional indemnity insurance can be there for you, when you most need it. 

Due to a partnership with the organisation The Big Word, we are proud to offer professional indemnity insurance for translators. Translators and interpreters lead busy lives, darting from phone interpretations to court hearings as well as working away on translations at home. 

Inherent risks associated with this field of work are:

Mistranslating when translating/interpreting 

Failure to meet a deadline causing your client financial loss  

Professional indemnity insurance can provide protection and help give you a peace of mind that your policy is there, should you need it and lets you concentrate on doing what you do best. 

Public liability insurance can protect your company from third-party compensation claims for injury (including death) or damage caused to another person or their property.

No one looks for accidents to happen but unfortunately, they do, and so it makes sense to have this safeguard in place for peace of mind for you and your business. If the worst happens and a claim is launched against you, then public liability insurance can cover not only your legal fees to defend the case but also pay out compensation if your company is found to be at fault.

Part of running a business involves offering quality customer service, and this involves protecting your clients and the public at large. It doesn’t matter whether an accident takes place on your company premises or when you are working off-site; if you are deemed to be at fault then your finances, reputation and even your business could be on the line if you do not have public liability insurance.

Public liability insurance can help protect you and your business against the following:

For injuries to a third party or damage to their property that takes place on your business premises, a customer’s premises or other location.

If a claim is made against you and your business, then your policy can cover the cost of any legal proceedings.

The policy can cover the cost of repairing damage (for example, to a client’s flooring if you are a plumber and make an error which causes a flood).

The following are just simple examples where public liability insurance can help in certain professional roles.

IT consultants’ insurance can safeguard your livelihood against accidental damage to third party property as well as accidental injury to a client or member of the public that may be caused during your work. For instance, if someone trips over some network cables you are installing or suffers a shock, then you may find yourself facing a compensation claim.

Creative & Media covers a wide range of businesses such as: marketers, graphic designers, web designers, advertising agents, public relations, brand development, corporate identity consultants, copywriters, publishers and broadcasters.

It is not just the usual industry risks such as defamation and intellectual property infringement that you must keep yourself abreast of. You will also need public liability insurance which can protect you against such instances as a client claiming for damages to their product during an offsite commercial photoshoot.

Project Managers (architectural and construction based)

Project Managers are usually meticulous by the very nature of their work which requires them to be extremely organised but being a perfectionist will not protect you from something unforeseen happening. If a client is injured on the construction site you are overseeing then you will be glad you chose to have our public liability insurance which can stand your corner and provide financial protection to you and your business.

Translators and interpreters are often out and about, whether it be interpreting a medical appointment, police interview or translating a legal document. You may only be a small cog in a big wheel, but insurance could literally be a lifeline for you if someone is injured or their property damaged and it’s your fault. Compensation claims can run into seriously scary numbers.

What does public liability insurance cover?

Any business that encounters clients, customers or members of the public needs public liability insurance which can protect them from claims ranging from personal injury to property damage. Claims, that could run into thousands of pounds.

What level of public liability insurance do I need?

It does not matter whether you work from home, the office or conduct your business from a coffee shop – any accident that results in a claim from a third party will mean that you will be glad you took out public liability insurance. 

Why is public liability insurance important?

When starting up your own business it can be hard to attract customers. They need to know what you offer and why they should buy from you, but to do both of those, they need to find you first. 

Well, it all depends on your audience. Different audiences hang out in different places online. Think about how you use the internet. If you’re looking for a plumber, you go straight to google. If you’re looking for something techy, you’d probably go to Amazon. If you’re chilling out for five minutes, you probably go to a social network. 

Now think about what your audience would do to find your product or service. Do they know it exists? Or are you appealing to an audience that knows what you do already? When you have an idea of what journey they would go through online when buying your product, you can maximise your visibility at the time they go looking.

While you’re thinking about how to get in front of your customers, here are a few ideas on how to get started:

Register your business with Google My Business 

This should be your first point of action into being found online by potential customers. By registering your business with Google My Business, this allows you to be found more easily on Google and will show up on google maps for customers in your local area. 

Startup your own social media channels for your business

Social media is an amazing platform to take advantage of because after all, it is free! However, due to their being many social media platforms today you will find very different audiences on each platform. To establish which accounts you should activate, think; what is your business? Who are your target audiences? Where can you find your audience?

For example, if you have your own bakery/cake shop you are best using Instagram and Facebook to connect with your audience, due to Instagram being predominantly Millenials and Facebook being a slightly older audience you are therefore maximising your reach and engaging with those who will be interested in ordering from your bakery. 

Influencers are very effective in promoting businesses and brands. Using influencers will sure to instantly create exposure for your business to become visible to a wide audience across social media.  However, make sure you are selecting the right influencers to help spread the message and promote your business online, soon enough you should see your growth in customers.

 One of the best ways to get your business name out there and create awareness is through hosting a giveaway or contest on your social media channels. People love a good freebie, by giving away a free product or service will sure to increase your followers and reach. Whatever you offer, make sure that you are securing the customer’s contact details so that you can get in touch with them later.

If you are friendly and authentic online, it’s likely your expertise will shine through when you create content for your website or engage with people on social media. Being someone who people can easily approach will benefit you massively.  

By creating online content that is both unique and sharable, you will entice and intrigue your target audience. By offering authoritative content that helps your audience, you establish your brand’s voice and makes you seem trustworthy.

If you’re not entirely sure what SEO is, it stands for ‘Search engine optimisation’ and helps your business rank higher in Google.It can be a complicated process, but essentially it helps your services be seen by people searching for what you do. 

YouTube offers a great resource for helping market your business online. By offering online tutorials or helpful tips that aren’t profit lead will help to reach and engage with your target audience. Make sure the videos you upload are of high quality and that you are including a link back to your website – you never know, your videos could prompt a sale!

This site is a great resource for finding any online business, giving you the opportunity for customers to leave reviews and star ratings of their experience with your business, meaning your business will be more trusted by people looking online for what you do.

Join a relevant online community and contribute 

Joining an online community that is related to your field of work will really help get the word out about your business. By contributing and helping your network of people they will do the same for you.

Not only are Facebook ads relatively cheap, but you can target your audience incredibly specifically, meaning online social media scrollers will see your ad and with correct targeting, you are more likely to have a lot of click-throughs onto your website and perhaps more conversions.

Hopefully, by taking these steps, you will be able to conquer the online world and attract your target audience. Good luck!

A guide to being found online

Ahh the dreaded balance beam of work and life, you’re probably tipping over the edge with work and not having enough time for your everyday life, right? 

Achieving a work-life balance can often feel like an impossible goal however, you’re not alone. Most freelancers struggle to separate between the two, causing them to carry on working whilst at home which ends up leading to them feeling like they have a constant working life and no time for themselves.

Whilst having a successful career is an important part of people’s lives it can sometimes be hard to set aside your work life for your personal life; its a must to distinguish between the two, not only will you feel happier but your own well-being will improve and you will be able to experience both aspects of life freely. 

Everyone’s work-life balance will be different depending on your age, career goals and commitments that you have. However, it’s essential for a healthy mind-set to keep the scales as even as possible.

Not only is a work-life balance crucial in creating a healthy mindset but, if not balanced it can affect a person emotionally, physically and financially. 

Only focusing on one won’t benefit you in the long run even if you’re not fully aware of this, not having a work-life balance can cause a break down in relationships or can even disrupt your performance at work. 

Working too hard and being overloading with work can cause extreme exhaustion and somewhat make you feel depressed in your job which can affect your mental health. Believe me, you don’t want to have a burnout. (link to burnout blog) 

Having a work-life balance will enable you to feel more relaxed, however, if you only focus on the working aspect of your life then this can cause increased stress due to not having time for your personal life. If left to linger this stress can lead to health problems in the future.

Enable you to fulfil your career and personal goals

Making an equal amount of time for your work life and personal life will enable you to focus on both of them equally. Some people believe the harder you work the more you will achieve but this isn’t the case, in fact, not giving yourself a break will lead to you being overworked and less likely to progress in your work. 

First things first, freelancer’s worst habit is checking their work emails out of work hours. How are you meant to distinguish between your personal life and your work life if you are incorporating them both into one? This pointless stress of replying to work emails on a Saturday night is not necessary for helping you achieve a work-life balance now, is it?

Being the person that always says ‘yes’ may make you look good but won’t make you feel good. With all due respect, these types of people tend to be the ones that are mostly taken advantage of and are the most likely to be exhausted and stressed. 

If you agreeing to do something extra for a client last minute will mean you won’t get home till 9 pm, is it really worth it? 

By setting boundaries and saying no will create a routine and make you feel less stressed and much happier.

Being a freelancer allows you the freedom to set your own working hours, which is great when you want that lie in on a Tuesday morning, however, this can cause you to work into the early hours of the morning. 

By saying that you are going to finish work at 5 pm for example, and sticking to it will allow you to take back your freedom. 

Let your clients know your chosen working hours as well, this way you are less likely to be receiving any work-related emails after 5, which means you can have a stress free evening to relax.

When prioritising your tasks the first thing you need to identify is which tasks are important v urgent. 

By being realistic about what topics you can complete by the end of the week and which need your immediate attention will help you to schedule your day more effectively. 

Knowing how long you take to complete tasks for clients will enable you to see if you are doing too much work for them. If your work is eating up into your personal time then it might be a good idea to invest in a time-tracking tool that can help track what you do in a days work. This will allow you to estimate how long your next work task will take and will help you to improve your time management, allowing you to go home earlier! 

Once your hard day of work is over and you have done what you needed to complete, make sure that you finish at a sensible time every day and set aside some time to do what you enjoy (that isn’t work-related) and give it the time it deserves. 

Whether you go to the cinema, pamper yourself with a long bath and face mask or you decide to go out for food, whatever it might be, prioritise yourself and allow enough time in the week to do the things that you love. It will give you the chance to refresh your mind and feel happier, and that’s the aim, right? 

By following our advice, this should help set you in the right direction to achieve a work-life balance, you’re not alone, seek out help from other freelancers if you are struggling. 