A leading professional indemnity insurance broker is warning its clients not to skimp on their cover.
As times get increasingly difficult for consultants and professional advisers in today’s tough commercial environment, all costs are rightly scrutinised and put through the wringer as to their ultimate value. But Titan, which advises a large number of freelances and advisors on professional indemnity insurance issues, says that this is one cost that cannot be avoided.
It fears that many professionals will be tempted to avoid PII payments until things get better, but thinks that this would be the very worst time to take short cuts, as their clients might face more excuses to claw back monies from poor decisions, or advice.
Chief Executive Officer of Titan Professional Indemnity Insurance, Basil Tsapralis, said:
“During hard times, clients of consultants and professionals can get tougher when it comes to apportioning blame for poor advice. And it may not just be up to the management team that originally commissioned the professional. It may be external accountants, investors, or even receivers that might think that the company’s fortunes were affected by a poor service, or decision.
“So, although any professional has to take a long hard look at their costs, this is not the area in which cuts should be made at the moment. We would advise professionals to ensure that they are not only up to date with their payments, but also that their cover is appropriate for their level of business.”
Titan is one of the largest professional indemnity insurance brokers and deals with consultants and freelances across a wide section of industry.
For more information visit www.titan-insurance.com