Professional Indemnity insurance: Why would you need it?
I run a small business with a local directory. A few months ago, I produced an advertisement for one of my regular clients, nothing too big, just a small newspaper spot, which I had done many times before. This advertisement was promoting his business, listing his phone number and web address.
For some reason, I printed the wrong phone number on the advertisement. It was an honest mistake, but it was definitely our fault – my employee hadn’t sent a proof before the print, the way we would usually do.
Unfortunately, this resulted in a drop in sales for my client, which meant a drop in income, and my client claimed that there was also reputational damage to his brand as a result.
Frankly, this was a huge shock to me – I had no idea a client could hold my business directly liable for something like this! And to be honest, mistakes like this happen across the industry all the time.
Fortunately, my trusted insurance broker had kept my business covered with a Professional Indemnity insurance policy. The client claimed over $100,000 in lost revenue plus brand damage. My policy covered the loss.
This would most definitely have ended my business, and it was an insurance policy which, quite frankly, I had never really believed I needed.
To protect your business today, make contact with Abbie on 0400 840 397 to discuss all your insurance options.