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A stable job is no longer enough. Establishing a business is the best way to ensure financial stability. For obvious reasons, most people start businesses that are related to their expertise. You can also start the business part-time. You have the freedom to set your own hours and be your boss. You are already an expert. You will find it easy to plan and outline your business.
However, being an expert does not guarantee that you will never make mistakes. You need insurance to protect yourself against being sued for making such errors. The "Professional Indemnity Insurance", also known as indemnity insurance (PI insurance) or Professional Liability Insurance, is the best insurance.
What is Professional Indemnity Insurance?
This insurance protects your business and you against any potential losses that may be incurred for services that you have / provided to unhappy clients.
Professional Indemnity Insurance covers all costs related to lawsuits brought against you by clients. It also covers any costs that you may incur even if you win.
Professional Indemnity Insurance will pay claims to clients even before they result in lawsuits. Prevention is the best option.
Professionals in the service industry, such as architects, engineers and financial advisors, private/investment bankers, web designers and marketers, graphic artists, writers, physicians, medical / healthcare professionals, etc.
Professional Indemnity Insurance typically covers you on a "claims made basis". This means that you are only covered for the duration of your policy. Talk to your insurance company about new claims coverage for your retirement or closure of your business.