The Custodian Insurance Industry Blog

April 25, 2014

You’re not the problem…but your clients might be!!

Picture this.

You’ve worked hard for your client, you’ve done everything right.  You’ve done your job well.

However…..your client has run out of money and doesn’t want to pay your invoice.  The client then creates a long list of grievances which appear to have come from nowhere!

What do you do if this happens?

If you have good professional indemnity providers on side then all you need to do is tell them and they will ensure that your client does not get away with bringing you down with them!!

We also have lawyers increasingly working on a ‘no win no fee’ basis, which can make it very easy for someone to make a claim.

Now over 50% of all SMEs buy professional indemnity cover. 

It’s often hard for a business to know what to look for. So a few tips:

  • Try to obtain cover on a ‘civil liability’ basis
  • check your wording includes covers such as defamation, breach of intellectual property and dishonesty of employees.
  • check if your policy has an innocent non-disclosure clause.

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