Why PI Insurance is essential to small businesses
Imagine you are a small IT firm who, through hard work and many sleepless nights, have managed to secure a contract to design a bespoke system for a large organisation. Unfortunately your system is deemed by your client to be inadequate to meet their business needs and they instigate legal recourse against your firm to redress the perceived failing of your product.
You might be a Director of a small marketing company who against all the odds has won a contract with a leading software provider to devise a fresh marketing strategy to take them into 2021. However, your client alleges that your recommendations have cost the organisation money rather than increasing their income. The resulting litigation could be devastating for your fledgling firm.
No organisation sets out to make mistakes, however in every sector they must be anticipated and planned for. This is particularly true for small businesses for whom, in this period of uncertainty every penny counts.
Professional Indemnity (PI) insurance is there to protect companies against scenarios such as these, which may occur as a result of seemingly innocuous errors but which may in fact have huge implications. Parley Communications were delighted to find comprehensive & cost effective PI cover with Simply Business. This product provides security and peace of mind to organisations who are in the business of giving advice or providing any number of services. So to all you small businesses out there - make sure you are not left exposed to unnecessary risk as we all strive to navigate these testing times.