IID Website: www.iidprofessions.org.za Facebook: @iidprofessions Linkedin: https: www.linkedin.com/in

from ARCH SA - March 2021

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PROFESSIONAL INDEMNITY INSURANCE

What is it and why is it necessary?

Sometimes, despite years of experience and double-checking, unexpected issues occur: the wrong height stools are ordered, the 4000K LED fixtures are specified instead of the 3000K, or two digits are transposed on a dimension. Professional interior designers are human, after all, but clients may not be forgiving and an innocent mistake can cost a fortune to correct. This is where professional indemnity cover comes in: to protect against errors and omissions and accusations of professional negligence.

Without insurance, you could potentially lose earnings and spend all your savings on legal defence costs should your disgruntled client decide to file a lawsuit. If you lose the case, the damages awarded by the judge may devastate your business. No one wants to believe that they could be faced with such nightmares, but the unfortunate reality is that mistakes occur.

There is no one-size-fits-all professional indemnity cover; the type and value of projects you work on, the services you provide, the excesses (the first amounts payable), the ability to extend cover as well as continue existing retroactive cover … all come into play. Therefore, deciding on coverage based solely on the premiums is short-sighted and foolhardy. That’s why you must consult an experienced insurance broker who can recommend cover that is right for you.

Genesis Insurance Brokers was established in 1994, and together, the team boasts more than 100 years of industry experience. Over the decades, the business has worked with and developed close relationships with many specialist insurers who are experts in this division of the insurance industry. Through this network, the business can provide the most professional, progressive and specialised solutions to clients’ individual insurance requirements.

Not only can Genesis Insurance Brokers assist with expert advice and guidance, but also with an array of different insurances such as public liability cover or cover for all your business assets. This way, you have a single point of contact for all your insurance needs. And should you need to file a claim, the Genesis in-house claims department is readily available to make sure claims are paid quickly. And throughout, the staff are happy to answer any questions you may have.

For more information, please visit the

website www.genesisinsurance.co.za or contact the underwriting manager Melissa Kloppers on 011 789 7845 or melissa@genesisib.co.za. She will explain how professional indemnity cover ensures peace of mind for both you and your clients and protects your reputation and that of your firm.