As you’ll know, for architects and graphic designers alike, precision is key. From drawing up important blueprints to meeting specifications and deadlines, accuracy is an essential part of your job.
Of course, no matter how careful you are, accidents can still sometimes happen, and this is why it can be so useful to have cover in place. Knowing that you’re protected against unexpected problems can be a huge weight off your mind.
In recent months though, finding the right cover has become increasingly tricky. With this in mind, read on to find out how working with a broker can really benefit you when protecting yourself.
As a skilled professional, you’ll know how important it is to take pride in your work. When you’re working in such a vital role, being thorough is essential whether you’re producing schematic designs or making the latest changes to your client’s website.
Of course, no matter how careful you are, there is always the possibility that a small mistake could slip past you, or that a client could misunderstand a key document. If this happened, it could lead to a lengthy legal dispute while you defend yourself.
As you might imagine, this can be hugely expensive, depending on the nature of the disagreement. If you don’t have enough money to fight the claim, it could do considerable damage to your professional reputation, potentially affecting your future career prospects.
This is where having Professional Indemnity Insurance in place can really benefit you, as it would cover the cost of any legal fees you might have to pay during such a dispute. As you might imagine, knowing that you’re protected against this worst-case scenario can be a huge weight off your mind.
However, while this type of protection can be invaluable, in the past few years its cost has risen sharply. Due to recent economic turbulence, such as that caused by the coronavirus pandemic, many insurers have increased the cost of premiums and restricted the cover they offer.
As we discussed in a previous article, the insurance market is currently undergoing a process of “hardening”. A “hard” market is usually characterised by its high demand for protection along with a much more limited amount of supply.
For a start, the combination of these two factors push up the price of cover, though this isn’t all. At the same time, many suppliers also tighten their terms and conditions, and are often far less willing to offer broad coverage.
This can pose a problem for you, as it can be much more difficult to find the comprehensive cover you need during this phase of the market cycle. On top of this, even when you can find the protection you need, it may be more expensive than you expected and harder to make a claim when you need to.
That’s why, if you want to protect yourself against unexpected issues, it can be useful to seek professional advice.
One of the biggest benefits to working with an insurance broker is that you can benefit from their years of experience and familiarity with the wide variety of insurance products. As such, they can help you to scour the market, saving you a considerable amount of time and effort.
On top of this, a broker can help if you ever need to make a claim too, as they can speak to loss adjusters and insurance providers on your behalf. Not only does this remove a large amount of stress from the process, but it can also speed it up too.
No matter how thorough and careful you are, there is always a remote chance that a small mistake could slip past you. This is why having the right protection for your needs can be so invaluable, as it gives you much greater peace of mind to know you’re covered even if the worst were to happen.
Working with a broker can help you to navigate the hardening market, making the process of finding the right cover faster, simpler, and as hassle-free as possible.
If you want to protect yourself against unexpected issues arising by finding the right cover for your needs, we can help. Email firstname.lastname@example.org or speak to a member of our expert team on 0207 382 7710.
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