Professional Indemnity Insurance & Interim Management
An Interim Manager should not undertake professional work without adequate and appropriate professional indemnity insurance.
By providing a service, you are responsible for a 'duty of care' to anyone who is reliant upon your service and advice. Understandably clients will look to blame if they are dissatisfied with the service they receive.
Our interim's supply their service through a limited company, which accepts our interim management 'Terms of Business' and 'The provision of adequate Insurance in respect of the Interim during the Assignment. The Interim shall be liable for any loss, damage or injury to any party or parties resulting from its negligent acts or omissions during the Assignment'.
There are many insurance companies and brokers that offer professional indemnity insurance. Insurance should be appropriate for the level of risk, typically £0.5m to £1m.
Professional Indemnity Insurance (Google Search)
Interestingly taking professional indemnity insurance may also have implications with regard to
Inland Revenue IR35 compliance 'Do you have to correct unsatisfactory work in your own time and at your own expense?'
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