Your clients are wealthy and have left you the responsibility of caring for their precious pet dogs. You were walking a Siberian Husky (an Afghan Wolfhound) and a Chihuahua on a sunny afternoon when you encountered a stray feline blocking your path. Dogs, being dogs, became aggressive and chased the feline that was dragging you.
The chase was chaotic and you and your canines ran into the park drinking fountain. You also scraped the BMW’s fender and drove through an elderly crowd, causing many to fall and suffer injuries. Worse, the Chihuahua broke a leg because it couldn’t keep up the pace. What can you do to deal with the liability you will face after the horror that occurred? You may be less concerned if you have professional indemnity, but that doesn’t mean you are completely out of the woods.
What is Professional Indemnity insurance?
Professional indemnity is a type insurance that protects professionals such as you from clients’ claims. The insurer will take care of any claims you might make against you if you make a mistake in the practice of your profession. This covers the Chihuahua’s owner, but what about other claims, such as those made by park administrators, BMW owners, or elderly who were hurt? These claims could also be considered depending on the insurance coverage.
Professional Indemnity Insurance Coverage
This insurance policy covers negligence in its most basic form. The short-cut you chose was not wise as it could lead to dangerous stray cats. Your negligence caused damage to property and limbs. This insurance covers all of that. For a higher premium you can opt for extended coverage which covers breach of duty and civil liability. For an additional premium, your insurance could include Acts of God. This would be like your dog/s being struck by lightning. This is where a value analysis is necessary. Is it really necessary to have extensive coverage? Or will you be able to get by with a small number of major ones? This should be something your insurance professional can advise you on. It is important to choose an insurance professional you trust and who is competent.
Who is entitled to professional indemnity insurance
It is mandatory that lawyers and doctors have this insurance in some countries. Due to the nature of their profession it is likely that they will face work-related claims. Professional indemnity insurance can be a good option to help protect them against financial hardships caused by such claims. This insurance may be beneficial to professionals such as architects, accountants, and engineers. If you feel your profession is exposing you to claims, it might be a good idea to speak to an insurance professional about professional indemnity.
Maximizing your insurance package
You most likely have additional insurance coverage such as motor vehicle insurance, life insurance or accident insurance. You can bundle your professional indemnity insurance and get a lower premium if this is the case. This package deal will cover all of your insurance needs. It will simplify your insurance transactions as you only deal with one provider.
You should know what your options are as a professional dog-walker. Professional indemnity insurance might not be necessary, given the low income you earn from your job. What can you do to deal with the potential claims? How can you settle your claims? I would suggest that you move to another place and change your career. You might even consider changing your identity.