Whether you work alone or in a small company with other historians, you should ensure you have suitable professional indemnity and public liability insurance.
Professional insurance is especially essential in today’s legal environment, where the boundaries and definitions of professional requirements and duties are largely legally undefined. Insurance protects against the unknown and the unforeseeable.
Professional indemnity and public liability insurances cover crucial aspects of your business and your interactions with your clients. You may face professional liability risks every day. More and more clients and consulting firms require subcontractors to provide proof of insurance so that they will be covered if a problem occurs.
While the actions of employees are almost always covered by their employers under the principle of 'vicarious liability', independent contractors are liable for their own actions. Experienced professionals working as independent contractors need to have an adequate professional indemnity insurance policy. The insurance also needs to be maintained after the work is done to ensure it is valid at any time a claim is made.
Professional Indemnity Insurance
Professional indemnity insurance is your most critical coverage. It protects you against financial loss from potentially catastrophic claims of alleged libel and slander, dishonesty, breaches of the Trade Practices or Fair Trading Acts, loss or damage to documents, and unintentional breaches of intellectual property rights, whether a claim is baseless or not. Professional indemnity insurance will pay for any resulting judgments against you, including court costs up to the coverage limits on your policy.
Public Liability Insurance
Public liability insurance covers your business against any claims made against you in respect to bodily injury or property damage arising out of an accident happening in connection with your business. Taking out an insurance policy can protect your business and your future by allowing you to continue operating during a potential law suit.
A combined and competitive professional indemnity and public liability insurance policy is available at a special rate for members of Professional Historians Associations.