When choosing a career path, most people look at what they can make without considering the cost of running a business if they should branch out on their own. No matter what profession you are in, there are certain costs to keep the doors open. If you are wondering what kind of careers would lead to a need for liability or indemnity insurance, here is a basic outline of what you can expect.
Public Liability When Working with the Public
While there is no law saying that you must carry public liability insurance if you work with the general public, it is a good idea to buy the best cover you can afford. It seems as though the world has gone crazy and the slightest incident can lead to a major battle in court. Some cases have taken up days in court when the ‘injury’ only required a small bandage. As a rule of thumb, if you work with the public and you are an independent contractor or a small business owner, you really should consider public liability. It only takes being brought to court one time to lose everything you’ve worked so hard to build.
The Medical Profession
Most often you think of doctors when you think of professionals working in the medical arena. What about midwives or nurses? Unless you are working for the NHS and are covered by their medical indemnity, a medical professional will typically need to carry their own cover. If you aren’t quite clear what kind of business insurance you need in the medical profession and how much cover to carry, you can find out more about medical indemnity insurance here. Remember, you are covered up to certain limits when working within the NHS, but in private practice you need your own cover. How much depends on exactly what you do and how great the risks will be. The cost and amount of insurance will vary, so get that information as soon as you know you are choosing a career for private practice within the medical field.
Here is an industry which revolves entirely around serving the public. Whether you open a café, a catering service or a bed and breakfast, you will need to be covered by insurance. That is a given. How much and what kind will, again, depend on exactly what you are doing in terms of serving the public, but liability is going to be an absolute must if you want to protect yourself and your business. What would happen if a guest at your café suffered food poisoning from cross-contamination? Or, how would you pay the medical costs of someone breaking their back falling down a flight of stairs at your B&B? People have gone litigation happy around the world and so you really should choose a career and the corresponding cover you need to protect your investment.
Summing up With a Few Time-Honoured Proverbs
You have heard it said that, “It’s better to be safe than sorry,” and in terms of indemnity or liability insurance cover, truer words were never spoken. Then there’s the proverb from across the pond that also says it all, “An ounce of prevention is worth a pound of cure.” If you carry ample liability or indemnity, you won’t lose everything you’ve worked so hard to build. No matter what career path you choose, there will always be that one difficult customer or patient who blames you for something beyond your control. With this in mind, let’s close with one more pertinent proverb – you want the best insurance cover so that you can “hope for the best but plan for the worst.” You want a thriving business, but if the worst should happen, you will be well protected.