Professional Indemnity
Professional Indemnity insurance protects freelance contractors against unforeseen circumstances, such as claims made by dissatisfied customers. Built especially for contractors, who are the softest targets of dissatisfaction, professional indemnity insurance is expediently planned or devised to cover damages that have the potentiality of being payable. Contractors simply need to take a policy, pay premium, and stay protected.
Professional indemnity is quite popular nowadays because lot is known about its advantages. Earlier, it used to be believed that professional indemnity instance covers are very expensive, a reason why many contractors are scared away. However, a little insight into the real aspects shows the truth. PI insurance can be easily obtained by providing information about yearly income, nature of business, nature of working. As a freelance contractor, you can claim Professional Indemnity (PI) as a 'Schedule E' expense in addition to the usual 5% allowance, making Professional Indemnity insurance the most popular scheme for freelancer contractors.
Professional indemnity is quite popular nowadays because lot is known about its advantages. Earlier, it used to be believed that professional indemnity instance covers are very expensive, a reason why many contractors are scared away. However, a little insight into the real aspects shows the truth. PI insurance can be easily obtained by providing information about yearly income, nature of business, nature of working. As a freelance contractor, you can claim Professional Indemnity (PI) as a 'Schedule E' expense in addition to the usual 5% allowance, making Professional Indemnity insurance the most popular scheme for freelancer contractors.
1 comment:
After reading this article I have understood the clear meaning and purpose of this policy. You have nicely explained the purpose and benefit of having this policy. Thanks.
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