Marsh Commercial – SWW – The Importance of PI for will writers

5 reasons why professional indemnity insurance is essential

As a will writer, you play a crucial role in ensuring an individual’s final wishes are accurately documented and legally binding. However, the process of drafting wills is not without the risk of errors, misunderstandings, or omissions. To mitigate these risks and safeguard your clients as well as your business, professional indemnity insurance is vital.

Professional indemnity insurance, or PI, provides protection from financial losses incurred due to negligence, errors, or omissions in your services. For will writers, whose work involves complex legal documentation and sensitive client information, this type of insurance is not just advisable but essential.

Here are 5 reasons why professional indemnity insurance is so important:

1. Legal compliance: professional indemnity insurance helps you to comply with the requirements set out by regulatory bodies, including the Society of Will Writers and Estate Planning Practitioners. A requirement of members of The Society of Will Writers is to hold professional indemnity to a minimum of £2 million. With the scheme from Marsh Commercial, you will exceed this requirement with cover up to £2.5 million.
2. Protection against errors and omissions: despite exercising due diligence or you have a wealth of experience in will writing, errors can still occur during the will writing process. From typographical mistakes to misunderstandings of client instructions, even minor errors can have significant consequences. PI provides financial protection against claims arising from such errors or omissions, including retro-active cover for past wills.
3. Client confidence: clients trust you with highly personal and sensitive information, including their estate plans and family arrangements. Professional indemnity insurance demonstrates your commitment to looking after their needs and taking accountability for your work. With adequate PI cover it will help instil client’s confidence in you and can help build relationships based on trust.
4. Financial security: legal disputes can be financially draining, especially for small to medium-sized businesses. Without adequate insurance, the costs associated with defending against a claim or settling disputes can cause financial strain. Professional indemnity insurance provides a safety net against unexpected legal challenges.
5. Adapting to evolving risks: The landscape of will writing is continually evolving, with emerging risks such as cyber threats and data breaches posing new challenges. You can now add cyber protection to your PI policy as an additional cover to address these evolving risks. Please get in touch with the Marsh Commercial team if this interests you.

If your professional indemnity insurance is soon due for renewal, or if you are looking for a new quote, speak to the team at Marsh Commercial on 0330 818 7624 or email [email protected].

 

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