Professional Indemnity insurance is an important part of many professionals' business risk management. We asked successful professionals in key sectors about their business, and where PI fits into the work they do.
Gus Mark, graphic designer and owner of Mark Design LimitedWhat does your business do?
We are a graphic design company, providing design services online and offline to a wide variety of businesses, large and small, in many sectors, public and private, predominantly in London, Brighton and the South East.
What kind of risks do you have to think about in the day-to-day running of your business?
Advising our clients on how to improve their communications and public perception is a critical business. The most obvious risk we face is publishing or printing incorrect information, particularly if the subject is price related.
When you first set up your business, did you see Professional Indemnity Insurance as an integral part of your set-up costs or did you buy it later?
No. We did not invest in PI insurance until it became a Tender requirement. Some clients are more insistent on this than others but we are always keen to put measures in place that increase their confidence in us and our services.
What are the key benefits of PI cover for designers?
It covers us for any errors in projects and design work we have created. We have thankfully not had any need to test its importance, but it does offer ongoing peace of mind.
What aspect of your business is most open to risk?
When we are publishing and printing company details, we have to ensure that information is never misleading or incorrect, particularly when relating to costs. This would be damaging for clients, cause problems with their customers and could be potentially very costly for us to put right.
What are your customer's greatest concerns, and how does PI help protect your reputation?
Customers want the best service – with designs delivered on time and within budget. While we always aim to give a first-class service, the fact that we have invested in cover shows an appreciation of our responsibilities to our clients.
What's the most interesting case of a negligence claim you've heard of in your industry – whether founded or false?
You hear about the really messy situations that an agency can face if they get things wrong but sometimes it can be the smallest of errors such as spelling mistake or typo that can cause maximum embarrassment.
