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PI insurance requirements for sole traders

PI insurance requirements for sole traders

PI insurance requirements for sole traders

(OP)
Hi guys I would really appreciate some advice here. I would like to start a small business as a sole trader. My intention would be to do only engineering reports on existing buildings and potentially also some forensic type reports on failures (if I am lucky enough to get this far). I am currently working with a structural engineering firm so this would be an extra. My question is do I still need to get PI? I would not be designing anything, I would only be writing reports and doing calculations only where required to support my conclusions. Any help would be greatly appreciated.
Thanks in advance.

RE: PI insurance requirements for sole traders

Gavin73....not sure where you are located, but I do exactly what you are proposing to do....although my business has progressed to mostly forensic work.

Whether you do design work or not, you are still open to liability for your opinions and recommendations. For this reason, professional liability insurance is needed. There are always arguments that having insurance makes you a target; however, if there is a legitimate claim against you and you do not have insurance, your personal assets (home, vehicles, savings, bank account, etc) are at risk.

As for forensic work, if you evaluate a failure, chances are good that you'll need to come up with a proper fix.....that means design! Be prepared if you do forensic work that you'll need to do remediation design work in support of that activity.

RE: PI insurance requirements for sole traders

(OP)
Ron thanks for your advice, will definitely go for PI. Cheers

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