It's that time of the year when my insurers remind me that I need to pay them a few hundred pounds to renew my professional indemnity insurance. I need insurance because most of my clients insist. But I can't believe this makes much sense. Given that what I actually do is provide consultancy on governance, processes and methods, under what circumstances is someone going to sue me for - well, for anything? And if they did, how could they possibly prove that I was negligent (there are no public standards to adhere to) or that my work or advice led to material damage? I find it extremely hard to envisage any circumstances in which my insurer could possibly be forced to pay up.
So, is there any data anywhere showing exactly how many claims there are against individual management consultants, and how much is actually paid out by insurers? If, as I suspect, the answers are 'very, very few' and 'very, very little' respectively, perhaps someone can tell me why my clients bother, and why I should pay up?
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