Football Agents and Professional Indemnity Insurance
When I passed my exam a few years ago, I had to show that I had taken out Professional Indemnity Insurance before I was granted a licence. By the way, the licences were nowhere near as funky as they are now 😁. They looked like they were made in a home office 🤣. Mine was basically a piece of green card with my name, licence number and expiry date handwritten on it (and a few other bits), and then sealed with a laminating machine. That said, I was so proud of it, and still have and treasure it 👊🏽🤗. I carry it in my purse, so if we ever meet, ask me to show it to you 😉💖 hashtag#IceBreaker.
Anyway, back to insurance… for me, it was an unwanted added expense (just like any other insurance) but essential, especially if you plan to work with high profile, high net worth individuals. I’m not sure why it isn’t a requirement anymore 🤔. Maybe because the Football Association realised that it wasn’t suitable for everyone.
What is professional indemnity insurance?
Imagine advising your client to invest a huge sum of money into buying shares that you believed would make them a lot of money, but the price of the shares fell the following month? 😖 or maybe advising them to choose an Adidas endorsement deal over a Nike one, and they later found out that Nike was offering a more lucrative deal 😅? or what if you advised them negligently (without researching) to use their image in a campaign that ends up drawing in a lot of negative publicity and damage to their reputation? 🙆🏽♀️
You could be liable to pay damages, but what if you don’t have the money to pay ? 🤷🏽♀️
That’s where professional indemnity insurance comes in…..
It is basically a type of insurance for consultants who provide advice and other professional services to their clients. It covers you in case you are negligent or offer poor advice, and your client decides to claim damages for any losses incurred.
How do you take out professional indemnity insurance?
I don’t have any particular company to advertise or promote so I would say a Google search and compare what’s on offer😁.
PS – I am not sure how it works in other countries so please do some research and don’t go wasting your money taking out insurance in countries where it won’t help you when you need it.
I am not really sure how much these claims stick to be honest, because I have never been close to any, but as always please share any real life experiences below.
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