Home › Forums › Money matters › Professional indemnity insurance for consulting to USA and EU customers › Reply To: Professional indemnity insurance for consulting to USA and EU customers
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– getting insurance companies to pay out for PI is so difficult that it’s rarely worth paying for it, especially for USA coverage
– the Pty Ltd structure is excellent protection for your personal assets*, even for a sole director & consultant. However, you do have to make sure your website ownership, contracts, website footers and terms and conditions for services and products all directly reference the Pty Ltd company, rather than you personally.
– Obviously don’t do any work without first having a good contract between the customer and the Pty Ltd company (get a good one from an Australian lawyer)
– The Pty Ltd structure won’t protect your personal assets if you do something criminal or fraudulent. However, if you make a genuine mistake as a consultant, your personal assets should be okay.
*the company assets are still at risk if you trade uninsured.
Hope that is helpful.
I just hope you got that in writing to say don’t bother with insurance so that if / when it goes down the tubes you can sue her. Although they do always say it is only advise in general to cover their butt.
I had to laugh at this statement from her ”your personal assets should be okay. ”, never accept a should, they either are or aren’t, otherwise the advise you have received is worth nothing. again butt covering.