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Company directors of SMEs should "document absolutely everything" in order to lessen the impact of a professional indemnity claim, according to Business Link London.
Professionals who sell their knowledge and expertise such as financial and business advisers should be especially clear as to the service that is being provided to the client and to make sure they get everything in writing.
Company directors of businesses that just provide a general service should outline as broadly as possible the limits that they are working within, so they set the expectation of the client at the earliest possible stage.
This will minimise any damage that might be incurred in the event of a third party claiming to have suffered a loss as a result of professional negligence.
Denis Palmer, senior manager at Business Link London, said: "[With] freelance business advisers [and] people working in the private sector who are advising business... if the advice that is given is perhaps not followed and something goes dramatically wrong and the business fails, then you could have a very significant claim."
Mr Palmer also advised businesses that it is important to be absolutely transparent when doing business with clients or customers - especially if businesses are providing a service.
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