A poll carried out by the procurement and supply website Supply Management found that buyers overwhelmingly support the use of professional indemnity insurance (PI) by self employed procurement professionals. Not only did they feel it was good business practise, but many public sector contracts will stipulate that PI cover is mandatory for anyone tendering for business.
Professional indemnity insurance gives the buyers protection, but the procurement professionals should ensure they have adequate cover. Without professional indemnity insurance, the consequence of making a mistake can be personally financially catastrophic.