Category Archives: Liability Insurance

The Subject of Professional Indemnity Insurance

Individuals who make major decisions on a regular basis, such as solicitors, accountants, and mortgage brokers, are putting themselves at risk of sustaining a legal claim for giving out incorrect advice to both individuals and companies. Although the risks are not particularly high, the claims which do occur might be considerable as larger companies can and do pursue these issues through the legal system.

Professional Indemnity Insurance

Professional indemnity insurance is usually a requirement for the previously listed professions as the industry standard because claims can have such a catastrophic effect on both individuals and businesses. Usually, it is easy to acquire protection against such an event as a professional indemnity insurance online quote can easily be found and then acted upon.

But what’s wrong?

Basic professional indemnity insurance is not usually sufficient enough cover because legal cases which come from large companies can quickly wipe out your insurance limits, and then you have absolutely no protection at all so any further costs will have to come out of your own pocket.

What Can I Do?

By all means consider looking at a professional indemnity insurance online quote just to check the prices, but take into account some of the other factors which come into play in order to protect yourself against the most expensive claims which could be made against you.

Your potential insurance provider will look at the following when considering the level of cover in your professional indemnity insurance package:

• The client base which you are dealing with is critical because if you are dealing with high profile clients then mistakes can be much more costly, which means you will need a larger amount of cover than if you were purely dealing with small businesses.

• The type of work you do is also very important because the history of legal cases can also be looked at so your insurance company can accurately assess the risk you are at should you make any mistakes.

• Your business status is relevant. If you are a limited or public limited company it is the entity being insured but if you a sole trader or in a partnership it is you as the individual that is the insured party. In this case getting the right amount of cover is essential as being under insured can result in the loss of personal assets as well as those belonging to the business.

A professional indemnity insurance online quote is available from Specialist Risks

Insurance for Small Business Owners

When starting your own business, you more often than not have to start small and develop your business to match not only demand but also your ambition and ideas. When a business is small, every step towards protecting it and its assets matter, sometimes more so than when it’s big.

The first step any new, small business owner should look to take towards protecting his or her business is making sure all of its assets are insured. For some this may prove easier than others, but one way or another you have to be insured in case the unthinkable happens: severe malfunction, theft or any sort of natural disaster.

Each business insurance package will ultimately depend on the type of business you run, the assets you have and the duties involved on a day-to-day basis.

There are several insurance protection schemes that you can get for your business, which may in the long run save you quite a lot of money if the need to make a claim arises. A specific type of insurance some businesses may need is professional indemnity insurance. This type of insurance is there to make sure that if anything goes wrong with the service that you are providing with regards to advice given and legal action is taken against you, your legal fees will be covered amongst other things.

Naturally, in an ideal situation you would never need this kind of insurance, but if you do get sued and you don’t have it in place you may have to pay a lot of money in court fees, lawyer fees and perhaps compensation to any injured party as a result of your actions.

Other specific types of business insurance cover SME’s may need include employers liability insurance and public liability insurance.