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What is Indemnity Insurance?
What is Indemnity Insurance?
This is a question that is asked time and time again. Indemnity insurance is a shortened version of its full name Professional Indemnity Insurance. An even shorter version of this name is PI insurance! In short it provides indemnity (or financial assistance) in the event a client decides to make a claim against you due to a professional error on your part. Any profession can benefit from having this type of insurance. Once it was considered a luxury but with the number of insurance claims being made every day, when it comes to indemnity insurance it is always better to be safe than sorry.
In particular businesses or professions where advice is routinely given should take indemnity insurance cover. This could include accountancy firms, stockbrokers or even IT consultancy companies. If a mistake is made and it deemed to be the fault of the firm then you could be taken to court. Even aside from any compensation that may need to be paid there are lawyers' fees, court costs and loss of earnings too. In fact without insurance, if a claim was to be made against you it could mean the end of your business. It is simply not worth the risk.
Management consultancy is another profession where professional indemnity insurance is very important, architecture firms too. If a client receives bad advice or a mistake is made relating to their contract then they could want to take the matter further than a simple apology. The modern world is quite litigious and as a business you don't want to take any risks. Misuse of client data or information is another reason a case could be brought against you as could the unwitting infringement on a person's or company's intellectual property. Because mistakes and errors occur unwittingly you never know if you could find yourself in this position in a few months or years in the future.
If you are interested in taking out this type of insurance cover then you should seek the help of an experienced insurer. There are many insurance companies that specialise in particular types of insurance or in particular industries. If you have a unique business that you want the best for and a tailored plan to suit your needs, you should find an insurance company to work with who are experienced in this area. If you carry out a bit of research before meeting with an insurance company then you can have a good few questions ready to ask when the time comes.
It is not always the best idea to go with the company offering the cheapest monthly premiums. You could find yourself down the line amidst a legal battle without the cover your need. Make sure you know exactly what is included in any policy and talk through the scenarios where you would be able to make a claim and for how much. It is a good idea to gather together a few different quotes from different insurance companies as this allows you to make a very informed choice.
There are other types of insurance that businesses need to have if they are to survive in the modern world. It is very important you know exactly what you need to be covered for and that you have all bases covered. Although you need to pay monthly premiums, you will be very grateful of the cover provided if you find yourself in a position where a client or an employee is taking you to court, or some other scenario has occurred that has interrupted normal business activities.
Whatever business you are in, make sure you take out indemnity insurance if there is even a remote chance you could need it in the future. All business insurance is important so from retail insurance to public house insurance, make sure you do your homework. Condo Insurance Cover Water Damage? Surrey Flood Restoration Buffalo Bills - Ny Jets Nfl Live Football Week 17 Stream Online Tv Coverage Hd Tv Channels Miami Dolphins - New England Patriots Nfl Live Football Stream Week 17 Online Tv Coverage Hd Channe Minnesota Vikings - Detroit Lions Nfl Live Football Week 17 Stream Online Tv Coverage Preview Get Hassle Free Online Bike/Motorbike Insurance San Diego Chargers - Denver Broncos Nfl Live Online Stream Week17 Tv Coverage 02/01/2011| Hd Chan Basics To Lower The Cost Of Disability Insurance - Part I Tennessee Titans - Indianapolis Colts Nfl Live Football Stream Online Tv Coverage 02/01/2011 Hd Chan Ny Giants Vs Washington Redskins Nfl Live Football Online Stream Week17 Hd Tv Coverage Are You Ready for this Seasons Wildfires? From an Insurance Perspective Pay-as-you-drive Insurance Coverage Of The Rfid Reader Varieties Of Colorado Springs Insurance