14th July 2010
Public liability and professional indemnity insurance policies are among
the most important purchases that can be made for a business owner. As
business people we are all aware of the fact that contracts are
written, signed and broken every single day. Although people do
everything they can to prevent breaking a contract or breaching a small
contractual agreement between business people it can still happen.
Sometimes it's a supply shortage and other times is plain carelessness.
For those business people who are serious about their careers and about
growing their businesses there are insurance options to help cover them
and their business partners in the event of a devastating accident.
Not meeting a contractual completion date or having a staff or public
accident in your workplace can cost thousands or even millions in some
cases, depending on the problem.
Public liability and
professional indemnity insurance can be obtained by just about any
insurance agent can help you to find the policy that is best for you and
your company. There are different levels of insurance for different
company types since companies that are not bound by contract may only
need the public liability portion of the insurance rather than the
professional indemnity portion. This insurance can be very expensive or
very inexpensive depending on the amount of coverage you require, and
your companies past insurance claim history. This is one of the types
of insurance that will find your premiums go down each year rather than
up as well which is a nice bonus.
Public liability and
professional indemnity insurance is most common among people who
practice in the following fields including medical, information
technology, law, construction, charities and the like. The insurance is
designed to protect the policy holder from liability as a result of
them losing funds due to withheld information and similar situations.
If you are responsible for providing advice to your clients as a doctor,
lawyer, architect, or construction consultant and the information you
give out is followed usually it ends with a good result but in some
cases if you gave that advice and the person you were giving it to did
not give you the whole story it is possible that the outcome could be
not so bright. That is what public liability and professional indemnity
insurance is designed for; to keep you safe.
If you give anyone
advice it is worth looking into this kind of insurance to keep you
protected from those who will misuse your information and then try to
benefit from that. Keeping yourself covered is the best defence against
this type of financial attack. The insurance is affordable and well
worth it when you consider how much you could lose if you did not have
Many people are unscrupulous when it comes to money and have
no problem twisting a situation to work out in their favour, don't let
yourself and your company be a victim to that, get the right insurance