Common Mistakes People Make when Looking at Insurance
When looking at purchasing any form of insurance it can be daunting and seem very complex. With a wide variety of products available on the market it can be confusing as to what policy you should be investing in and what it would cover you for. Below is a brief overview as to what you can expect from six key policies:
Professional Indemnity Insurance
Covers the risk for any costs that may be awarded if you were alleged to have provided inadequate advice, services or designs.
Directors and Officers Insurance
Covers the cost of legal and damage claims made against individual directors or key managers for wrongful acts, mismanagement, it can also extend to cover the entity.
Public Liability Insurance
Covers the risk if someone is injured in some way by your business or if you were to damage third party property when carrying out work.
Intellectual Property Insurance
Protects companies for copyright, trademark, or patient infringement claims.
Employers Liability Insurance
Helps pay compensation if an employee is injured or becomes ill because of the work they do. It is required by law for most employers, unless you are exempt from the Employers’ Liability (Compulsory Insurance) Act. You could be fined up to £2500 a day if you are without suitable insurance.
Cyber Liability Insurance
Covers the losses relating to damage to, or loss of information from IT systems and networks.
Scout the market
Scout the market- Professional Insurance Agents can help you with this, as we provide an Online and Offline Brokering service where we can compare quotes from up to 17 insurers quickly and easily.
Understand your policy
Make sure you understand your policy and what it will cover you for. Policy wordings can be long however, understanding them is crucial in making sure that you are covered against any claims that could possibly arise.
Keep your policy up to date
Make sure you frequently update your insurance policy in order to accommodate for unpredicted increases in business.
Choose a reputable provider
Finally make sure you choose a reputable provider so in the event a claim was to arise you would have the security and support required to deal with the claim efficiently. We’re proud to say we have strong relationships with a majority of the insurers listed in 'The Insurance Times Top 50 Insurers 2015'.
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