Who understands insurance?

[David D]

So, who does understand insurance?
We either buy our insurance online or use a broker/agent to arrange cover on our behalf especially for commercial insurance.
But will it do what you think it will, when you want it to, or do you just hope it will when the unexpected happens? (In other words do you understand the wordings?)
By the way, I am not an insurance broker or an agent selling insurance, but I do carry out insurance audits and it is fascinating when I ask the question, what do you expect from your insurance policy when you have a crisis? And how quickly do you expect them to payout? Or are you fully covered or over covered?
We pay for our insurance, put it away and forget about it until it is needed, by then it could be too late.

Think about an insurance audit, it could save you money and your business.

[vipinsham]

Professional Indemnity Insurance - Managing Risk For Profit

The constant demand for professional advices and services has propelled experts to offer their specialized services to clients from different disciplines. Today, taking a professional help has become mandatory for every company to bring efficiency and effectiveness in its operations. For example, a doctor is needed when you are sick, an engineer helps you to construct a building, a lawyer defends you when you are trapped in a dispute, a creative person helps you to enjoy art, a film maker offers you a source to get entertainment and so on….. The life without a professional help is incomplete.

However being human, no professional is beyond the risk of errors. Risk and profit are the two sides of a coin. Without risk no professional can get success. If you cannot eliminate the risk factor then why not get prepared to tackle situations that might cause troubles for your professional career. Occasionally, professionals commit mistakes or errors that may cause financial damages to their clients. Therefore, it is advisable to buy a good quality professional indemnity insurance for protecting self from those unseen times.

Many insurance companies provide good professional insurance policies to professionals working in different disciplines. To get the most effective service, an insurance broker will evaluate your risk factor and suggest a policy that will help you the most. Professional indemnity will provide the financial protection should you have to pay a heavy compensation to discontented clients. Even if you have done nothing wrong, but a client alleges negligence on your part, the policy will still protect you and pay the legal cost in defending you.

A typical professional indemnity insurance policy protects against:

Negligence - a breach of duty of care
Intellectual property - where you unintentionally infringe on someone's copyrights, trademarks, broadcasting rights, or you may inadvertently pass your business off
Loss of documents, money or data - damaged, lost or stolen data, documents & money belonging to your clients
Dishonesty - liability arising from the theft of your clients' money
Libel or Slander - communication of a statement that makes a false claim
Breach of Confidentiality - where someone alleges you have divulged information detrimental in some way or which could cause loss to them


To ensure you have the right cover read the policy documents thoroughly to avoid any mis-understanding. Ask questions and garner full information about the insurance policy detail.