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Product Description
This digital document is an article from Risk & Insurance, published by Thomson Gale on September 1, 2005. The length of the article is 776 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

Citation Details
Title: Barrels cocked for Hiscox: U.K. underwriter hires veterans to develop the professional indemnity marketplace among midsize and smaller companies in the United States.(UPFRONT: News, Updates and Other Emerging Strategies from Around the World)
Author: Steve Yahn
Publication: Risk & Insurance (Magazine/Journal)
Date: September 1, 2005
Publisher: Thomson Gale
Volume: 16 Issue: 10 Page: 13(1)

Distributed by Thomson Gale

Barrels cocked for Hiscox: U.K. underwriter hires veterans to develop the professional indemnity marketplace among midsize and smaller companies in the … World): An article from: Risk & Insurance

NET 85% OF YOUR INCOME: www.tarpon-uk.com 0845 643 1580 Info@tarpon-uk.com Insurances Why do I need insurance cover? Attitudes to insurance vary. Some believe it to be a ‘necessary evil’ whilst others have a strong belief in the protection of their business, which insurance affords. An insurance policy is a legal contract which must be expressed in relatively complex legal terms. It is a promise to provide compensation for something which may never happen. Any contractor, without adequate insurance, risks the success of his business. Types of insurance available There are various types of business insurance available, the most common types to contractors are: • Employers Liability • Public Liability • Professional Indemnity Employers Liability Insurance Most employers are required by the law to insure against liability for injury or disease to their employees arising out of their employment. Employers Liability Insurance covers your business if an employee is injured or falls ill at work. Employers’ Liability Insurance will meet the cost of compensation for injuries sustained to your employees (or illnesses), whether caused on or off site. By law, an employer must have and be insured for at least £5 million. Most insurers automatically provide cover of at least £10 million. When you take out a policy you will receive a certificate of employers’ liability compulsory insurance. You must display a copy of this where employees can easily read it and keep copies for at least …

Product Description
This digital document is an article from The Australian Library Journal, published by Australian Library and Information Association on November 1, 2009. The length of the article is 551 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: Practical approach to professional indemnity–highly recommended.(Professional Liability Issues for Librarians and Information Professionals)(Book review)
Author: Lois Robertson
Publication: The Australian Library Journal (Magazine/Journal)
Date: November 1, 2009
Publisher: Australian Library and Information Association
Volume: 58 Issue: 4 Page: 436(2)

Article Type: Book review

Distributed by Gale, a part of Cengage Learning

Practical approach to professional indemnity–highly recommended.: … article from: The Australian Library Journal

I’m 16 and discovering the viability of starting my own business. I found you can register a business at 16 easily and without problem but I want to take out insurance to protect me in my line of work. I require public liability cover with professional indemnity included! However I then found out most insurance companies will only give insurance policies of this kind to those over 21 and some over 18.

Is it truly possible to be able to register a business under 18 but not able to insure it, any help?

Alternatively is there anyway I can protect myself from public liability (more so professional indemnity)? I operate on a freelance basis.

Thanks for your time.

PI insurance is targeted towards protecting professionals. The insurance will lift your financial burden when you have to face liability claims. The indemnity saves you from legal actions that may arise due to a service or financial inconsistency of your profession. The policy minimizes or meets the losses that may arise as a result of the negligent services offered by you to your clients. The PI insurance safeguards your professional interest when your clients financially suffer losses due to alleged error or omission and negligence on your part.

In this increasingly litigious society, indemnity insurance is an essential requirement for the removal of risk factor and adequate coverage for your professional career. Even many industries make the indemnity insurance mandatory for permitting license to the professionals. When you lack an appropriate insurance cover, you are yourself putting your business into grave risk in case of any claim. Without a protective PI insurance, you may have to end up in an unpleasant situation of paying up for damages and also legal costs.

Professional indemnity is very important for the practice of a profession. When you offer advices as a part of your business, the PI insurance will cover the risks of failure, loss arising from any mistake unintentionally caused by you, error or omission. You need not worry about any mistakes committed without carelessness during the business conduct. Your PI Insurance will also protect you from unproductive negotiated financial settlement and meet the legal expenses for effectively defending the claims.

Nowadays professional services are increasingly being subjected to an environment of accountability. With greater awareness about their consequential legal rights, the third parties get motivated to bring more claims against the professional companies. The PI insurance saves the reputation and protects the companies in defending the cases even if the claims turn out to be false and frivolous.

After thousands of business people in northern England suffered from flooding in the summer of 2007 and their investments suffered and flooding in Yorkshire, June 2007, 7,000 businesses was hit by physical and financial devastation and had submitted claims to their UK business insurance.

So if you are thinking of starting a business or already running one, you will realize that UK business insurance is not just a legal requirement, it is eminently sensible.

To find a UK business insurance you should know which are required by law and some by prudence.

Legally Required Insurance – The minimum UK business insurance required by law is risks against third parties and it is the following:

- Employer’s Liability. When you start a business with even one employee it is required by law to get Employer’s Liability Insurance. UK business insurance providers prescribed £10m as a legal minimum amount to cover injuries, disease or illness sustained in the time of employment.

- Public Liability. This is a UK business insurance that covers your liability for damages if any public (customer or client) sustains an accident resulting in injury, loss of damage to their property for which your company will be responsible.

- Product Liability. This protects you against claims of others for damage to their property caused by products that you have manufactured. This UK business insurance includes the supply of products to other businesses; this type of insurance will also cover legal expenses and the cost of complying with any judgements.

- Professional Indemnity. You can be sued because of poor financial advices or serious flaw on surveying a property. This type of UK business insurance provides protection against clients who believe you gave poor service which they have incurred losses. It is not compulsory. But if your business is offering investment advice in any form, you must have this insurance.

Other Important UK business Insurance:

- Motor Vehicles. If your employees use their own cars or any kind of vehicle for business then it is your duty to ensure they are covered by this type of UK business insurance under their personal policies.

- Directors and Officers Liability. There are instances that the directors of limited companies can be sued. D&O insurance covers individuals for personal liability arising out of a ‘wrongful act’. Where the company has stumped up the cost on the individual’s behalf.

- Legal expenses. Provides you access to legal advice from the insurance company’s specialist lawyers, covers other contingencies like product liability.

- Credit insurance. This UK business insurance protects you from debtors going bust – you can insure a proportion of your own turnover or any individual account.

- Life insurance. This is necessary if your business supports your family, to ensure that funds were available to pay off debts even without you.

Where and how to buy business insurance

Most major insurance companies offer ‘package insurance’ for small businesses that cover most of the important contingencies in a single policy.

Insurance for interior designers, if it’s to give you the real peace of mind you want, has to cover a range of different risks. Just think about it.

From choosing colour schemes, fabrics and furniture, to recommending structural alterations, to selecting and supervising contractors, there’s more than one job that most interior designers actually do. However, in every aspect of your role, you’re offering a professional service. And that makes you potentially liable if the client doesn’t think you’ve been as professional as you should have been.

Just suppose you interpret a client’s brief wrongly and a room you’ve refashioned fails to meet the requirements. Or a supplier you’ve engaged, or even just recommended, fails to deliver what was promised. You could find yourself the target of a legal action.

Even if it’s not your fault, you could still be faced with significant lawyers’ bills just to prove the point. And if the case goes against you, you could find yourself having to fund expensive remedial work or a substantial compensation claim.

That’s why your interior designers insurance should definitely include professional indemnity cover.

Working at a client’s premises, you also face a constant risk of causing accidental damage. If you have the misfortune to break something that is particularly valuable, you’ll be very relieved if you’ve also included public liability cover in your interior design insurance package. Because if you haven’t, you’ll be footing the bill.

There are other types of cover you might want to consider too. If you have any staff, you’ll definitely need employers’ liability insurance. It’s a legal requirement. But you should also ask yourself what you would do if expensive furnishings or fittings you were holding on behalf of a client were to get stolen. Or if you found yourself unable to work as a result of illness or injury.

With the right interior designer insurance, you can cover yourself against all of these eventualities and more. And all you have to do to find that insurance is call 01480 470220 or email info@coulsonpritchard.com .

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