What is professional indemnity insurance and who would need it?
When setting up a business it can be difficult to know what types of insurance is needed and why but if a business involves selling knowledge or skills then it is likely to need Professional Indemnity (PI) Insurance.
PI insurance provides a business with cover against claims of loss or damage made by third parties if you made a mistake or were in some way negligent in some of the services that are provided. What’s more PI insurance will also provide cover for any legal costs incurred.
The idea is that it can protect a business against claims lodged against which can not only be incredibly costly but can also have a very negative impact on reputation which could affect a business’s ability to carry on trading. The insurance will cover any legal fees and compensation the business has to pay out.
So who needs professional Indemnity insurance?
Some businesses have to have PI insurance as a regulatory requirement. So solicitors, architects, insurance brokers, mortgage intermediaries and financial advisors will need to have professional indemnity insurance as part of their professional authorisation.
However, that doesn’t mean that businesses which aren’t in the above areas couldn’t benefit from professional indemnity insurance. In fact anyone who gives out advice or sells a service could benefit from the insurance so it could be useful for many consultants, advertising and PR agencies, and designers. In fact if there is a risk of being sued by a third party for a mistake the business made in the service it provides it is worth getting PI insurance to make sure that you are covered.
Because the costs of being sued could lead to a business going under for many it is simply not worth the risk of not being covered – it can save loads of money and not to mention reputation.
Top 3 Pet Insurance Companies
Pet insurance is a type of cover that many of us may overlook and then rue our decision when presented with a costly vet’s bill. It seems strange that we are so keen to insure other lesser valuables such as everyday home contents yet neglect an animal which is recognised as a member of the family.
One out of two pets requires the treatment of a vet every year and the average cost is over £250. Special but common cases like hip dysplasia can be well over £600. Insurance covers much more than just this though; third party liability, boarding fees, loss by theft or stray, vet finder services, and even bereavement counselling are all commonplace. This is why we must identify the brokers that can offer us the best, most tailored and highly comprehensive policies. The following companies could well be categorised as three of the best due to discounts and levels of cover.
Direct Line are currently offering 10% discounts to anyone that buys a policy online, and a further 15% off if you insure another pet. Many families have two or three pets so should be rewarded in the same way as say you were insuring a car. You may well be the soul carer for your pet and the burden of responsibility weighs heavy in the event of being hospitalised. Direct Line’s policies can pay up to £1,000 of the animals boarding costs. In terms of vet’s fees, Direct Line can pay the vet directly which further takes the burden away from your direct finances.
Co-operative Insurance is currently offering discounts of up to 25%. They offer many of the benefits Direct Line provide and also special features such as advertising if you lose your pet and travel cover, should you wish to take your pet on holiday.
Endsleigh are known for the comprehensive nature of their policies and their superb levels of tailored cover. They explain the nature of pet insurance in good detail and offer excellent rates. Things like third party liability and excellent levels of veterinary cover are available. For more obscure insurance policies like this, Endsleigh break the information down into special subcategories and their policies can be taken on affordable monthly terms.
Who needs public liability insurance?
Certain types of insurance are a legal requirement and other types are highly recommended. When it comes to insuring your business, Employer Liability Insurance is a legal requirement, Public Liability Insurance often isn’t. That’s not to say it isn’t a vital part of your business cover; it’s the type of insurance that can really save your livelihood in the event of liability.
People often talk about Business Insurance and Public Liability Insurance in the same breath.
If you run a business you will have constant interaction with the public, and if you own any kind of premises, your shop or outlet will be a highly public forum with people passing by, customers and clients all milling about your space and all potential claims.
We live in a culture of compensation claims and if someone experiences a trip or a fall on your premises, or your work effects the public in an adverse way you could be vulnerable to a hefty claim.
Public Liability Insurance can cover you at rates of around £1m, £2m or an upper rate of £5m. These lofty figures illustrate the importance of having Public Liability cover in place.
The most likely scenario for a Public Liability claim will be a trip or a fall. If a customer falls on a breakage or a protruding feature in your outlet, you could well be found negligent.
If you work with a local authority, it may be the case that some level of Public Liability Insurance is required, and if you are in charge of government contracts, you may need cover up to the £10million figure. Be sure to check if you’re involved with public sector work.
Public Liability Insurance won’t cover injury to employees.
This is the remit of Employer Liability cover which is compulsory if you employ even one person.
In short, every business owner needs Public Liability Cover even though it isn’t a legal requirement; don’t be complacent and sign up to a decent policy so as to avoid hefty losses.
What is contents insurance?
Contents insurance covers the holder against damage or loss of property located within the home. It refers to non-fitted items/moveable goods rather than buildings or fixtures. The internet is now the first port of call when it comes to obtaining a contents insurance quote due to the vast array of providers it can point you in the direction of. Contents insurance can be tailored to meet your needs at sites like Endsleigh who categorise policies under labels like musical instruments, laptops and gadgets. They search a host of top providers to get you the top contents insurance quote.
We live in a time of great consumer innovation and the sum value of your gadgets and gizmos tends to run into the thousands. Phone handsets can cost around £500 for the latest models, laptops the same. Then there’s MP3 players, stereos, DVD players and all sorts of other consumer desirables that make contents insurance more important than ever. The consumer age has filled our houses with valuable machinery; therefore you need to get the best contents insurance quote.
A contents insurance quote covers against things like theft, fire, flood damage or accidental damage. If your home floods or catches fire rugs may be destroyed, furniture may be wrecked and equipment could be ruined. These are all non-fitted items that generally fall under the contents insurance remit.
Many contents insurance policies will offer new for old cover. This means the provider will replace any items that have been damaged or lost with identical ones or a modern equivalent if it’s no longer in production. The replacement will always be brand new and at least of equal or sometimes higher specification.
Full accidental damage cover is a handy policy. We will all at one time or another, ruin a product through clumsiness.
Getting a contents insurance quote couldn’t be quicker or easier due to the abundance of services and providers offered online.
Insurance Provider Overview: Sheila’s Wheels
Sheila’s Wheels is a company that specialises in insurance policies. Although their main insurance products are auto insurance, they also provide home insurance, travel insurance and pet insurance.
Auto Insurance
The company’s auto insurance offers some great benefits besides the usual insurance policy. Offers such as up to 75% no claims discount or a free courtesy car. Another thing that a person can benefit from with this insurance policy is a cover of up to £300 for the handbag and a free program of confidential counselling that is open around the clock; and this is only the base insurance.
Their auto insurance has some additional services like breakdown cover, which, in the case of car problems, the policy offers to pay for the required assistance. Another addition to the auto insurance product is motoring legal protection, which means that the insurance will cover things like seeking pay if a person does not have it or loss of earnings, and can cover costs that are court ordered. Another additional feature to the policy is personal injury benefits; in case of a serious injury, the driver or the named driver has a cover up to £30,000. If, as a result of an accident a person is left without a car for a long period of time, the insurance has a new added feature called car hire benefit in which the person gets a car for a period of 21 days while the claim is being sorted out.
Other Insurance Types
Sheila’s Wheels offers home insurance that covers the house itself and everything that is designed for domestic purposes. In addition, they have an unlimited building insurance coverage sum so a person should not worry about how much it will cost to rebuild their home.
Travel insurance is another type of insurance that they offer. Here a person can choose what the best insurance is for him or her. They also have pet insurance which covers veterinary fees to kennel fees.
Buy to Let Market in the UK
Endsleigh Insurance provides buy to let insurance cover for landlords. Property owners need insurance whether they have a single building or a collection of let buildings. According to the index on houses provided by Halifax, the price on housing has increased from a price of £62,000 to £198,000 over a period of nine years to the year 2009. This has been brought about by emergence and boom of the buy to let business. Alliance and Leicester has done research that made conclusions that landlords are making a lot of profits from investing in buy to let.
To indulge in the buy to let market one has to make certain considerations. The landlord has to consider proximity of the property to roads, hospitals, schools and shops. Consider how much similar properties in the market are being sold for so as not to be conned. Investors should also consider getting mortgage advice from a reputable organization like Endsleigh and getting buy to let insurance for their property.
Insurance from Endsleigh
Buy to let cover from Endsleigh provides various benefits to their clients. They research market of the buy to let business so that they can give their clients the best deals available. The advisors of Endsleigh will provide you with professional advice on mortgages and an independent advisor for each of their clients. The insurance Endsleigh provides to landlords is affordable and may include additional benefits, such as coverage for extensive periods of a property being unoccupied.
Business people who deal with buy to let should also have landlord insurance. Endsleigh can also provide insurance to landlords who rent their properties to tenants directly or through a letting agency. Endsleigh provides cover for landlords with commercial buildings, houses and flats. You will find Endsleigh Insurance on Home.co.uk, which is an online website that will provide landlords with the best insurers in the UK.
Auto Insurance Tips: Documenting Damages
In the event of a car accident, there are several things you need to do to make sure your auto insurance kicks in nicely and help you solve possible problems. These problems may include your car’s repair costs and third-party liabilities as well as medical costs that you may have to pay as a result of the accident. The one thing you should always do carefully before you even file your auto insurance claim is properly document damages.
Documenting damages may seem like an easy task to complete, but it can get pretty tricky and ending up being the factor causing your auto insurance claim to be denied. That is why I always advise friends and clients to know how to document car damages properly.
Before you even start with documenting damages, make sure all emergencies are properly handled. Once you are calm enough and you are sure that no one is seriously injured, start taking pictures and make written documentations about the accident. In most cases you will have a mobile phone with built-in camera with you; it is more than enough to take proper documentations. Take pictures before anything is moved by the law enforcement officers or other parties involved in the accident. You can take detailed pictures later; for now, make sure you cover the scene from different angles.
Don’t forget to take notes about participants and other information you may need to support the claim. Once you have all the required information, make copies and submit one with the auto insurance claim.
TowerGate Insurance Company
TowerGate insurance company, http://www.towergateinsurance.co.uk, provides insurance cover in the UK to many industries such as the medical, trade and the commercial sectors. Business insurance is advisable for any operating business. The insurance cover ranges from property owner insurance, liabilities insurance, tradesmen and office insurance. Other types of business covers include commercial insurance, business interruption, crime insurance against loss that has been caused by employees stealing, or in case of robbery, assets, and auto insurance when you have company vehicles.
Types of Business Insurance:
Liability insurance
Liability insurance that is offered ranges from professional liability to public liability. This will provide cover in case of misconduct and carelessness while serving your clients. This type of liability will help you settle claims and pay for legal fees in circumstances when you are sued.
Beauty therapists, private tutors and consultants take up professional insurance. Public liability entails covering your business in case an employee or a client sues you when they get hurt because there were not proper safety measures in place. This liability insurance will cover any legal fees encountered and pay the legal claim if your company is found to be at fault.
Office Insurance
This insurance cover protects your business premise and the employees. This type of insurance can be packaged together with public liability, as well as employee liability so protection is provided to the employees and members of the public if harm befalls them when they are in your business.
Property Owner Insurance
From http://www.towergateinsurance.co.uk you can get information on landlord cover. This cover is provided to landlords who rent their building to tenants so they are compensated in cases of damage. The cover also extends to landlords who rent homes to tenants via a company for letting.
Online Insurance Shopping
With the help of internet and several available online resource centers — such as the one you are reading right now — finding insurance deals online couldn’t get any easier. You can find a lot of tools that can help you find, compare, and apply for an insurance policy in no time at all. Here are several aspects you need to consider when you are shopping for insurance policies online.
Start with finding the right tools and resources to help you, and begin finding insurance deals and available offers. Depending on the kind of insurance policy you need, you can easily find great rates and promotional offers being made available by insurance companies near you.
Still using the marvelous features of internet, compare the solutions you found to see which actually suits your needs and wants. Comparing insurance deals can be done quite easily since there are also comparison sites enabling you to do side-by-side checking of several insurance policies and offers.
You can also apply for an insurance policy online, although in most cases the local representative of insurance company you are engaging will contact you for finalizing the deal offline. You wouldn’t have to fill out other forms or supply additional documents other than the ones you already supplied when filling the available online form and the process can be competed a lot faster than you thought.
Online insurance shopping is fun and easy. By using online resource centers to help you, you can save a lot of time and money while still find the best insurance deal available.
Marriage and Your Insurance
Marriage is just another stage of your life; there will be some changes in lifestyle and other aspects of your life, but most of them can be handled properly if you know what to do and how to adapt. Your insurance policies are nothing different. You would have to adjust the available insurance policies accordingly to make sure they are refined to suit your new, married, life.
The first thing you should do when it comes to marriage and your insurance is contact your insurance companies and notify them your new situation. Ask for your spouse to be added to your insurance policies, and cancel some of the available policies that you no longer need. If you can add your spouse covered with your health insurance, you can easily cancel theirs to save money while still enjoying complete coverage.
If you don’t have life insurance already, now is the best time to get one. Life insurance can provide the family extra protection, especially when you are the only source of income. You are simply securing your family’s financial features. If you can afford the premium, go for whole life insurance for maximum protection.
If you use homeowners insurance or renter’s insurance, make sure you account new items your spouse brings and report them to the insurance company. It is a necessary step to make sure everything in the property is properly covered from unwanted damages. You can also combine or eliminate one home and auto insurances; you can allocate the money for other family needs.
