A solicitor wanting protection through Professional Indemnity insurance is something which many thought some years back was unnecessary. Since, the very name solicitor suggests that one is with various laws, with one’s profession and legislations that belongs to one’s area of specialities. Indeed, the very position of the solicitor itself is projects a picture of meticulousness and authenticity and one in the rank of solicitor being involved with the allegation of not extending the standard of services is unheard so far.

The circumstance is totally different in the present day situation. The on the whole scenario of industry has become very unstable, turning to tasks of solicitors more stringent. An unaccounted and minute move has the probability to lodging vicious claim against the solicitor thereby making great financial loss and at the same time loss of goodwill and these is not imagination. Therefore, Professional Indemnity insurance is vital for the solicitors also. Professional Indemnity insurance schemes in respect of solicitors are somewhat different from characteristics professional indemnity schemes applicable in respect of professionals in other types. It is to be observed that natures of service rendered by solicitors are not like the other professionals and therefore the type of claims in respect of solicitors also differs.

Professional Indemnity – Is Price Everything?

When shopping for a reputable professional indemnity company, where should you look? There are thousands of brokers that offer good professional indemnity insurance prices, but are their policies tailored to your profession & will they really be there in times of distress? There’s a big difference between cheap professional indemnity and bad professional indemnity. Fortunately, the Internet can be a powerful resource as you shop around.

Online professional indemnity prices

Gone are the days of confusing paperwork and lengthy waits. From your home PC, you can find online professional indemnity insurance prices in a matter of minutes. With a few clicks, you can do what would have taken days just a few years ago. Using a shortlist of professional indemnity insurance prices, you can determine a ball-park figure of what you can expect to pay. But your work isn’t finished yet. Price isn’t everything.

Advice about buying professional indemnity insurance

Of course you want cheap indemnity insurance, but be forewarned: not every professional indemnity insurance policy is suitable for you. Look for specialist PI policies tailored to the needs of freelance professionals & more specifically the industry you work in. Always read policy fine print, paying particular attention to any exclusions. Make sure you compare PI quotes on a ‘like for like basis’ ie are the limits of indemnity ‘any one claim’ or ‘in the aggregate’ also what are the excesses? These can vary from insurer to insurer. Next, check the credentials of the underwriter & the broker whose business should be FSA regulated. Only select reputable professional indemnity suppliers who are financially strong. Lastly, if you already have professional indemnity insurance & are changing to a new insurer make sure you check the new indemnity policy has ‘backdated’ or ‘retroactive’ cover to protect you from work carried out in the past.

In a short time, you should be able to create a solid list of about 3-4 suppliers that offer cheap, but reliable, professional indemnity insurance. Although many brokers will encourage you to buy indemnity insurance immediately, you’ll probably want to speak with someone over the phone before you purchase cover.

You can tell a lot about of company based on how easily you can connect with them via the phone. If they’re hard to reach now, they might be hard to reach if you need to file a claim. Similarly if they struggle to communicate clearly about your business activities its unlikely their professional indemnity policies are suitable.

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What is Professional Indemnity Insurance? an Easy to Understand Guide

Professional Indemnity Insurance (PI) is difficult to comprehend. However, I’ve devised a guide to make professional indemnity insurance simple.

What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a form of business insurance for professionals who are in industries where others may rely on their professional advice. By being regarded as an ‘expert’ in a field, others may seek legal action against you if they suffer a loss from your professional advice.

For example, if you are an accountant and are responsible for preparing and lodging your client’s tax returns, a failure to lodge the tax returns on time can result in interest and penalties for your client. Your client could take legal action against you for a breach of your professional duty.

Professional Indemnity Insurance may protect you from such action by covering claims made against you, including legal defense costs up to your specified amount of cover, and after taking into account your excess (of course, you would need to look at your policy wording to look at what specifically is covered).

Why Do People Hate Thinking About Professional Indemnity Insurance?
Professional Indemnity Insurance forms the largest percentage of your business insurance expenses. Typically, Professional Indemnity Insurance is a time-consuming process taking up to 12 weeks. Again, it’s expensive and most people don’t know if they are getting the best deal.

This is where companies like BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes, and purchase in only a couple more. BizCover also allows business professionals to compare policies from leading insurance providers (AIG, Dual and Vero) to make sure that you’re getting the cover you need. By staying online, you are also benefiting from reduced pricing and costs.

So, make sure you visit BizCover Professional Indemnity Insurance for further Professional Indemnity Insurance info, and get a free 2-minute quote!

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