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Top 3 Mistakes Made with Professional Indemnity Insurance

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Top 3 Mistakes Made with Professional Indemnity Insurance Top 3 Mistakes Made with Professional Indemnity Insurance If you run a company or own a business you probably already are aware that professional indemnity insurance is a must. It affords an array of benefits as well as protection in the event of any litigation. Still, the rush to get insured can also mean making avoidable mistakes when getting your insurance policy. In this article we have zeroed in on the top 3 mistakes you may be making or have made with your professional indemnity insurance and how to fix it. Mistake #1: Not Getting Public Indemnity Insurance Many employers incorrectly assume that they do not need indemnity insurance because they are not in the medical field. The keyword here is professional and this coverage covers a vast amount of industries. You could be in real estate, fitness, or an accountant and having indemnity coverage will protect you and your company from litigation. Today, many lawsuits are easily and often brought up. Another faux pas that is connected to this, is the confusion of the difference between Employers and Professional Indemnity. First, indemnity refers to the compensation you will receive while the insurance may or may not offer indemnity. Mistake #2: Choosing the Right Coverage Making sure you choose the right professional indemnity insurance is critical as having limited coverage exposes you and your company to devastating legislation. By consulting with experts about which coverage makes the most sense for your company, you can rest assured that you and your business are protected. Specifically, you will want your insurance to cover all Errors and Omissions. For example, various professionals can be accused of copyright infringement, privacy breaches, or defamation. In this situation you will require professional indemnity insurance that covers all of the following expenses: Legal Costs Historical Coverage Worldwide Coverage This means that you are both protected and supported throughout any legal issues. Mistake #3: Premium Cost By choosing a policy based on price alone you can end up undercutting yourself. In other words, you may save a penny that can cost you a fortune later. Companies like Trusted Union, have put together affordable professional indemnity and insurance and other insurance policies. Similar to one’s car insurance “cheap” policies tend to cover very little or have a lot of fine print. Things like legal and court costs as well as negligence lawsuits when injury or death have occurred can accrue huge charges. This also goes hand-in-hand without noticing the deductable. Professional Indemnity Insurance in Hong Kong is a must if you are a business professional. Regardless of your industry, indemnity spans a wide array of various professions. In today’s litigious environment having protection against lawsuits and coverage that will provide indemnity is a must. Choosing a policy that is affordable but also has the widest coverage is not impossible via companies like Trusted Union, who are experts at providing insurance. You get what you pay for and a little extra today is worth its weight in gold when a lawsuit arises..
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