Professional Indemnity Insurance why you must have it
Professional Indemnity Insurance why you must have it
Professional Indemnity Insurance will protect you against having to pay damages and legal costs should a claim arise against you.
Cover includes:
- Breach of professional duty
- Breach of copyright
- Breach of confidentiality
- Libel and slander
- Loss of documents
How it works.
Professional indemnity insurance is designed to cover businesses in the event that they are pursued by third parties who claim that they have suffered a loss as a result of their professionals negligence.
Examples of how a claim could arise and the costs involved are as follows (in each of these cases the lose was covered by Professional Indemnity Insurance – but think of the cost if it hadn’t) :
An advertising consultant put the wrong telephone number in an advert and was sued for loss of income and damage to the advertisers brand. In this particular case the claimant was awarded £25,000 in compensation. Luckily the consultant had insurance to cover the claim.
A management accountancy practice failed to alert their client to losses resulting from an employee falsifying sales returns. Compensation awarded against them £14,000
A translator made an error in a technical brochure, resulting in reprinting costs and damages for the client's loss of business. Compensation awarded against them £20,000
A graphic designer adapted a drawing from a text book for use as a logo, and was sued for breach of copyright. Compensation awarded against them £35,000
Remember if your business provides advice or consultancy you have a responsibility to your clients and any breach of that responsibility could lead to a claim against you, causing serious damage to your business. Get yourself covered, or you just could lose your business.
Professional Indemnity Insurance why you must have it - To learn more about this author, visit Lawrence Gilbert's Website.
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If you are thinking of starting a consultancy or a professional services business don't neglect to protect yourself. You may be giving the best advice that you can give - but the result may turn out sour. In those cases often the advice recipient, especially if they paid you for that advice, may feel you are to blame.
Professional Indemnity Insurance will protect you against having to pay damages and legal costs should a claim arise against you.
Cover includes:
- Breach of professional duty
- Breach of copyright
- Breach of confidentiality
- Libel and slander
- Loss of documents
How it works.
Professional indemnity insurance is designed to cover businesses in the event that they are pursued by third parties who claim that they have suffered a loss as a result of their professionals negligence.
Examples of how a claim could arise and the costs involved are as follows (in each of these cases the lose was covered by Professional Indemnity Insurance – but think of the cost if it hadn’t) :
An advertising consultant put the wrong telephone number in an advert and was sued for loss of income and damage to the advertisers brand. In this particular case the claimant was awarded £25,000 in compensation. Luckily the consultant had insurance to cover the claim.
A management accountancy practice failed to alert their client to losses resulting from an employee falsifying sales returns. Compensation awarded against them £14,000
A translator made an error in a technical brochure, resulting in reprinting costs and damages for the client's loss of business. Compensation awarded against them £20,000
A graphic designer adapted a drawing from a text book for use as a logo, and was sued for breach of copyright. Compensation awarded against them £35,000
Remember if your business provides advice or consultancy you have a responsibility to your clients and any breach of that responsibility could lead to a claim against you, causing serious damage to your business. Get yourself covered, or you just could lose your business.
Professional Indemnity Insurance why you must have it - To learn more about this author, visit Lawrence Gilbert's Website.
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
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Jay Kubassek(Jay's Full Bio: EvanCarmichael.com/jaykubassek) In five years, Canadian-born entrepreneur Jay Kubassek went from selling mufflers at a Midas franchise to revolutionizing Internet marketing with the 2004 launch of CarbonCopyPRO, a online marketing education company, now worth over $20 million with customers in over 160 countries.
As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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