Public Liability Professional Indemnity

Popular, Inc. Reports Financial Results for the Quarter Ended March 31, 2010
SAN JUAN, Puerto Rico—-Popular, Inc. reported a net loss of $85.1 million for the quarter ended March 31, 2010, compared with a net loss of $213.2 million for the quarter ended December 31, 2009, and a net loss of $52.5 million for the quarter ended March 31, 2009.

Professional Indemnity Insurance Why Needed

Professional Indemnity Insurance is a kind of insurance where the insurer is protected or covered against claims from mistakes that he makes in his business where he may find himself in a dispute with his customers.

The demand for PI insurance is increasing day by day. Whether you work in a company, or you are a contractor offering services within your specific professional industry, the client expectations of quality and service are set very high nowadays and you need to display a standard or even above-standard level of knowledge, care and skill.

Generally, a “professional” is anyone who provides specialist advice or services within their sphere of knowledge. This notion can be referred not only to accountants, lawyers and surveyors, but also to consultants, designers, advertising agents, real estate agents, tax agents, translators, private investigators, architects, workers of the IT industry, etc. Lately, the courts have taken a broader view concerning who can be called a professional. The list keeps expanding and also includes trade associations, riding masters, diving instructors, funeral directors, and a lot more.

With the increasing number of claims for alleged negligence or breach of duty, it is unwise to go without the Professional Indemnity Insurance cover. The cost of defending claims made against you may put your business and personal assets at risk. You need the right type and amount of coverage to protect yourself against losing your valuable assets.

Buying Professional Indemnity Insurance means protecting yourself against legal liability for an act, error or omission, professional neglect or any of the above-mentioned issues.

Professional Indemnity Insurance operates on a “claims made and notified” basis. It means that for a claim to be accepted by an insurance company, the policy needs to be in force at the time the claim is made and notified. With the Indemnity Insurance, it is necessary to be covered when a claim is made, which may be different from the time when the mistake is made.

Remember that your Professional Indemnity insurance policy can cover you for any claims arising out of work you completed in the past. Consider taking out retroactive cover to secure yourself against claims that may arise from previously completed work. Note that sometimes Professional Indemnity claims tend to arise even years after a contract for a particular service has been completed.

BizCover specializes in Professional Indemnity insurance and also carry numerous types of Business Insurance: BizCover customers can mix and match insurance types. Business Insurance types include Public Liability Insurance, Office Contents Insurance, General Property Insurance, Glass Insurance, Tax Audit Insurance, and Premises Insurance.

BizCover is the fastest growing online insurance broker in Australia and works in partnership with its parent company.

Public Liability Indemnity

Liability insurance – ensuring wellbeing of a professionals’ future

In today’s fast-paced world, buying an insurance cover not merely remained to be an option but more of a necessity for every professional. Buying an insurance cover does not in any way aborts occurrence of an unforeseen event; but definitely minimizes its after effects.

Most sensible individuals would recognize the importance of buying an insurance cover. It not only indemnifies you of unforeseen contingencies but most importantly ensures your mental peace. It wards off your tension and worries regarding the future contingencies and ensures a life sans quandaries and stress. Most of us perceive insurance as a way of buying cover for assets, health and also for insuring your future. It is really strange about the way we perceive assets. For in most cases we forget to include our profession among our list of assets which is the sole pillar of our financial wellness. Like ever other life’s possessions.

The need for professional liability cover is felt mostly in case of lawyers, real estate agents, accountants, and software developers. In the course of professional conduct, the client expects some degree of perfection and in case he is not satisfied with the business, he is empowered to file suit against the company and claim compensation thereof.

An unfortunate act like this can badly affect one’s professional reputation and paralyze his/her financial standing. The compensation claims filed thereof create huge outlay of funds which jeopardizes the financial stability of the professional.

If you come in contact with the general mass in the course of your business, there may be cases that a particular product or service may cause grievous injury to public health – be that of a mass or of single individual. Leaving product and services related to selling or distribution of commodities, there are several means by which a business activity may pose out as a threat to public properties. In order to protect it from paying for damages and compensation, it is best recommended to opt for public liability insurance.

Liability insurance is a must have for freelance experts – not just to protect self but also to protect the well being of other employees working for the organization. Buying a liability insurance cover takes care of your as well as your team interest and saves excessive outlay of funds. An employer’s liability insurance also covers legal cost of the claim; you own legal fees and also the fees of the claimant.

In some countries, buying an employer’s liability insurance is a legal requirement on the part of the employer.

Mandatory or not, taking a shelter under the cover of professional liability insurance is a requirement that needs to be identified for the wellbeing of the future of a professional.

public liability insurance

Beazley Broadens A&E Professional Liability Insurance
Beazley Group , a leading underwriter of professional liability, management liability and commercial property exposures, has expanded its professional liability insurance offering for architects and engineers. Â

Public Liability Professional Indemnity Insurance

Professional Indemnity Insurance

Those who hold themselves out to be expert, not only in traditional professions, like medicine, accountancy, or law, but others, such as engineering, surveying, architecture, computing, stockbroking and property valuation, must act with all the care and skill that may be reasonably expected of a competent practitioner in their field.

No professional can be sure that they or their partners or staff will never make a mistake. Solicitors may fail to take timely legal proceedings, a stockbroker may make a mistake in a share transaction, an architect or engineer might misread a technical drawing leading to a design fault., a doctor might prescribe incorrect medication or a chemist make it up incorrectly…the possibilities are endless and ever present.

Over the past decade, there has been an upsurge in litigation raised against professional people, resulting in some enormous awards for damages, particularly in the United States. As a consequence, professional people now face such an onerous duty, and they cannot afford to be without the protection of Professional Indemnity insurance. Many insurers do not offer Professional Indemnity insurance – and among those that do, policy wordings vary considerably.

GNG is an independent professional, whose primary role is to act for you, the client. From advising on the right type of policy, through to negotiating the best deal and arranging the cover, we are with you all the way. We are members of the National Insurance Brokers Association (NIBA) and hold an Australian Financial Services Licence (AFS licence) issued by the Australian Securities and Investments Commission (ASIC) pursuant to section 913B of the Corporations Act 2001. We are also shareholders in Steadfast Group an insurance broker buying group which gives you access to a wide range of insurers and policy types. To know more about us, please visit us at www.gng.com.au

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Public ? …… Profesional ?

Whats the difference between Public Liability and Professional Indemnity insurance

In simple terms – Professional Indemnity covers 3rd party property damage or injury to a member of the public. Professional Indemnity relates to cover for advice given and is generally for (although not restricted to) people like doctors and solicitors etc.