Some professionals may not take full advantage of their professional indemnity cover because those professionals may be unaware of some of the additional risks which are often included in the policy they purchased. This article discusses some of those risks which could be included in your policy.
When Cash Goes Missing
Some insurers include wording in their professional indemnity (PI) policy to the effect that the insured company or person is covered in case some money is found missing.
If you're a civil contractor, you carry a lot of liability. You're responsible for all the vehicles and equipment on your construction site, you're liable if something goes wrong with your building once it's finished, and you carry some responsibility if you can't finish the job for any reason.
Because of these issues and others, civil contracting insurance is essential. However, it can get expensive. Here are a few ways to save:
For any business whether small, medium or big, getting an office insurance cover can help to protect against any possible incident within your premises. There are four main office insurance options that you need to understand well and apply to your office operated business.
Buildings and contents insurance
This covers your business's buildings, i.e. the office blocks, staff houses, stores, warehouses, etc. You need the building insurance to protect your premises if your business owns the buildings.
Public Liability Insurance (PLI) is often seen by businesses as an expensive but necessary element of their business insurance portfolio. But does your business really need PLI or are you just wasting your money? After all, PLI is not a legal requirement for businesses.
Before addressing the question, it's important to clarify what PLI actually covers:
Injury to third parties as a direct result of your business operations Damage to a third party's property as a direct result of your business operations Should either of these events occur with the result that your business is sued for damages, PLI will cover you for the cost of any legal fees and compensation awards made against you.