If there’s one thing worse than an expensive indemnity insurance quote, it’s quote which leaves your livelihood dangerously exposed. Before choosing a policy after looking at a range of different indemnity insurance quotes, take some time to make certain that every single one of your bases is covered and that you will not be left vulnerable even after shelling out on a costly policy. In this article we’ll be looking at all the essential forms of cover a good indemnity insurance quote should include and a few forms of cover which your business may require to ensure it is completely protected.
What is it?
First off, let’s take a closer look at what your quote should be promising to provide. Indemnity insurance is designed to protect those in professional industries who may be exposed to risk due to negligence, mistakes, errors, misjudgements etc. – in fact, any decision or action you could take in your professional life that could negatively impact your client needs to be covered by your quote.
Who needs it?
The types of professions, businesses and freelancers who need this form of insurance are those who work more ‘conceptually’ for clients. They are not gardeners or circus performers (these professions should be covered by public liability insurance instead), they do not physically endanger 3rd parties. Instead they pose an intellectual and/or financial risk to their clients…
A woefully misjudged advertising campaign which causes great offense to the public and results in a severe drop in sales for the client. An estate agent who promises a property is double glazed when it is not. The list of potential mistakes in a vast range of industries go on and on – almost any example of human error you can think of, which could occur in business, should be covered in an indemnity policy quote.
What should it include?
O.K., so now you know what it is and what it does, it’s time to work out what your indemnity insurance quote should include. For all professional businesses it is important to think carefully about the work you do before looking into a new indemnity insurance quote. Think your way through every potential accident or mishap that you can imagine affecting your work, then check that the indemnity insurance quote you receive provides cover for this form of slip up. In general terms, a good insurance quote will provide cover for:
• Error, omission or negligence
• Damage or loss of documents
• Accidental infringement of intellectual property rights
• Accidental breach of confidence or confidential duty
• Accidental misuse of information
If you believe that the indemnity insurance quote you receive is not thorough enough and leaves you exposed it is well worth talking to your provider who should be able to offer you a more flexible, thorough option. Alternatively, do a little more research, there are many top providers out there who offer the transparent and flexible approach which is vital to great insurance and lasting peace of mind.