Sunday, August 26, 2007

Professional Indemnity

When should you take professional indemnity insurance?

Professionals often fail to bear in mind that there can often be a long delay between an event and a subsequent claim and that they need to be covered both at the time of the event and at when the claim is made. This ignorance leaves much claims unprotected and many dissatisfied professionals. Professionals need to arrange for run off cover for a period of time afterwards in case they plan to cancel their your policy when they close their business or retire. Moreover, professionals also need to arrange a run-off cover or get agreement from their new insurer to accept new claims for prior incidents if they plan to change insurers.

Documentation is the key to successful professional indemnity insurance. Documentation minimises any claims as you professionals do have records of whatever they have done and also figure out what went wrong. Hence, professionals, at every point of time, should ensure that they document everything in specific beforehand.

Professional indemnity is a common term in the United Kingdom and a number of organizations offer professional indemnity insurance to freelance consultants and professionals. However, the onus is on choosing a suitably experienced insurance broker, who has the experience and hence the capability to foresee things and accordingly protect.

Wednesday, August 8, 2007

Freelance Health Insurance

Freelance Health Insurance

You would realize the need of a health insurance when you have finally left your job and have started your freelance business. This is a common occurrence across the UK, and the major reason of worry among freelancers.

A recent survey conducted by a renowned insurance company revealed that only 30 percent of all freelance contractors are insured. High cost of medical treatment and myths about the difficulty and futility of medical expenses is a major barrier to freelancer contractors opting for health insurance. Most people over here forget that getting sick or injured may not be just an inconvenience, it could cost them their business, and even more if they are the sole earners.

The scenario is quite positive now. Today, freelancing is recognized area of practice and more and more insurance companies are coming up with insurance schemes that specifically meet the needs of this sector.

Today, with a freelance health insurance for freelancers, you can get similar coverage at similar cost as a salaried person. You only need to figure out your health care needs and then find out what type of coverage you can get. After all, your health is an asset and you cannot gamble with your livelihood and your business.