Why Purchasing a Professional Insurance is Important
When we start a business, big or small, we are automatically taking a risk with our money and our reputation to the world—or specifically, to our customers. Being responsible to fulfill any services we offer is our goal but in life, there’s no such thing as exact perfection and mistakes can be unavoidable at certain circumstances. Purchasing a professional insurance can save our business from shrinking when a problem occurs. It can also protect both the first and the second party’s interests.
If you are looking for a corporate or personal insurance provider, you should consider Allegiance Associates. They cover a wide range of professional insurance in Singapore. You should check out their site above.
In an article by Chrystal Doucett, we will find out more about the importance of professional insurance.
Does a Sole Proprietor Needs a Professional Liability Insurance?
Professional liability insurance protects sole proprietors from service-related lawsuits. If your small business provides customers with professional services, such as floor repair or database design, professional liability insurance might be necessary. If your business is product-based, you may not need such coverage. Consider the type of trade your business runs in determining whether professional liability insurance is right for your company. Read more here
Purchasing a professional insurance does not only protect the proprietor in terms of interest and services but can also provide legal counsel. Customers have the right to sue their service provider if the expected results are not met and us, as a service provider need to ensure that we are liable to any fault. Getting sued by a client is a horror to any businessman because it could be the end of their company but by purchasing a professional insurance, we can cover the issues in the workforce that are overlooked.
Any type of insurance policy can be very helpful and can save us a huge amount of money for us and our beneficiaries. Imagine how much more if we have it business.
Parker Beauchamp will elaborate the importance of insurance in business in our next article.
5 Reasons Why Recruiters Need Professional Indemnity Insurance
As a professional recruiter, you work hard to find great candidates that meet your client’s needs. Unfortunately, being a recruiter comes with risks—your reputation, and sometimes your livelihood, is often times tied to another person.
Despite your best efforts to vet a potential candidate, that person may not work out and your client could sue you for professional negligence.
1. Clients May Require It.
When a client invests in your skills, they have a vested interest in ensuring you’re able to deliver. For this reason, many companies require service providers, such as recruiters, architects, marketing agencies and consultants to carry professional indemnity insurance.
Carrying this coverage also signals to potential employers that you take your reputation and business seriously. Read more here
No matter how good we are at what we do and how good is the quality of service we are giving, there will be a day that you encounter a complainant because you did not meet their expectations—or they feel that you did not give them much attention. Having yourself and your company protected with insurance policy can salt away the bitter results of getting sued and because it provides you legal counsel, you might also find a way to free yourself from charges in any way possible.
This is one scary part of putting up a business but with sufficient information, we can avoid this problem. That is what Lockton Health Professional Insurance will talk about in the last article.
What are the chances of me getting sued?
Even if you’re vigilant in the care you provide, have healthy patient relationships and would never intentionally harm a client, the reality is that any dissatisfied client can make a claim that you were negligent in your treatment or made an inappropriate advance. You simply cannot ignore that anyone can allege virtually anything—and sue you. Sometimes being careful just isn’t enough—all it takes is for a patient to feel they weren’t given the attention they wanted and suing is a means of retribution.
You don’t even have to be the primary defendant to be pulled in to a legal suit. When people sue, they often name anyone they believe was involved in the situation—whether truly warranted or not. This could include you, your practice and your associates. Read more of this here
Different business owners have their own style in selling their products or performing their service but at one point they will all meet that one unique client—the one that will complain and sue them. Of course, it is the client’s right to protest if they are not taken care of properly when they paid for the service. As a contractor, it is your job to do what is best for your patron but also as an employer and business proprietor, it is also your responsibility to protect everything in your plate including your employees.
It’s clear that an insurance policy is required for any type of business if you want to keep it going. Even if you have to close down a particular business, you do not have to give all your earnings away for compensation or damage fee if you have a professional insurance. In fact, this might also help you start a new one. It can help you build up lasting relationship with your clients if you only know the dos and don’ts. By obtaining a professional insurance, you are mindful not only of your welfare also of the people you do business with.