Monthly Archives: February 2017

Do I need Professional Indemnity Insurance?

Any professional wishing to keep safe in the service providers sector must make professional indemnity insurance a priority. Accountants, architects, solicitors and other professionals whose clients depend on the advice provided require such insurance. A skilled professional is sought for experience. It is assumed that with experience, the number of errors made is greatly reduced. There are odd times, however, when things are bound to go off-plan: this deviation is something even experience can’t prevent.

 

If you, as a professional, make an erroneous judgment, there are monetary repercussions that the client faces. The client hires a professional for expert advice in the hope of making a profit. If you become the cause of loss, the client will expect from you a liability to meet loses.

 

How does professional indemnity insurance help?

 

Professional Indemnity (PI) insurance protects the insurer against claims made by the client who’ve incurred financial losses heeding your advice. This loss is often termed as a ‘business injury’ and frequently results in large settlements and compensations.

 

A good PI policy acts as a buffer and protects the insurer from compensation claims and covers the compensation either partially or wholly while also offering the cost of defending the claim. This includes all the legal fees, which the insurer will face should the client go to court.

 

Is professional indemnity insurance a legal requirement?

 

  • There are many cases that demand PI insurance. There are professionals who hold a legal obligation to hold PI insurance. Professionals in the field of accounting and financial advice cannot operate efficiently if they lack the necessary coverage.
  • A professional with PI insurance stands a better chance of securing a deal from the client as compared to another without one. All businesses hold a basic expectation that the hired professional is securely covered.
  • PI insurance is, in short, a good business practice. It protects your business from the consequences of a potential error of judgment.

 

Who needs PI insurance?

 

Professionals who are in the field of Management and Business Consultants, Recruitment agencies and consultants, IT professionals, Designers, teachers and Tutors and Fitness professionals need PI insurance. There are two main advantages this insurance provides:

 

  1. It protects you from filing for bankruptcy should the client sue
  2. Covers all the legal cost when the client sues

 

Get your PI insurance today, it is always better to be safe than sorry.

Suing Your Employer For Compensation Of Workplace Injuries

Every employee has the power to bypass the system that works on settling these on-the-job injuries/accidents/impairments when the accident happens due to sheer negligence/recklessness/intention of the employer. The worker has the right to sue the employer and the organization in court, with legal proofs and submissions that caused the damage, which includes the suffering, pain and mental tension. Many workers have been told that in the case of any injury in the workplace, they are only eligible to the compensation that they receive from the workmen compensation insurance. Agreeably that is the common rule, which has many hidden exceptions too.

Various situations

Defective product – If the worker is injured on the job because of a defective product which is used as the part of their job, then action can be taken against the company or organization that manufactures this product and is purely liable for the defects in it.

Toxic substance – If the worker is injured or impaired due to any kind of toxic substance, then there is a chance to raise the lawsuit the manufacturer who makes that chemical product.

Personal grudge – In case of any knowledge or proof or issues arise over the conduct of the employer, for the incident or accident, and if it is proved or believed as intentional, then the worker has all the rights to bring into action a lawsuit for personal injury against the organization.

No insurance – If the employer does not carry or cover any kind of compensation benefits for the worker in regards to injury/accident/impairment/disability, then the worker has rights to sue the employer legally either in civil court or to collect the compensation benefits allocated to the respective state funds.

Third party – If in case the employer provides all the safety measures including the workmen compensation, but the injury or accident is caused by a third party, then the worker needs to bring a lawsuit for personal injury and file a case against that particular person or party.

Know your rights well

It is well known that the compensation and benefits are comparatively very low and can’t compensate the mental anguish, pain, monetary suffering and other personal problems. Also, these benefits neither teach a lesson to the employer nor punish the responsible party for the punitive damages. And when returned to work, the worker has to work in the same poor safety measures and dangerous situations. That is why it is very important for every worker to know his or her rights well in order to file a case outside the system.