Category Archives: Business

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.

Know what the Types of Marine Cargo Insurance are

Singapore, being surrounded by the sea, derives its primary profits from transporting cargo either locally or globally across the water. Such goods that are in transit are susceptible to heightened rate of damage. There are also very high chances of the cargo getting lost. Misplacement or damage to cargo spells financial loss. Marine Cargo Insurance is one of the most important Commercial Insurance Singapore.  At Allegiance, there are two variations of Marine Insurance offered: Marine Cargo Insurance and Marine Hull Insurance.

Of the many available types of covers offered, a few Marine Cargo Insurance types are:

  • Open Cover Policy: This policy is ideal for those companies who primarily trade with frequent cargo ferrying. The Open Cover is a facility that is automated to insure the shipment against the cover limits, terms, previously agreed upon conditions and rates. This cover simplifies the insurance task as the cargo is either declared in bulk or individually for the stipulated time of agreement. The cancellation of such insurance is only after a formal written letter is presented either by the client or the insurance company.
  • Single Voyage Policy: As the name suggests, such insurance is applicable for a single transit. This policy is ideal for a conglomerate who is rarely involved in cargo shipments.
  • Inland Transit Cover: This policy is a type of annual cover that protects the goods being transported while they are on land. The insurance covers the damages that result from handling of the cargo either by the transporter on land or the professional carriers. For this cover, a premium is paid annually upfront without declaring the value of the shipment.
  • Annual Cover: The policy is similar to that of Open Cover. Annual Cover is ideal for such businesses that deal with great volumes of shipments on a regular basis. Companies that are primarily focused on cargo shipments should chose the annual cover. Each time a shipment is ferried; there is no requirement for declaration. For the period the policy is bought for, the cargo is protected. At the time of purchase of the cover, the premium amount is decided by a rough estimate of the shipment value. In general, cargo services have a list of specific services and items they are willing to take on. A comprehensive estimate of all types of cargo is summed up to reach the deposit price. The payable price of premium is adjusted right at the end of the policy period to understand the exact shipment value made during that time.

Prevention is better than Cure

Leading a risk free life is next to impossible. If you are leading a life where you have not taken any risks, then that can be termed as simply existing and not living in the true sense of the term.

At times, taking a less trodden path as a challenge to do something different is termed as taking a risk in life. Taking such risks in life can be a life changing experience. It can turn a pauper into a prince or a prince into a pauper. However, there can be some risks that need to be mitigated beforehand. Risks that are related to financial matters in life are the ones that need to be taken care of beforehand.

Imagine you are suddenly bankrupt and have no savings to fall back upon. You will need an external support system that will help sustain you through the crisis until you are again capable of handling finances on your own. This external support system is nothing but an insurance scheme that you invest in to ensure steady flow of cash during times of crisis. The monthly interest or premium, that you pay for a certain period of time, ensures that you get a good amount in return when there is a need.

Preventing Crisis:

As the age old adage goes, “Prevention is better than cure”. Hence, it is always better to be insured than face a crisis and then look for adequate funds. Even while running a business, one has to ensure that there is a financial support system in case there is a situation of financial loss. Such support systems are known as corporate insurances. There are legal entities, known as insurance agencies, that provide corporate insurances. In places where there is a lot of business happening, one can find many such agencies.

There are many agencies providing corporate insurance in Singapore as Singapore is known as the most commercially ripe place in Asia. Singapore provides a conducive environment for business to grow and thrive. However, for business to function properly, first and foremost financial security is important. Corporate insurance in Singapore provides this financial security. They help in situations where an employee has faced some calamity and needs financial help for treatment or the family needs to be compensated. They also provide financial support in cases where the company has met with a huge financial loss. Thus, corporate insurances, in the true sense, are the preventions that prevent the cure.