UK Professional Indemnity Insurance 2009

This report provides an unrivalled analysis of the UK professional indemnity insurance market. It discusses the relative performance of the main professions and assesses the profitability and claims experience of the whole market. The research also includes an in-depth analysis of the distribution and competitive landscape and forecasts the market size to 2013. ( http://www.bharatbook.com/detail.asp?id=130178&rt=UK-Professional-Indemnity-Insurance-2009.html )

Scope

* Data on the size, structure and profitability of the professional indemnity insurance market in the UK.
* Insight into the different channels and platforms of distributing professional indemnity insurance products.
* Analysis of the total premiums and market share for the largest professional indemnity insurance groups.
* A discussion of the main factors affecting the market in the future along with forecasts of market size to 2013.

Highlights

As a compulsory product for a number of trades, professional indemnity has enjoyed a substantial degree of product penetration among businesses in the UK. Compulsory purchase covers major established sectors as well as newer trades such as claims management companies, which first were required to have professional indemnity cover in July 2008.

Lloyd’’s market players have been adept at catering to the growing miscellaneous sector, which covers a wide variety of risks ranging from IT consultants to claims management companies. Many insurers that contacted reported that this market was still a profitable one in which to write, growing in policy volume.

Reasons to Purchase

* Gain an understanding of the key drivers of the professional indemnity market in 2008 and 2009.
* Benchmark your premium income against that of your competitors and understand the drivers of growth in their businesses.
* Prepare for the future development of the market in terms of competitors, major issues and market size.
 

To know more and to buy a copy of your report feel free to visit : http://www.bharatbook.com/detail.asp?id=130178&rt=UK-Professional-Indemnity-Insurance-2009.html

Or

Contact us at :

Bharat Book Bureau
Tel: +91 22 27578668
Fax: +91 22 27579131
Email: info@bharatbook.com
Website: www.bharatbook.com
Blog: http://bharatbookresearch.blogspot.com
Follow us on twitter: http://twitter.com/3bbharatbook

Professional indemnity insurance offers you the safeguard against any loss, damage or injury occurred to the client due to your negligence, breach of contract or omission. This insurance policy covers your professional interests and offers the coverage to the damage when your negligence is proved. It covers you for a time period of one year. When the client files a legal suite against your negligence, the policy also covers the legal costs whether you win or loose. Due to these advantages, indemnity insurance is now a part of the running cost of many companies.

The professionals who need indemnity insurance are Management Consultants, Design Consultants, IT Consultants and many other professionals who offer consulting or advice to the clients. You can buy professional indemnity insurance policies in both online and offline way. It is a fact that less number of companies are offering these insurance policies online. This is due to the requirements of the policy. The policy needs you to submit complete representation regarding the contracts, agreements and the filed of operation. However, choosing an online quote makes your purchase fast.

While choosing a professional indemnity insurance make sure that whether it offers coverage for your offshore venture(if any). The policies with “aggregate covers with UK jurisdiction”clause may not help your offshore venture as it needs an “any one claim” policy. Check out that the agreement contract is not adding to your liability. Keep in mind that you can have a coverage on a claims-made basis within the coverage time period mentioned in the policy. Hence, be sure that there is run-off coverage for a period when you closed down your business or cancel the plan. While choosing an insurer for professional indemnity insurance, always query whether the company is a member of Association of British Insurers (ABI) or not.

Professional Indemnity Insurance, also known as PI Insurance, came as a real boon to the professionals working across several industries. They provided enough peace of mind to the policyholder so that he or she may pursue her vocation without the fear of being sued expansively for the slightest of mistakes. Consequently, professionals soon started considering PI insurance as an integral part of their safety and security, pretty much the same way as a two-wheeler rider perceives a helmet or a car driver considers a seat belt. Soon, there were a good number of professionals queuing up outside the offices of insurance companies to get themselves under the umbrella cover of PI insurance.

In a world strictly governed by a cause and effect relationship and markets that are extremely sensitive to the vagaries of demand and supply, it resulted in the obvious situation of PI Insurance rates sky-rocketing. Be it the manufacturing sector or the service sector, each witnessed a substantial increase in the rates of PI Insurance. Insurance companies know that they are now in a demanding position and thus, they charge a reasonable premium. What more? The customers are more than willing to oblige! This resulted in a significant price increase in the renewals and the process of renewal also became a bit more complicated and lengthier.

But people, on general, are not complaining since it is a win-win situation for all the parties involved. The policyholder is assured of hassle-free work routines, the insurance companies enjoy huge customer base and high premiums and in case of any unfortunate event, the clients have a fair chance of recovering their damages.

PI Insurance rates are bound to remain sky high in the near future. As global economies grapple with economic slowdown and rising uncertainties, more and more people are going to opt for the security cover of PI Insurance.

With widespread viruses, malwares, spywares, adwares and security breaches over the internet, the role of IT security professionals has gained prominence. This year for exmaple the ‘Conflicker’ virus has spread to schools, hospitals and government departments across europe turning thousands of PCs into servers of email spam and installing spyware software.

As the number of virus and security attacks on company or government networks continue to escalate globablly, there is an increased chance that freelance IT security consultants could be on the receiving end of a lawsuit when a client’s system is breached. Why? Because IT security professionals owe their clients a legal ‘duty of care’ and if it is found they have been negligent as a result of a security breach they can be sued for damages and resulting financial loss.

Suppose a companyâ??s servers are compromised causing data loss, downtime and loss of sales. If a client thinks the consultants advice / actions has caused the security breach they could be on the receiving end of a hefty negligence claim and legal costs. If they are held liabile they might have to pay for the fixing of servers and also for damages caused by data loss, down time and lost sales. Depending on size and nature of the project the amount could very well go up to several hundred thousand pounds.

One of the preventive measures IT security consultants can take to protect themselves against these costly claims of negligence is professional indemnity insurance.  Professional indemnity insurance provides cover for claims brought against the policyholder due to their professional negligence. It helps pay the legal costs as well as any compensation sought by a client as a result of negligence. Consider it a blanket of security that safeguards your business from the financial consequences of mistakes / errors.

With professional indemnity premiums start from as low as £160 per annum. Isnâ??t it a small price to pay for your peace of mind?

Article Resource:-

http://www.coulsonpritchard.com/articles/IT-security-professionals-insurance.asp know more about Professional Indemnity Insurance

PI Insurance|Liability Insurance

The importance of insurance in our daily lives cannot be ignored. Buying an insurance cover is no longer an option; rather it is one of the bare necessities of life. Insurance pervades in ever sphere of human existence. We can insure everything we want, be it our properties, assets, health, and not to forget our own profession. Just like our other properties, our profession is an asset and perhaps the most important one. It is something that lays down the basic foundation of our existence and is the seed where we reap rewards our all amenities we afford.

We as human beings are susceptible to mistakes. But when it is the question of making mistake in our professional code of conduct, our self confidence gets better of us. We are reluctant to admit that we are capable of making mistakes, intentional or otherwise. And the instances are not rare when our negligence in course of professional service costs the clients financially only to get you bombarded with hefty compensatory claims.

In such a situation, professional indemnity insurance indemnifies the policyholder against losses and financial claims incurred due to negligence, error or omission in course of his service. A good number of professionals like lawyers, real estate brokers and architects resort to a professional indemnity insurance so as to protect their business needs.
While you opt in for the policy make sure you go through the initial disclosure document. This would help you assess the scope of the policy and the terms and conditions applied therein. While leafing across the disclosure document, make sure that your insurance policy provider is registered under the regulatory body acting in your nation.

A good number of folks are of the opinion that a profession indemnity cover is an additional overhead expense without any tangible benefit. However, with the increase in consumer awareness, people are more concerned about the kind of service they receive. It makes sense to buy a professional indemnity cover to protect long term interest of your business.

Article Resource:-

http://www.coulsonpritchard.com/articles/insuring-your-business-needs.asp

know more about Professional Indemnity Insurance:-

Professional Indemnity Insurance|Liability Insurance

You are a high flying professional commanding respect in your profession; earn a handsome remuneration and pretty much satisfied with the demands and perks of your profession. Understandably, you do not reckon that much can go wrong in this picture perfect setting. But, the next thing you know that a client has sued you and you are held liable by a court of law. This is exactly where having professional indemnity insurance can be of great help. It can wrench you out of the financial turmoil you have landed yourself into, during the simple discharge of your duty. No wonder people across the world consider getting professional indemnity insurance, a small cost for a great and secure future.

True to its name professional indemnity insurance protects a professional from a future loss that may arise due to a liability for damages. In case of a legal liability, it shifts the onus of making the payments to the aggrieved party on to the insuring agency, and the insured person is thus saved from the financial consequences.

There is a wide plethora of professions that can be insured under this cover. Every professional who either sells his knowledge or skills to clients or is involved in giving them advices can have the protection of this cover. This includes professions as varied as those of doctors, lawyers, architects, accountants and consultants.

The Professional Indemnity insurance cover takes care of the compensations made for professional negligence or breach in the duty of care which the professional commits on the course of delivering a service to a client. Additionally, all the legal costs of the suit are also covered by the insuring agency. The insurer can either choose a cover where he makes the payments which are later reimbursed by the insuring agency or he can go for a â??pay on behalfâ? wherein the insuring agency takes care of all the payments and the associated paperwork.

Article Resource:-

http://www.freelanceinsure.co.uk/articles/Professional-Indemnity-Insurance-an-overview.php

know more about Professional Indemnity Insurance:-

Professional Indemnity Insurance|PI Insurance

Professional indemnity insurance protects the policyholder from claims brought against the professional w.r.t perceived or actual negligence in the delivery of duties.

Applicability:

Doctors, medical establishments, contractors, engineers, architects, interior decorators, chartered accountants, financial accountants, management consultants, lawyers, advocates, solicitors and counsel are the professionals who can avail this insurance cover. If your business involves selling knowledge or skills or you give advice having Professional Indemnity insurance will be a wise move for you.

Liabilities covered:

Professional Indemnity insurance takes care of the compensations you might have to pay to a client who has sued you for professional negligence. Another advantage of holding this insurance is that it covers all the legal cost that you might have incurred in case of such a suit. The cover granted under the policy provides indemnity to the insured against the legal liability and transfers it on the insuring agency.

It is important to understand that Professional Indemnity insurance does not provide the cover for an unlimited period of time or for an unlimited amount. Just like any other policy, the policy will operate only for a definite period which is clearly stipulated in the terms and conditions of the agreement. Also, it provides cover only under a set limit of amount which is again decided at the time of the agreement.

Risks covered:

When a professional offers to provide his services, such as advice, design, supervision or consultation in lieu of a fees or gratuitously the law binds him with a duty of care to the client. It is safely assumed that he will exercise reasonable care and skill in discharge of his duties and can be held liable if he fails to do so.

For interior decorators, engineers and architects, the policy provides cover against risks of material damage, construction damage and death or bodily injury, which may be attributed to a negligent act, error or omission.

For accountants, consultants and lawyers, the policy provides cover against legal liability incurred by the insured by way of losses to clients arising out of acts of errors, negligence or omission on his part or on part of his paid employees named in the policy.

Inapplicability:

The Professional Indemnity Insurance, however, is not applicable in the following cases:

Any criminal act or violation of any Act of Statute Services rendered under the influence of intoxicants or narcotics Performance by Dentists under general anesthesia or any procedures carried out under general anesthesia unless performed in a hospital Willful neglect or deliberate act Third Party Public Liability Pure financial loss due to loss of goodwill or loss of market

Professional Indemnity cover will compliment your Public Liability insurance to give you total peace of mind knowing you are covered for all possible claims.

Article Resource:-

http://www.freelanceinsure.co.uk/articles/Professional-indemnity-insurance-cover.php

know more about Professional Indemnity Insurance:-

Professional Indemnity Insurance|Liability Insurance

As a freelance consultant you want all your contracts to go smoothly and your clients to be happy with your work. In return, you hope they will pay you on time & engage your services on a regular basis. Sometimes however events can take a turn for the worse. Errors may unintentionally creep into your work, resulting in financial loss to your clients and a potentially ruinous liability claim being made against you. Professional indemnity insurance protects you & your business against such claims.

Who needs professional indemnity insurance?

Anyone who takes a fee for providing ‘advice’ that a client relies upon is considered a ‘professional’. By law, ‘professionals’ owe their clients a legal duty of care, if this duty is breached by a negligent action for example, clients can claim compensation for losses and damages caused by one’s negligence. Professions like Accountants, Lawyers, Architects, Surveyors and Medical professionals all legally require professional indemnity insurance to trade. In recent years its also become common for freelancers working in a wide range of industries like IT, Engineering, Design & Business Consulting to maintain policies, largely because clients now insist on PI cover being in place before they award contracts.

How does professional indemnity insurance protect you?

Professional indemnity insurance covers you against legal costs that may arise as a result of a client filing a lawsuit against you due to negligent actions. Even if the allegations are untrue you still need to defend yourself and the legal costs can be crippling. Without adequate insurance your business and even your home could be put on the line. A professional indemnity policy safeguards you against these costs providing legal power to fight your status and reputation. If you are held liable, the policy will also cover any compensation payments.

How much professional indemnity insurance should you buy?

As a business owner, no-one knows their business and its risks better than you. A lot of clients will have mandatory limits of indemnity in their terms of business with you. Other assignments may require you to make a judgement based on how hazardous or litigious the sector is. Also, if your responsible for big projects & sign offs you may want to consider a higher level of cover. The best advice is to buy as much cover as you can reasonably afford as if you are involved in a lawsuite, the last thing you need is to be underinsured whereby your legal fees exceed your level of cover.

Article Resource:- http://www.coulsonpritchard.com/articles/Professional-Indemnity-Insurance-Guide.asp

know more about Professional Indemnity Insurance:- Professional Indemnity Insurance|PI Insurance

Consultants Engineers are occupying the center stage of the industrial engineering these days, improving the standard of industrial engineering as a whole. The services offered to engineering consultants are specialized and are of great importance. These people deal with the technical aspect of industrial engineering. With their specialized knowledge and skill, consultants engineers integrate resources and formulate strategies, structures, and systems for providing the desired results. These people are also concerned with producing efficient and effective goods and services for reaching out to the ultimate clients.

Consultants engineers practice specialized knowledge and analyze a situation in terms of logical, physical, behavioral, economic and management and blend their own understanding in order to generate principles and methods that can be applied practically and provide the desired worth.

Role of Consultants Engineers Insurance

In today’s transparent litigious world, no professional is barred from the risk of undesired damage claims. Each and every professional has to take responsibility for his deeds or actions. He or she has to be equally answerable for the contracts signed between the parties. Any kind of error, breach, negligence or fault in the service process has to be taken in consideration while serving the tenure of the contract.

To minimize the worries of a practicing professional, taking a good quality professional indemnity insurance is necessary. The insurance cover helps a consultant without any tension. If at all, a consultant has to face a situation in which he is bound to pay the damages, this insurance policy can easily serve the needs. In case, damages have to be paid, the insurance company pays the claimant on behalf of the service provider. In situations, if the claimant’s position is wrong, the professional has the right to hire a counsel to represent his position before the authority of the law.

Most of the professional do not even give a passing thought to professional indemnity insurance (PI insurance for short) and they realize its importance only when itâ??s too late.

So if â??Do I need itâ?? is the question that troubles your mind, here is a little direction to help you find the right answer. Letâ??s start with asking questions.

Are you a working professional?
Are you a self-employed consultant?
Are you a businessman?

If you represent any of the three conditions above then you do need PI insurance cover.

PI insurance supports secure you financially in cases of financial claims made by a client on account of breach of confidentiality or intellectual property rights; copyright law infringement; or acts of errors, omissions or instances of extreme professional negligence and irresponsibility; or in case of dishonesty and unethical behavior by either of the parties.

Given in the above description, it is quite obvious as to why a working professional or a self-employed consultant or a businessman would need PI insurance cover. It may seem that the working professional doesnâ??t need it as much as the self-employed consultants and businessmen, but in reality even the working professional need pi insurance as much as the others mentioned.

While for a businessman or a consultant itâ??s his or her money directly in stake, a working professional may be expelled from the firm or company he or she is working for and getting a job again after a tainted reputation is an uphill task.

Thus, PI insurance is required by each one in the professional sphere. You never know which way â??troubleâ?? comes from and when you are uncertain, itâ??s better to follow the law of uncertainty â?? itâ??s better to be on the safer side than to err!