Most people consider Indemnity Insurance a complex area, which it is to some extent. In any case, policy wordings can vary quite fundamentally since different professions will have different needs. This is why it is important to learn more about indemnity insurance and its quotes.
What is it?
http://indemnityinsurance.ca/ is a cover designed to protect those in the professional industry and are exposed to risks due to mistakes, negligence, misjudgements and errors among other reasons-in fact, any action taken in your professional life that negatively impacts your clients should be covered by your quote.
Who needs it?
The types of freelances, professionals or businesses that need this form on insurance are those that work more conceptual for customers. Although they may not be physically endangering the third parties, they pose an intellectual or financial risk to their clients.
A good example is when a client is duped into believing a woefully misjudged advertisement campaign which in turn causes great offense to the public and results in a great drop in sales for the client. Or an estate agent who assures clients a property that’s double glazed when it is not. There is a long list of potential mistakes in the industries that’s related to human error. Such mistakes should always be covered in an indemnity policy quote.
What should it include?
Now that you know what indemnity insurance is, it is right to know what your quote should include. If you have a professional business, it is important that you consider carefully the work you do before you consider getting a new indemnity insurance quote. This means that you should think of any potential accident or shortcoming that’s likely to affect your work. The quote you receive should then be able to cover all the mistakes. Generally, a good insurance quote should be able to cover the following:
- Loss or damage of documents
- Omission, error or negligence
- Infringement of intellectual property rights by accident
- Accidental misuse of information
- Breach of confidence or confidential duty by accident
Your insurance provider should be able to work with you and provide a more flexible and thorough option in case you feel the indemnity insurance quote you have received leaves you exposed. If you aren’t confident with your provider, you can always do a little more research for top providers who offer transparent and flexible approach which makes an insurance quote great. There is always a good quote out there.