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What is Professional Indemnity Insurance? an Easy to Understand Guide

Professional Indemnity Insurance (PI) is difficult to comprehend. However, I’ve devised a guide to make professional indemnity insurance simple.

What is Professional Indemnity Insurance?
Professional Indemnity Insurance is a form of business insurance for professionals who are in industries where others may rely on their professional advice. By being regarded as an ‘expert’ in a field, others may seek legal action against you if they suffer a loss from your professional advice.

For example, if you are an accountant and are responsible for preparing and lodging your client’s tax returns, a failure to lodge the tax returns on time can result in interest and penalties for your client. Your client could take legal action against you for a breach of your professional duty.

Professional Indemnity Insurance may protect you from such action by covering claims made against you, including legal defense costs up to your specified amount of cover, and after taking into account your excess (of course, you would need to look at your policy wording to look at what specifically is covered).

Why Do People Hate Thinking About Professional Indemnity Insurance?
Professional Indemnity Insurance forms the largest percentage of your business insurance expenses. Typically, Professional Indemnity Insurance is a time-consuming process taking up to 12 weeks. Again, it’s expensive and most people don’t know if they are getting the best deal.

This is where companies like BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes, and purchase in only a couple more. BizCover also allows business professionals to compare policies from leading insurance providers (AIG, Dual and Vero) to make sure that you’re getting the cover you need. By staying online, you are also benefiting from reduced pricing and costs.

So, make sure you visit BizCover Professional Indemnity Insurance for further Professional Indemnity Insurance info, and get a free 2-minute quote!

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by blacque_jacques

Competitive, Cheap Van Insurance

There are many different factors which will influence the cost of competitive, cheap van insurance. Smaller vans are less expensive to insure than transit vans. They are deemed by many insurance companies to be easy to handle and therefore less likely to be involved in an accident. The age of the van driver will also influence the cost of the insurance premiums.

Young drivers, which typically refers to the under 25s, are thought to be a higher risk which can increase the cost of the van insurance quite considerably. Whereas older drivers have more driving experience and are less likely to drive recklessly! It is not only the age of the driver which influences the insurance premiums, the age of the van is also taken into consideration by the insurance companies.

Another factor which is relative to the cost is where in the country you live. Those who live in large cities are thought to be faced with more risks due to such things as the amount of traffic, theft and vandalism. This means the cost of the insurance is generally higher in cities than for those who live in rural areas.

Private van insurance is not necessarily less expensive that business insurance. The key factor is to make sure that the insurance is ‘fit for purpose’. If you are using a van for work then you will need to give consideration to including insurance for tools and equipment, as well as insurance for “Goods in Transit” if you are being paid or rewarded for carrying goods for a third party.

There are a number of things you can do to help get cheap van insurance. Adding a company logo to the van can lower the cost. This is because the insurance companies will regard your van as an important part of your enterprise which you need to continue working with and will therefore, be considered to take fewer risks.

Fitting immobilisers and alarms is also considered to be an effective way to deter opportunist thieves or indiscriminate vandalism. Keeping a van in a garage overnight and adding stickers informing would be thieves that nothing is kept on-board overnight may also help reduce attempted theft. These measures may not necessarily lower the insurance costs however.

Some van insurers will also take no claims discounts gained from cars into consideration, which will further help to reduce the costs of the insurance. Lighter weight vans driven by the over 25s will also make a huge impact on the cost of insurance. Furthermore older drivers who can provide evidence of previously driving company vehicles may be rewarded with further discounts by some insurance companies.

Choosing cheap van insurance may seem more detailed than it actually is! The important factor to remember is to inform the insurers what you are using the van for, private use or business. Also use some, if not all of the suggestions to help lower the cost. Give consideration to breakdown and windscreen insurance cover if this is not included with the insurance policy and premiums to keep your van on the road and you in business.

If drivers who have taken a drivers education or safety course have fewer accidents, an insurer may discount that. Likewise, some cars are cheaper to repair, or do not get involved in high claims accidents. Those vehicles will cost less to insure. Insurance companies try to use their past…
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