Professional Indemnity Insurance.. Are your IT Supplier’s covered ?

Posted on Posted in Backup, Customer Relationships, Insurance, IT, Legal, Suppliers

In the IT industry, if you are a reputable firm you will have Professional Indemnity Insurance. PI Insurance doesn’t mean your a bad business, in fact far from it, it shows you have considered your clients exposure and proven in the event things do go wrong there is cover in place. It’s not just IT where you should check or ask to see the policy any other business service providers that require the ability and awareness, there can be a smart move for you ‘professional indemnity liability insurance or PI. Any business may be covered by such insurance. Your organization has escaped all accidents and diseases created by the customer due to a misunderstanding about the service provided to an end. Legal fees can also be added to the insurance professional. Why we tell you all this, well it cause you want your supplier to have this is place to safe guard you.

Today, there are countless web of insurance providers available. Of these, some are available, fast and customized features such as positioning of the requirement of their insurance online. Some others offer liability insurance quotes from top insurance companies to include a comparative study with other available insurance, this is the closest to you to choose the right liability insurance, suiting the needs of the customer.  Companies should always have a professional liability insurance to protect their riders. Professionals such as lawyers, accountants, insurance brokers and architects include liability on account of such possibilities at his disposal. In other words, PII is a requirement for any business fascinating, which includes service providers. This insurance is spreading worldwide at an exponential rate. You and your organization may be in the middle of the debts and obligations as defamation, the food is horrible, claims for negligence, violation of the laws, the virus download the judge group, slander, copyright, trademark, etc. If you are not engaged in professional liability.

For new online businesses, professional liability insurance is a necessity, because your body can be held accountable. It’s not just the company that will be affected by this in spite of your customers give you the option to hide this information. Directors, officers and leaders of the organization might also be responsible for false statements. You and your organization will be in trouble in the neck if you are taking a more serious tone. Indemnity insurance will not face out of control debt and liabilities. The ultimate goal of professional responsibility is to protect all these mishaps that may adversely affect you and your customers.

In my previous roles as IT Manager roles Insurance industry, ¬†I have seen more and more brokers now advise on these products so there is not excuses not to have it in place along with your Public & Products Liability, and I would advise if you dont know what your doing to get a brokers advice to get the right cover. Broker will ask the question and transpose that into cover that is suitable rather than you try ing to do it yourself. It’s one Insurance is well worth get your cover right on. So make sure your IT Supplier is cover and you can be assured your in safe hands should anything, heaven forbids, goes wrong.

Written by James Page

 

Related Topics: PI, Professional Indemnity, BIBA, Financial Conduct Agency, Chartered Insurance Institute

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