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Buying Insurance

Everybody at one time or another will take out some kind of insurance, whether it is insurance on a car, a house, medical expenses or life and whenever we do, we are faced with choices as to which one to choose. As well as that we are also faced with which company we should choose to arrange that insurance. Today there are very many insurance companies offering similar types of insurance, yet all of them have their own prices and peculiarities and so working our way through them all can be a trying experience, trying to find out which one is perhaps best for our own particular needs. One of the easier ways to cope with this is to go to a web site that will place quotes for several compare life insurance quotes here on one page or whatever insurance need you have. By having several on one page at the same time, we can quickly eliminate some straight away although we should not perhaps rush too hastily into rejecting all the more expensive ones. Although we may want to obviously pay as little as possible, we should read some of the small print as some of the cheapest ones may not be offering quite as much as we think. Often with insurance companies, there is always a lot of small print and although they are basically offering what you think, sometimes there are little clauses that you should be aware of. For instance, one company may be a little more expensive but they may offer you a grace period on payments should you find yourself unemployed whereas, one of the cheaper companies may insist that you make every payment on time regardless of your personal circumstances. Obviously, especially if your job seems that it may become precarious in the near future, a more expensive option may be right for you.

Not only do the companies differ in what exactly they offer but most offer a choice of different covers. In the case of car insurance they may offer third party or comprehensive, in the case of medical insurance, they may offer ones with a different percentage that has to be paid by you before they pay anything and with life insurance they may offer whole life as well as term life insurance policies. With life insurance, a term life policy is insurance that will pay your next of kin should you die within a certain period, usually 10 or 30 years, whilst a whole life policy will pay your next of kin on your death, regardless of how far away that may be. With whole life insurance you may even be offered what is called a limited whole life policy and this is a policy that although your family will still get paid on your death, it does not have to be paid into all your life, you can make payments for just a set number of years. If you opt for a limited whole life policy though, obviously it won’t pay out as much as a full whole life policy might.

Posted in Insurance.


Indemnity Insurance Matters

One of the best aspects of indemnity insurance is that it protects people from claims made by clients for a variety of issues. These issues include malpractice in the medical field, negligence or poor advice situations, even when these issues accidentally. Clients or patients must prove their case beyond a reasonable doubt within a court of law, and these legal proceedings can become costly. It is often too much of a burden for people to be able to handle these costs on their own, especially when it is time to pay lawyer fees. Indemnity insurance fosters confidence within a company as well.

Some people believe that this type of insurance fosters a team atmosphere. This is due to the fact that the insurance is provided by a collective effort. Everyone who joins this club contributes some of the finances to the insurance. If the costs associated with a particular case exceed the amount in the pool, then workers are often asked to contribute more. When a community of workers contribute to these funds, it brings people together much more closely. Knowing that other people within your company have a vested interest in your financial success is a great feeling.

Indemnity insurance provides an opportunity for flexibility as well. All businesses are different, and coverage options vary depending on the potential for use. It is hard to predict when and if a client will bring a claim against a professional. The nature of that claim also determines the amount of coverage required to meet the needs of the professional. This type of insurance helps to right the perceived wrongs brought about by client claims.

It is important for anyone who provides a service to get indemnity insurance. Sometimes it is required as a condition of employment, as everyone within an organization is expected to contribute to the pool. Choosing the right amount of indemnity insurance becomes a bit more tricky if you are a self employed consultant, however. You must weigh the potential costs associated with providing a defense for yourself. Additionally, you must consider the abilities of your clients to sue you for malpractice. If you are found to be at fault, you must also consider the level of compensation that you might be required to provide in such cases.

Sometimes it is difficult to envision a scenario in which professional indemnity insurance is required. This is especially true for well established businesses who see frequent success, without many issues from clients. However, it is a huge mistake to assume that your practice will carry on flawlessly for the duration of your life. You must plan for the unexpected, and allow yourself to have financial backing if such issues do occur. Client compensation and legal counsel bills can mount quickly, thus becoming overwhelming. Protect yourself by getting indemnity insurance as soon as possible.

Posted in Insurance.