Liability insurance

Things you need to remember

Tips and Tricks for Budding Entrepreneurs

May 27th, 2015

smallbusinessinsuranceHaving your very own business will entail a lot of work and can get to you during times when you feel a tremendous amount of pressure to become successful and to make a lot of profit.

For those beginning their journey to success with their own business, some of the best ways of dealing with promoting products and services as well as handling money may seem too complicated but doable.

If you are ready to take on the challenge of keeping your business running smoothly and having the optimal chance of making a lot of money, follow some of these very simple tips and tricks to get started.

Channel Your Inner Talents

When you feel like you have wracked through your brain and have not been able to decide on what business to pursue, looking toward your own talents and interests could give you a much better perspective on what kind of business to start.

See What Others Are Doing

Another good way to realize if you are really heading to the right direction when it comes to selecting the type of business you would like to pursue is to go ahead and see what others are doing, this way you get a good enough idea of what kinds of businesses are making a lot of profit.

Work with Technology

Open up a social media account about your business and share it with friends, this way you can get to market your products and services for free and at the same time you will get others to share the information to even more people.

Be Cautious on Investments

Before even beginning operations of your business it is best to consult for a small business insurance quote to have an upper hand on the investments you will be making for your business since your insurance provider will be giving you the coverage that you will be needing in case of emergency.

Welcome Help from Others

Take the time to test friendship loyalty or even love of family when you are caught up with so much work on your business and never be afraid to ask for sufficient amount of help, after all you are still starting and you will need all the extra hands you can get.

Create a List of Goals

Since the ultimate scale of success is to generate money and increase finances, it is best to sort out all of the needed steps to consider in reaching your goal of making money and increasing the reputation and success of your business.

Open Up to Constant Change

Additional success can comes from continuously accepting that the fact that there will always be change and this is highly applicable to your own business especially as the years pass, so keep in mind that you will need to improve your products and services regularly.

5 Reasons Why Get Professional Liability Insurance For Healthcare HPSO’s

August 25th, 2014

You may be a dedicated healthcare professional or healthcare provider but it doesn’t guarantee that clients will always return the favor. You’ve been working hard inside the firm then suddenly clients came knocking with legal paper works. As a committed employee, you can say it’s unfair. But running a professional service provider has its own ups and downs.

 Even if you’re just working to provide quality service, potential exposure to legal issues are big burden to the whole business. That’s why healthcare companies, law firms, doctors, accountants, architects etc., purchase professional liability insurance to protect the employees and the firm from the high costs of lawsuits in the future. If you’re not sure whether to get insurance or not, here are the 5 reasons your firm should get one.

 Most clients now are requiring professionals to have liability insurance. They’re now wiser in thinking that if the person will commit an error the insurance will be the one paying for it. Don’t risk your company’s chance of having a new project just because you don’t want to spend for insurance. Just think that getting Professional Liability Insurance for Healthcare HPSO’s is a win-win situation between customers and your company.

  • Possible lawsuits are real no matter how big or small your firm is. You need coverage even if you only have 1 employee doing all the work. Preparedness is extremely important to every running small or big business. Remember that cost of expensive lawsuits means of lots of money and it’s not good for business either.
  • It’s a protection for inevitable incidents. When clients feel they’re wronged by a certain firm or company, they will not think twice to file a lawsuit. This incident could happen anytime even when you least expect it. It’s better if you’re prepared.
  • The cost for a light case is still a cost. It means shredding you’re hard-earned money. To prevent this from happening, contact a professional liability insurance provider to discuss about policies that would fit your firm and your employees.
  • Having the best Professional Liability Insurance for Healthcare HPSO’s will likely give you a financial security. It’s the safest way to protect your profession, plus it will surely give you peace of mind.
Professional Liability Insurance

Professional Liability Insurance

It’s been said that professional liability insurance is important for professionals who are giving service to customers using their specialization. To avoid financial loss due to customer complaints and lawsuits, this insurance becomes a hot commodity for business professionals out there.

Professional Liability Insurance: A Guide To Choosing The Right Coverage

August 25th, 2014

Every medical professional knows how risky their everyday work is. Apart from the fact that people come to them with their lives on their hands, their exposure to various types of diseases on an everyday basis could put their health in jeopardy. Because of these, it is very important for every healthcare professional to think of the Professional Liability Insurance for healthcare hpsos that they buy to ensure that it covers everything they need.

Luckily, there are a couple of guidelines on how this decision should be made. Here they are on a list:

Liability Insurance

Liability Insurance

  • Claims and Coverage – what are the guidelines included in the insurance policy? The substantial differences in the claims that the insurance company accepts and the coverage that they offer will make a big impact in the decision-making process. There will always be a substantial difference in these two and that is what you should carefully look into.
  • Company ratings – the financial strength of the insurance company should be able to give you an idea whether they are worth your investment or not. The ratings that they gain when compared to other insurance companies should do fairly well to gain your trust.
  • Settlement Options – what is the extent of the options that they offer? Do they have funding for out of court settlements, because usually, these are the more expensive. Although less time consuming, settlements outside of court can mean a one-time big payment. If your insurance company does not offer that, you might want to think twice of whether to get covered by them or not.
  • Policy Limits – what are the limits of your policy? You should understand what the policy offers and to what extent. After all, when you find yourself dealing with a malpractice lawsuit, you should be able to tap and get all the help that you need. After all, insurance should be all about that and more.

A great number of Professional Liability Insurance policies in the market has not made the decision-making process any easier. Because each one promises to be better than the last one, picking just one policy for a healthcare professional has become totally impossible.

What Does Professional Liability Insurance Policies Cover?

August 7th, 2014

By now, you probably know what a professional liability insurance policy is. Quite simply, this type of policy is bought by professionals looking to safeguard the future of their profession against the constant threat of lawsuits. As an example, a health provider can be accused of medical malpractice if he or she prescribed the wrong dosage of medication to a patient. If the latter can prove professional negligence—and that they were harmed as a result of it—then the possibility of them filing a lawsuit against the healthcare provider is very high.

If the health provider in question is not able to prove their innocence—and if they are not covered under a professional liability insurance policy—then the lawsuit has the potential to leave them financially ruined for a very long time.

So that’s right: This type of coverage protects professionals from financial loss associated with a lawsuit. But what exactly does this policy cover and what does “financial loss” mean? Even more importantly—do you have to be innocent to profit from this type of coverage?

The answer is no. A professional liability insurance policy protects you, regardless of whether you were at fault or not. Once the deductible has been paid to your insurance company—or in other words, the amount of money that you agreed to pay before the company is able to reimburse your claim—the latter will take care of every fee associated with the lawsuit. This includes the defense fees as well as the settlement that has been ordered by the court. So that’s right: You won’t have to worry about hiring a lawyer to defend you. Your insurance company will take care of that. What’s more, the lawyer will work closely with you and do everything in their power to prove your innocence—assuming that it is the case, of course.

It is good to note, however, that certain policy won’t cover you for mistakes that you might have done in the past and which led to someone to file a lawsuit against you. It is always a good idea, therefore, to spend time reading the details of a policy before buying it, and to consult with your insurance broker on a regular basis.

Who Needs Professional Liability Insurance Coverage?

June 2nd, 2014

As a professional, not being insured properly can be your biggest downfall. This is not surprising: Your respective field of work probably entails quite a few risks. And because we are all prone to errors and accidents—regardless of how much experience we have under our belt—we can never truly be safe from unintended consequences occurring as a result of an error, omission or professional negligence. For many people, such consequences come in the form of a lawsuit.

Let’s say that you are working as a contractor in the construction field and that you are not currently covered under a professional liability policy. You have been working in the construction field for over a decade, so it would be safe to say that you know your way around the job. The truth is that those years of experience, while they certainly help in general, can’t always prevent you from making a mistake. And this is exactly what happened today—except that mistake led to the injury of a person.

What do you do in that situation? Even worse—what do you do when said person decides to file a lawsuit against you by claiming a case of professional negligence? As we stated above, you are not insured. More likely than not, you also have a family to feed. How can you afford to pay the costs associated with a lawsuit? You simply can’t.

On the other hand, this would have been a completely different story had you been covered under a professional liability insurance for contractors.

Quite simply, if your job requires you do make decisions that could potentially damage a company, then you need to be covered under this policy. Similarly, if you work in a field where the possibility of a client suing you for damages caused by an error on your part exists, you need to be insured. Think: consultants, physicians, accountants, lawyers, engineers and many, many others. The more risks a profession entails, the faster you need this policy.

As a professional, it is your duty to prepare yourself for the worst-case scenario. While this is not something that any of us like to think about, such scenarios happen on a daily basis all over the world. They happen to people who are insured and they happen to people who aren’t. You make a conscious decision to fall into one of these two categories.

So which one will you choose?

P.s. Looking for really good Calgary insurance brokers?

What Does “Adequate” Professional Liability Insurance Coverage Entail?

May 23rd, 2014

When shopping around for the perfect professional liability insurance policy, it is a good idea to look at the various options available to you. As a professional, protecting your future by insuring yourself is always a wise idea—but so is ensuring that the coverage that you buy is able to meet your needs adequately.

When people buy a policy, they think that they will automatically be covered for everything that they need… without having to do their homework. The truth is that policies tend to differ from company to company. As a buyer, you must spend some time reading the details of a policy and even go as far as discuss it with your insurance broker to make sure that you are on the same page.

With that being said, what exactly does “adequate” professional liability insurance coverage entail? You first have to see if the policy covers everything that you do in your profession. You also have to remember that it is not uncommon for people to stray beyond their original profession during the course of their work. If you purchase a professional liability insurance policy for your main profession, you should ensure to have additional coverage as needed.

The next thing that you will have to do is research whether the defense costs are included in the policy. We don’t recommend buying a policy that do not include the defense costs as the latter can be very costly. Prevention truly is the key: Even if you find yourself having to pay higher premiums (and a higher deductible), those two combined are still better than the defense fees that you would have to pay in the event of a claim.

When shopping around for the best professional liability insurance policy, you should also always double check that the coverage is not exclusive to your country only—especially if your profession involves working with clients from foreign countries. Lastly, you should also consider whether the policy has a retroactive exclusive date. If it is the case, then you might find yourself in trouble down the road when someone files a claim against you for an error or omission that occurred before the retroactive date. No matter how unlikely this might sound, it is not uncommon for people to file a lawsuit against a professional for work that was done years ago.

We always recommend that you discuss those points with your insurance broker, particularly if you are thinking of switching insurance company.