Professional Indemnity Insurance – Discover how to avoid losses

Professional advisers are not always protected by their insurance

Want to know why some indemnity insurance claims are declined? I have two examples of claims being declined, one more extreme than the other, yet both prove small errors can prove costly. And I’m going to tell you why they were declined and how to avoid it happening.

The first is the most recent, only a few months ago an insurance company refused to cover a claim for a company that was being sued for £47,000. The claim related to an incident that occurred in July 2005 when they had translated a document (allegedly incorrectly) yet it would have been covered if the insurance company had been made aware of it earlier. Read the rest of this entry

Want to secure cashflow despite bad luck?

Fire risk assessments are not exactly high on the list of priorities for everyone. Some small businesses might think fire evacuation procedures are not important. So spare a thought for the business owner in Scotland who didn’t think a fire would ever affect his organisation.

The business was unlucky enough to suffer a fire and they didn’t have an evacuation procedure, they probably couldn’t find the time to do it – especially as there 101 other things to do every week to keep the business afloat.

The fire brigade arrived yet the absence of an evacuation procedure (which should be tried and tested) meant that no-one at the premises could tell the brigade if anyone was left in the building. Read the rest of this entry

Customer Service – Where did it all go wrong?

I recently read an article in a newsletter from marketing expert Dave Croydon, Hilltop Consultancy. David was voicing his concern that automated telephone systems were of little benefit to customers, going as far as to call them a “customer disservice”.

The article mentioned that we wouldn’t accept it from the emergency services yet we’re already having to. My Mum broke her ankle last year and called me. Being made of stronger stuff than some of the celebrity icons of today, Mum didn’t want to bother the Ambulance service until she was sure it was broken. It was and I dialled the famous three digits, something we all dread.

How annoying to be put on hold by an automated system that informed me I was in a queue, at 9am on a Thursday morning.  I was very, very Read the rest of this entry

Insurers tighten their belts on business claims

Jason Cobine of insurance brokers Cobine Carmelson explains why insurance companies decline business interruption claims and offers tips on how accountants can secure the proper payment for their clients.

It’s not exactly news that insurance companies inspect paperwork relating to large claims with a fine tooth comb. In the current climate they may also be lowering their sights and taking a closer look at smaller businesses claims.  Will your clients’ cash flow be affected if they suffer a claim? How can you help your clients check they have the cover they require? Read on for a handy hint that could potentially save your clients thousands of pounds. Read the rest of this entry

What is cyber insurance?

Twitter has experienced problems this week. Could it happen to you? What happens when your website is hacked or your e-commerce platforms compromised? Does your theft or loss of income insurance kick in?

The answer is that all three are unlikely yet there is something you can do to . Modern risks can be covered by contemporary insurance policies. Ever heard of cyber liability? It is an emerging form of cover designed to protect businesses in the virtual World. Read the rest of this entry