PROFESSIONAL INDEMNITY INSURANCE

Professional indemnity insurance is an insurance cover for those professionals who work in those industries where people rely on their advice as they are regarded as experts in their field. However, if anyone suffers a loss because of their advice, be it financial or otherwise, they can be held liable for that loss and other may seek legal action against these professionals. For example, if you happen to be a professional accountant, your job is to take care of filing the tax returns for your clients on time, however, if you forget to do it on time or make any other kind of mistake, it can result in huge penalties for your client. So for the negligence in your work, your client can file a lawsuit against you in the court of law and you may be asked to pay him some compensation for his loss on account of breach of professional duty.

This is where the professional indemnity insurance can save you by covering such compensation claims which also includes the legal fees to defend your case up to the limit specified in your policy. However, it is always advisable to read your policy document carefully to know what the limits for your coverage are.

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Are YOU prepared? More on Personal Risk Management

[Welcome Industry Radar readers]

So you've made it home safely, only to find that your house has:

a) Burned to the ground,

b) Is under 18 feet of water,

c) Been destroyed by a fierce tornado, and/or

d) Been burgled

No problem, though, because you have a complete, accurate and up-to-date home inventory, safely secured off-site.

You do have such a useful and necessary list, right?

Well, for those of us who've just never gotten around to that, the Insurance Information Institute has developed a helpful (and free!) software tool to do just that:

"A home inventory will help you purchase enough insurance to replace your possessions and can help speed the claims process and substantiate losses for income tax purposes. To make this task simple, the I.I.I. offers free, Web-based software and information on how to create and store your inventory at KnowYourStuff.org."

Just click on over to the KYS site, sign up and sign on, and get to work.

Bonus hint: Make sure to print out a copy for your homeowners insurance agent, too. That way, you'll have multiple, off-site copies and he (or she) will be able to help you assess whether or not your adequately covered.

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BENEFITS OF ONLINE LIFE INSURANCE SEARCH

Due to the fast paced life and its uncertainty in present times, owning a life insurance plan is very necessary to provide some degree of relief for yourself and your family. Buying life insurances have become so common that almost all the insurance companies nowadays are offering them online also as people are so busy with their jobs and other responsibilities that they don’t have time to go and spend hours with the insurance agents in their offices. And apart from saving time there are many more benefits of searching quotes from different insurance companies online.

An online search for insurance quotes does not require any money and you can make as many quote request as you want to. There are no restrictions. You also get to know about the life insurances company’s credibility and its credit rating in the market. If a company has a poor credit rating, it is very evident that they are bad at paying claims. You also can see the other needed information about the policy like the coverage limit, inclusion, exclusions etc. when you go to the insurance company’s office for a quote; they ask you for some private information which some people is not comfortable telling others. But with the online quotes, you don’t have to worry about the privacy as the reputed portals on the web ensure that the data given to them is not misused.

You can even take quotes from a number of companies, compare them and choose the best for you which you will generally not do if you have to go from one office to another. So, overall taking a quote and even buying a policy online is a safe and a good idea for sure.

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Cavalcade of Risk #107: Call for submissions

My Wealth Builder hosts next week's Cavalcade of Risk. Submissions are due this Monday (the 14th). Please remember to include:

■ Your blog's url
■ Your post's url
■ The post's trackback URL (if available)
■ A (brief) summary of the post

And PLEASE remember: ONLY posts that relate to risk (not personal finance tips and the like).

You can submit your post via Blog Carnival or email.

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CONTRACTOR’S CRITICAL ILLNESS INSURANCE

As an experienced freelancer or an independent contractor, you are well aware of the pressures of your job. Meeting deadlines, delivering work on time, quality of the work, earning profits etc. always keeps on the run. You work long hours and there is no schedule for eating and exercising and gradually all this take a toll on your health. Imagine a scenario where you are diagnosed with a serious illness and the doctor says that you are unfit to work. Apart from the physical stress, you will have an added mental stress too as to how will you manage your finances for the daily bills and mortgages and also how will you get food and basics for your family. The contractor's critical insurancecover has been designed for these difficult times only.

The critical illness insurance helps you ease your financial pressures and pay a lump sum and tax free amount to you in case you are critically ill or not able to work at all. Most companies pay you as soon as you are detected with a serious illness like stroke, cancer or heart attacks etc. The contractor's critical illness insurance support people financially while they are on their way to recover so that they can only concentrate on their illness and not on how to manage the finances for their daily life.

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Now the Squeeze is on in PA

First New York, now Pennsylvania.

Gov. Ed Rendell has launched an investigation into the state's nine largest health insurance companies to help find out what's behind recent rate hikes for small businesses.

Gee Ed, here's a clue.

Claims . . .

Some insurance companies are using tools, including questionnaires, to find out if small-business employees have pre-existing health conditions.

Then those businesses are charged higher premiums.

Golly, and some (actually all) banks are using things like credit scores before making a loan. Those with scores below the Mendoza line are actually charged higher rates and fees.

I suppose if you can't cut it in the real world you become a politician where intelligence and common sense are not required skill sets.

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