How To Obtain A Professional Indemnity Insurance

Insurance is protection against losses and losses can occur due to mistakes or negligence by the businessman or insurer or employer or employee. Professional indemnity insurance in Singapore provides a policy which is best for the insured to give complete or maximum coverage. As a result, rectifications can be made in the business and the company need not close down due to lawsuits being filed against it. There is a well-defined procedure for obtaining a professional indemnity insurance in Singapore.

1)    Making a list of potential insurance policy plans is essential for a company whether it be a small-scale or large-scale business. Errors and omissions insurance and malpractices insurance can be obtained as well, as per the requirements of the business. Also knowing insurers who can give the insurance needed and if more than one type of policy can be provided by a single insurer is beneficial.

2)    Determining the coverage premium required for the safe continuation of the business is the next step. Calculating the limits and deductibles can serve as essential guidelines to drafting the best policy. Based on the type of business, it helps to determine the coverage required and what all needs to be covered by insurance. It could be physical damages or intellectual damages that need to be taken into account.

3)    Quotation for each policy is to be researched. This can be done online as well. There are websites that company prices and rates of insurance policies which makes your research related job stress-free. The difference, if any, is minimal. The cover type, cover term, deductibles, and amount are similar in many insurance providing companies.

4)    Consultation with the insurer is necessary from time to time; such support should be provided by the insurance company (insurer). Claims and suits must be checked regularly so that the problem can be dealt with before it growing out of proportions.

5)    Documentation should be clear and simple after the insurance is purchased. Forms for corresponding claims and policy documents must be maintained properly with accurate information. In a situation, where a lawsuit is presented to the business, the business should not be completely brought down monetarily. The insurance must cover such expenses as lawsuits can go on for a long time and finances can be quickly exhausted.

These mistakes happen as you learn the way of the trade. It is not possible to completely avoid such incidents. It is important to learn from past mistakes and to better yourself as you learn to make smarter and wiser decisions for your business.

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