If you are looking for insurance relating to your contractual and statutory obligations and you are a member of the Chartered Institute of Public Finance and Accountancy, then there are some low cost solutions available to you when seeking a CIPFA insurance quote.
Sadly even in the best of managed businesses, things that are beyond your control can and do go wrong. Suddenly, you and your business may face financial ruin due to negligence or maybe the misconduct of an employee or due to a hundred other reasons. This is where professional indemnity insurance can step in and take away the worry.
And the good news is that in most cases, even the self employed can benefit from the financial protection offered by a professional indemnity insurance policy.
It is a terrifying thought, but many businesses would go under when faced with a claim against them for damages or negligence. A CIPFA insurance quote policy could help take away the stress and provide financial assistance in the face of a third party claim with legal and compensation costs.
And selecting where you buy your CIPFA insurance quote need not be difficult.
Of course this is an important insurance and you need to choose your insurance with care, and that is why many business people choose to use a specialist provider of the cover. This is because a professional indemnity insurance provider will ultimately have years’ of experience within this somewhat niche sector, enabling them to match you with the right cover.
Important pointers to think about when looking to purchase the cover or get a CIPFA insurance quote include:
- What is the excess? Do note that as with most insurance policies, generally you will be liable to pay an excess when a claim is made;
- Underinsurance can be a problem if you do not choose the correct amount of insurance that you need wisely;
- Check the policy start and end date. Ask if there is a “run-off” period. This is suitable in cases where there may be a long delay between an event and the subsequent claim. If you are in the middle of changing insurers, for example, or shutting your business, arrange a “run-off” cover for a period of time after the cancellation of the existing policy;
- Do confirm the exact coverage that you will be getting before you buy, to ensure that the policy is right for you. Don’t forget to look at any exclusions.
Finally, a CIPFA insurance quote should be considered by anyone who runs a business as the benefits that this insurance can offer in the face of a claim can be enormous.