'I is for Insurance - Professional Indemnity Insurance'
12/05/2008
In the Entrepreneur's Toolkit from small business advisory service Bytestart, I stands for Insurance, the website reveals.
The second part of a two-part guide recommends that new practitioners undertake risk assessments to determine which kinds of cover they require.
One potential policy singled out for mention is Professional Indemnity (PI) Insurance, alongside more general classes such as buildings cover.
"If you are providing a service where people will be relying on your advice, you may also need PI Insurance," Bytestart asserts.
The service adds: "It is vital to ensure that you are adequately insured from day one."
In its general PI guidance, Bytestart explains that the cover can help to meet the costs of defending a negligence claim brought by a third party.
Among the types of professional who may particularly benefit from its protection, the website lists financial advisers, lawyers and accountants.
Bytestart notes that some clients may insist on such cover being in place before they will hire a practitioner.
PYV are one of the UK's leading providers of professional indemnity insurance. This news article has been produced by Adfero in collaboration with PYV and its unauthorised use is not permitted.
(c) 2008 Adfero Ltd.
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