Intuitive Insurance Articles

PI Insurance for freelancers

With flexibility, power and a greater potential for earning, freelancing is a highly appealing career choice. It gives individuals greater responsibility and ownership, as well as allowing for sole business decision making.

However, like any job, there are always less positive elements that one must consider. Job security and stress comes to mind for most, yet risks that can be mitigated by implementing an insurance program are often overlooked.

When a freelance consultant offers a specific service or specialist expertise, they owe a duty of care to those relying on them for that particular advice or job. Dissatisfied clients or those claiming to have suffered a loss on account of the freelance work could hold the individual financially liable.

To safeguard both a freelance business, as well as the freelancer’s personal assets, it’s crucial to secure Professional Indemnity (PI) insurance, which offers protection against client claims.

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Professional Indemnity Insurance: The Basics

There is a common misconception that Professional Indemnity Insurance policies are standard and provide similar coverage. Unfortunately they are not; they must be carefully selected or tailored to suit your individual needs.

Large companies often have a better understanding of their exposures and policy differences and are aware that not all policies are the same. More often it’s the little guy that faces challenges. So where do you start? Do you go online or approach a broker and get two or three quotes and do you go with the expensive option? With a basic understanding of how these policies can vary and what to look out for you would be in a better position to know which product and provider is best for you.

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Untangling Cyber Liability Insurance

As we delve deeper into the digital age, cyber risks are an increasingly important consideration for risks managers and company boards.

Previously, it was widely assumed cyber risks only existed for companies selling online. Nowadays, with a more onerous and volatile regulatory landscape (particularly the ever-changing privacy laws), more sophisticated hackers and changes in our use of technology, the impact of a data breach could have a severe impact on all companies; selling online or not. All firms now need to identify and assess their potential cyber exposures and develop strategic ways to manage these, which could include a cyber-insurance policy.

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Biotech Insurance: Property

Biotechnology companies and organisations display distinctive features and, from an insurance perspective, uncommon risks. Quite apart from liability risks associated with the testing of investigational drugs, biotech companies are faced with some unique exposures that could delay development, and possibly, the achievement of milestones. Such delays could hamper the ability of the company to raise additional funds and therefore its ability to continue as a going concern.

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Directors and Officers Insurance: Additional Endorsements

All Directors and Officers Insurance (D&O) policies contain a number of standard exclusions. These standard exclusions often vary from one insurer to the next, however, insurers may also include additional specific endorsements to a contract which can alter the cover provided by the standard policy.

It’s important for decision makers to carefully review any additional endorsements and resulting coverage alteration to the standard policy.

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Directors and Officers Liability: Limit Structure

Directors and Officers Liability (D&O) policies are complex and can be confusing for any executive, even for those with an understanding of how this type of cover works. Determining how to structure the policy can be a difficult process, with many factors influencing decisions. The right limit to purchase is highly subjective and varies greatly from one board of directors to another.

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