Category: Business

Insurance Protection For Professionals

There are many things expected of a professional, such as conducting business respectfully and at high standards. Professionals also need to exercise good judgement. However, no human is infallible, and even those who are very good at their jobs are sometimes prone to making mistakes, big or small. In the event of any error made or inadequate service provided to a client, a negligence claim may be brought against the professional. In such cases, a professional will be required to bear heavy costs to cover legal expenses as well as compensations to be made to the client(s). This is a liability to any professional individual or firm, but one that can, thankfully, be insured, with a professional indemnity insurance (PII), also known as ‘professional liability insurance’ (PLI).

Who needs PII?

The following groups of professionals can avail PII:

  • Doctors and any other professions in the health and medical field, including fitness instructors,
  • Hospitals and nursing homes,
  • Engineers, builders, architects, contractors,
  • Designers – interior designers, graphic designers, web designers,
  • Accountants, auditors, management and financial consultants,
  • Lawyers and others in the legal field,
  • IT professionals,
  • Teachers and tutors, and
  • Employment agencies.

PII is not mandatory, but many industry sectors require professionals to have it, such as accountancy, surveying and engineering. Moreover, professionals who work on a contractual basis will need PII in order for their bids to even be considered.

What does PII cover?

There are many situations that may lead to a negligence claim being made against a professional or an organisation of professionals, such as:

  • Any breach of professional duty,
  • Negligent errors or omissions made in a work done for a client,
  • Any unintentional breach of confidentiality and/or copyright,
  • Infringement of intellectual property rights, unintentional or otherwise,
  • Defamation and/or libel,
  • Dishonesty of any employees within the organisation,
  • Loss of data or documents,
  • Loss of goods or money under your care, and
  • Claim investigation and court attendance costs.

Why get PII?

Professional indemnity insurance is considered as the main risk management instrument for both individual professionals as well as companies and organisations. No matter how good the relationships with clients may be, a sudden unintentional mistake could sour the relations and put your own financial position at risk. Getting insurance for your professional work is a wise move to ensure you and/or your organisation’s financial safety.

Things Covered Under Workmen Compensation – Every Employee’s Check List

What is this compensation?

All the employers have the responsibility to take the right care and assurance in providing a safe work environment. In fact, they are obligated to do this legally. Unfortunately, accidents do happen. When it happens, all the injured/disabled/impaired workers need to get workmen compensation as coverage to the suffering and pain.

What it covers?

All those injuries an employee suffers and sustains at the respective workplace premises/any other place while the employee is working in the scope of the duties that need to be performed as the course and nature of the job are covered. The employer needs to have an insurance allocated to settle the claims of worker’s compensation. For instance, if a worker meets with an accident and loses their life, then it is checked if the worker is travelling to meet the job responsibilities, secondly – is it a company’s vehicle or the worker’s own mode of transport, and then the claim is settled accordingly. In case of failure of above two – where the worker is travelling not on a business purpose and not in any transport provided by the company, then the claim is denied.

In addition to that, a few un-forecasted injuries that take place at the workplace due to any social agitations, violence, natural disasters or attacks done by anti-social bodies like terrorists are considered and covered. The insurance also covers a few kinds of illnesses that are caused due to working in an environment provided by the company. They are termed as occupational diseases. For instance, if the worker is working in a chemical manufacturing company, then certainly the workers are exposed to many toxic substances that can cause a burning sensation in eyes, respiratory problems or other ailments on long run. These diseases are covered.

Benefits –

All the benefits depend on if the disability happened is partial or total and if the disability is permanent or can be recovered within a certain time period. Any impairment is usually considered as a reduction or decrement in the capability to earn. So, benefits help the worker to sustain their life amidst the sufferings monetarily. Though the benefit received is quite a small amount, it can come of any help to the injured person and their family. Many states consider that the compensation or benefits need to be paid only to the period where the worker suffers the disability. Other organizations restrict that to a maximum number of days/weeks, especially when the doctor certifies the disability as temporary. The benefit is calculated as a certain percentage of the workers wage, while a few companies add some amount to that.

Benefits of Marine Insurance

If you are planning to use your vessel for transportation or commercial purposes, then it is mandatory for you as the owner of your ship or yacht to procure marine insurance. The purpose of a commercial or transportation vessel could be to carry cargo, workers or passengers across the waters of your country’s geographical boundaries. Not only is it vital to procure a good marine insurance for a vessel, it also makes sense to procure the most apt insurance coverage, which is capable of providing coverage to you for different types of risks.

Risks for a vessel in water

When your boat is out in the sea, the risks can be severe and the owners of the boats or ships can undergo a lot of liabilities, which can financially cripple them. Moreover, the seamen and the passengers can face high risks of death or injuries due to the vessel getting damaged or adverse weather conditions. The sea may be temperamental, and even tough to foresee. Thus, it is highly imperative for you as a boat owner to procure an appropriate marine insurance.

When you procure a good insurance coverage, your cargo ship can enjoy limited liability as far as the loss or damage of costly goods that are carried by it. A ship that transports goods typically travels long distances and so there is a high degree of risk for damage or loss of goods it is carrying. When you procure a good marine insurance policy, it can ensure the protection of vessel operatives and limited liability if the cargo gets damaged while in transit.

Since the marine industry business is regarded as a complex industry, it is highly recommended that as a vessel owner, you should go in for professional assistance from a professional consultant or an experienced yacht broker, which specializes in helping owners procure the best marine insurance coverage possible.

A comprehensive marine insurance policy is important for protecting the passengers, crew, onboard equipment, cargo, and a vessel from harm. Such insurance will also make sure that required compensations exist for the grieved parties where cargo, crew or passengers get affected while in transit.

The key benefit of obtaining an appropriate and comprehensive marine insurance policy is to make sure there are limited liabilities and complete protection against the following things:

  • Legal and labor costs
  • Risks of pollution
  • Hijack or theft of vessel
  • Robbery of onboard goods
  • Accidents while the vessel is in convoy like overturning or sinking
  • Mistakes committed during transportation like inappropriate handling
  • Complications caused due to differences in temperature
  • Collision
  • Compensation for death, injury, and illness of passengers traveling in a vessel

Contrary to the other types of transport vehicles, transport in the marine sector is vulnerable to a greater number of risks, which may not be entirely controllable by a vessel operator. So, it is necessary that all yacht and ship owners have proper marine insurance in place.

Understanding the Available Systems for Product Liability that are Available in Singapore

Product liability is the unsaid undertaking that a seller agrees to compensate for the damages and injuries caused by defective or substandard merchandise sold by him/her. If the product post-purchase brings harm to the consumer, a case of Cause of Action can be filed against the manufacturer, designer, furnisher or seller of the same. Most damages may be negligible but a few can be fatal.

Product Liability Singapore

Product liability is covered under Commercial Insurance Singapore. There exists no specific governing body that supervises the manufacturer liability claims. Handling of liability claims is limited to contracts between suppliers or seller and negligence against the manufacturers.

In order to claim a case of product liability, the existence of the discrepancy must be proved, followed by the failure of abiding by the set standards which resulted in the damages the customer bore. That, which can be termed as negligence, is specific to the case in question. There is no golden rule to identify the case of negligence.

An example of negligence is when care is demanded of but not exercised and leads to personal damage. Also those events that can lead to the death of the consumer are a grievous negligence. If negligence is minimal and does not cause any permanent harm, it is excusable.

Claims can be made by only those who are bound by a contract and if the supplier is guilty of a breach. In these cases, there is strict liability and proof of breach of contract.

Two Acts, namely the Sale of Goods Act and Supply of Goods Act, govern the standard conditions of contractual sale. If the buyer at the time of purchase finds the goods satisfactory and similar to the sample described, the seller is not liable.

The consumer rights, on the other hand, are regulated by the Unfair Contract Terms Act, which prevents restriction or exclusion of the implied goods conformity against the sample description or quality.

Consumer rights protection statutes:

Section 4 of the Consumer Protection (Fair Trading) Act lists out the specific supplier behavior with the consumer which can attract liability claims, of which false claims is an example. There is an additional second Schedule that lists out unfair practices. A common unfair practice is to type out important clauses in fine print to conceal the importance or mislead the customer.

We at Allegiance can clear out any preconceived notions held on product liability; contact our experts today for further clarifications.