Moving to an urban area? Don’t forget your insurance

For entrepreneurs who are thinking of either relocating their business to or founding their start-up in an urban area, industry experts urge them to not forget to secure one of the most important things they can – making sure to secure your financial safety nets such as public liability or professional indemnity insurance.

A key category under the business liability insurance umbrella, professional indemnity insurance provides cover for firms who provide advice, services, or a mixture of both, preventing these companies or individuals from having to go it alone in regards to the cost of a civil lawsuit where they have to pay damages or the costs associated with defending a negligence claim made by one of their clients.  Chiefly focused on alleged performance failures by the insured firm, professional indemnity insurance offers no protections against criminal matters.

Brokers, lawyers, and accountants are the typical professions that will take out professional indemnity insurance, though firms from the transport and construction industries will also sometimes seek out the specialised cover.  While the process behind researching an insurance provider and then securing cover is not an easy one, it could be a much bigger hassle in the event of an unforeseen incident if your particular business does not have the requisite cover.

While the airwaves have been crackling as of late with the terrible state of both the national economy and the global economy in the wake of the worldwide economic downturn, entrepreneurial pursuits in the current financial landscape can and do succeed.  It simply requires a healthy mixture of drive and determination combined with forethought, experts say, and a successful business venture can and will be at your command.

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