Businesses need insurance to protect themselves against uncontrollable elements, like weather that causes property damage, and more preventable occurrences, like workplace injuries that result from carelessness. Depending on what industry your business operates in and what products or services your company provides, you may also need to protect your business from within by covering costly employee errors.
Professional Liability Insurance Basics
Professional liability insurance, also known as errors and omissions insurance, is a type of policy aimed at protecting service providers from claims made against them by their clients. It specifically covers the policyholder from any perceived mistakes they make while carrying out their professional duties.
Protected claims can include negligence, misrepresentation, and inaccurate advice. However, it's important to note that this policy does not protect professionals from intentionally malicious actions. As a form of liability insurance, professional liability insurance pays money to the claimant, not the policyholder.
What Industries Present the Highest Risks?
Due to the nature of professional liability coverage, it's not necessary for businesses of all professions. As a rule of thumb, companies that provide a form of service should consider a professional liability policy.
In some states, attorneys must have professional liability insurance or at least disclose to their clients their insurance status. For some lines of work, such as health care, industry standards require this form of coverage. Professional liability insurance may not be regulated in other industries, but other businesses won't sign a contract with your company if you do not have coverage.
Even service-based businesses that don't need professional liability insurance to operate often opt for coverage because of the potentially devastating costs of a single error. Aside from lawyers and medical providers, professional liability insurance is highly recommended for the following types of professionals:
- Accountants– Accountants perform detail-oriented work, and a mistake can have wide-reaching consequences for clients. Common claims made against accountants include inaccurate ledgers and accounts receivable errors.
- Architects– For architects, common liability exposures include design flaws, inaccurate cost estimates, construction delays, construction defects, and contractor negligence.
- Consultants– Across industries, consultants often face claims of contract breaches, conflicting interests, inaccurate advice, and failing to properly secure the client's private information.
- Engineers– Like architects, engineers will be held liable for any mistakes in their final product if it can be determined those mistakes were reasonably avoidable.
- Insurance Brokers– Yes, even insurance agents should have errors and omissions insurance. Brokers are just as susceptible to lawsuits as these other professions. Clients are often dissatisfied with the ruling on a claim, and their main avenue for recourse is to sue the broker.
- Real Estate Agents– Since real estate agents act as intermediaries between two parties, there are twice as many chances for disputes to arise. Common complaints include improper listings, failure to disclose all information on a property, and discrepancies regarding inspections and documentation.
Aside from covering the costs of client claims and drawn-out legal battles, having professional liability insurance offers substantial benefits. For example, many insurance providers include risk management services for all their clients. These educational programs can help businesses identify their unique liabilities and take action to prevent claims.
Furthermore, having professional liability insurance gives peace of mind to both your employees and clients. When those performing a service know they have financial protection should something go array, they can fulfill their duties more confidently. On the client side, customers may be willing to spend more and ask for additional services if they know their investment is protected.
Assessing Your Exposures and Insurance Needs
As previously mentioned, not all businesses have to have professional liability insurance. If you're still on the fence about your coverage needs, it may help to make a list of all the possible exposures associated with the services you provide.
From there, do a little research—how often do businesses similar to yours face those claims? How much do businesses typically have to pay when they lose a lawsuit in those areas?
On the other hand, how much would it cost to insure your business? For accurate projections, you may want to request quotes from numerous providers. You can click here to learn more about professional liability insurance quotes for small businesses.
Digging deep into the cost of professional liability insurance compared to the financial risk of not having coverage should inform your ultimate decision.
Typically the challenge has been to get up from your desk or off your couch, strap on a pair of shoes, and go for a jog. That was what we considered to be that tough form of exercise that everyone knew was important, but no one wanted to do.
Although as we spend more and more time online, staring at screens and considering our virtual spaces, getting a workout done to our physical selves might look to be the easier one. We don’t even consider the fact that we have to take care of our mental health while we were clicking and tapping our phones and laptops to no end.
Too Much of Anything Is Not Good
Getting into a good workout routine is key, and once you are able to do so, you should be applauded, but every expert and trainer will tell you that you shouldn’t do intense workouts every day. Your body needs to take time off. You are pulling and flexing your muscles as you exercise, and these same muscles need to heal and repair themselves to grow stronger. That’s not to say that you should lay in bed all morning after a previous day of working out (in fact, you should always be stretching every day), but balancing your time properly is essential. You can get tired of anything, even having a wild night in London having someone escort you to the restaurants and clubs that get top reviews.
This is especially true with the internet. Of course, it is a good thing that we can be so connected so easily at all times, no matter where we all are in the world. It means friends can always chat, work can always get done quicker, every bit of information can be shared, and great fun can be had. But always having it close to you (with your mobile in your pocket) is certainly not the best way to go about it. Getting too comfortable with this level of immediacy will affect your expectations for everything else in life. It’s amazing that you can order a product and have the package arrive on your doorstep the next day, that you can stream almost any tv or movie or play any video game right away, but it makes engaging with ‘reality’ that much more difficult and dispiriting.
You think exercising every day is a good thing until you injure yourself doing it, and likewise, you think spending every waking moment online is good until you make a post you regret, order something you didn’t really want, or maybe trust someone you shouldn’t have and get scammed or hurt.
Take Regular Breaks
‘Moderation is the key’ is a paraphrasing of the general attitude of Greek philosopher Aristotle. It may be several thousand years old, but it is more relevant than ever. Work may demand that you be available to answer email throughout the day, and it’s become normal that we ‘escape’ this grind by doom scrolling through our social media news feeds, but regardless of what we are looking at, the fact that we are looking at all is the problem.
That’s why non-screen activities should be embraced, whether it be reading a book made out of paper or puzzle-making or knitting, or going outside for work and yes, exercising or kicking a ball around. Making an ironclad schedule might not be possible, but try to set aside one hour a day of not using the internet. At first, you could sneak that hour into other activities, like some daily chores or even cooking (which would mean not listening to podcasts while vacuuming or quickly rushing to double-check the recipe!).
Just as plenty of parents are able to put ‘locks’ on their kids’ electronic devices to make sure they don’t spend all day with them, have a friend or loved one do the same for you, putting a password on your mobile for a certain hour or two of the day. One of the best ways to do this is to cordon off areas of your home and call them ‘no-phone zones’. Have certain rooms not be allowed to have a phone or computer in it for part of the morning, evening, or afternoon.
Keeping a Positive Attitude
Saying that 2020 was a lousy year is putting it mildly, and it was too easy to find negative and dispiriting news whenever you started to check any news, sports, or entertainment-focused apps. The fact that we all were going through the same thing is slightly heartening, but that just meant going to friends’ social media pages was the same thing over and over, because either nothing different happened, or something terrible did.
Doom-scrolling is the term given to just going through newsfeeds and seeing all the bad news over and over, with little variation. It’s easy to get sucked into reading people snapping at each other and posting memes about it, because seeing other people ‘work out’ their problems can help you make you temporarily forget yours. But that doesn’t mean it’s good for us, or for how you feel about your own mental health.
Part of getting past this is certainly putting the mobile or laptop down, but it should definitely be acknowledged that the internet has some solutions for this as well. It’s good to find articles that proclaim that social media use can certainly be a net positive for mental health, but this always comes with some caveats.
You have to be the one to decide not to post a snide remark. You have to be the one to take a moment and consider that maybe the person misinterpreted your comment and that you might be misinterpreting theirs. It sounds silly to think that after almost three decades of the internet being part of our lives that we all can’t detect sarcasm, but there’s not much body language or vocal inflections to interpret in a message. Giving people the benefit of the doubt can definitely make you happier.
Going on a hiking trip without having a map can be tough, and Forex trading is like that. We may feel overwhelmed if we do not have a plan from the beginning. To survive in the FX market, we need to use a few essential tools, but without proper planning, it may prove as impossible to utilize those tools to get the best success. Experts believe that perfect planning helps them to execute their action plans easily. Today, we will discuss the steps to take to build a great trading plan.
Without a well-defined plan number of trades may seem astonishing, but in reality, most beginners lose their investment without keeping an actual blueprint. Some of them choose to close their trading account. In this article, we will show the beginners how they can save their accounts by keeping to robust plans.
Steps to take for building a trading plan:
Before buying financial instruments, we have to estimate risk to reward ratio because it may keep a great impact on our strategy and help us to predict the future market condition. According to professionals, the ideal risk to reward ratio is 1:3. This indicates that against 3 dollars of profit, we may take it 1 dollar of loss and not more than that. Experts gauge their potential risk before executing trades and get a good result later.
According to risk-taking, traders can be divided into two categories, “risk averse” and “risk tolerant” investors. Risk-averse investors hate to take a large of it and always aim for a small profit so that the loss can be under their control. We should keep in mind that the higher that will be the greater the loss can be. Its aversion wants to grow their account steadily and slowly. Make sure you open a trading account with a high end broker like Saxo. By choosing such a professional broker, you can easily trade commodities in the United Kingdom. But make sure you follow the basic rules.
Risk-tolerant investors are totally opposite to the traders of its aversion, and they are not frightened to take aggressive steps to ensure their trading success. The master investor assesses its level, and even with the higher possibility of loss, they take the greater care with it. Beginners may take help of online tests to assess their risk tolerance level.
2.Keeping a trading journal
Journal works as the indispensable part of the Forex trading, and without having one can, we may become the victim of data loss. Using a journal, we can identify our previous actions regarding the trades and learn from the mistakes. This also helps to sharpen our strategies for upcoming opportunities.
Experts keep a trading journal always which help them to note down the important happenings and take decision based on that. Keeping a journal helps an investor to go through all the trades that he had executed recently based on weeks or months. Regular journal reviews help us to get the answers about specific patterns of losses and trends in the market.
3.Identifying the market environment
The market situation changes most of the time based on the uptrends, downtrends, or sideways. The environment changes based on the current threat sentiment, and each environment has certain characteristics that must be observed before buying financial instruments. For instance, technical indicators may work well in the ranging market for the oversold and overbought levels, but it can also create a great number of signals which may prove as fake. Another thing to keep in mind that low-yielding assets cannot outperform high-yielding assets when the market risky and volatile.
These are the crucial steps which play a significant role in building a perfect plan which may help us gain success in FX. Beginners can take help from the experts and ask them to show their written action plans, which can be supportive of beginners making a plan.
This is the age of entrepreneurs. As the world has become a global village, people know how to utilize their true potential. Today, they have access to more resources than any past generation. They can compare themselves globally and know their real worth.
The lack of knowledge and experience is no longer as big of a problem as it used to be. You can get started and learn on the way from the internet. Many books and articles of most successful people have shared their journey, their secrets to success, and their fatal mistakes. Most entrepreneurs start a web solutions company as no other service has more demand than this in the digital age.
There are more opportunities, but there are also more competitors. It would help if you worked smart and learn about all the possible mistakes you can make before taking any risk. This will ensure that you build a strong foundation that can withstand losses. This article has particularly discussed how you can start a web solutions company of your own in the United Kingdom.
Create a List of Web Services
A web solution company can offer a lot of services. However, handling too many services at a time will be too difficult and risky. Make a list and start with the ones that are your expertise. For example, you should specify the platform, language, and framework when offering software development services. You can further add more to the list once you have successfully made your place in the UK market.
You can also offer digital marketing services or online web presence solutions as a web solutions company in the UK. However, avoid putting your hand in things you know nothing about. Once you have built a stable business, you can hire experts to start new services.
Don’t Pull Hands from Marketing your Business.
You won’t get any work without spending on marketing. Many entrepreneurs are experts in their technical fields, but they underestimate the power of increasing brand awareness. Utilize digital marketing to promote your company as it doesn’t require you to set a budget of hundreds of thousands of dollars.
Start by building an attractive website and make sure you get the best web solutions hosting. Next, create social media channels and attract traffic to the website. Instead of trying to do it all yourself, it would be best to hire some experienced sales and marketing experts.
Promoting your new venture is very important as this will lead to more clients. Finding new clients is one of the most difficult challenges you’ll face when starting your new business. Also, it is important to retain the current client relationships.
Register your Business
Most businesses register as a sole trader, limited company, or partnership. You must plan and think long term on how you would like your business to grow as the need to expand your operation bigger. There will also be different rules for each type of business in the United Kingdom and are governed by HMRC -- HM Revenue and Customs.
Build a Competent Team
You can’t run a business alone, and you can’t run it with an incompetent team. Many ignore the importance of a skilled workforce. You might be looking for cheap labour to get more profits, but the best of the skills are required at the start of a company.
Personally scrutinize all candidates and look for the most competent professionals. You need people who can help beat your competition and force your way in the market. People who have experience will ensure you don’t make any mistakes that can be fatal for your company.
When an employee launches a set of accusations against your company, you need to make sure that you are able to approach them in the right way. There is a right way and several wrong ways to handle interruptions to business as usual, and you need to make sure you take a careful and measured approach to protect yourself while you reach a solution with the aggrieved party.
Find an Employment Lawyer
Since these accusations are coming from an employee, your best bet for resolution would be to reach out to an employment lawyer for the best way to proceed. Make sure you speak to lawyers with plenty of experience in this area, such as the Springhouse solicitors, as soon as you can. This means that you are going to be able to get the advice you need on how to proceed in a way that protects your business in the short- and long-term.
Make sure you follow any advice that they give you as soon as you can. They are the experts, and they will know how to best protect you should anything go wrong. You need to make sure that you are prepared to work with them and not fight against their suggestions, as they will be key in helping you get to a resolution for the issue.
Having these accusations thrown to you is always going to be hurtful and can provoke some strong emotions from you. You need to make sure that you keep a calm mind and do not lash out in anger as this could make the situation even worse than it already is. Instead, you need to make sure that you are prepared to go into the proceedings with a level head and a willingness to work towards an outcome that suits both parties.
If your solicitor agrees to it, it might be a good idea to reach out to the accuser and open a line of conversation. There are many productive conversations that can be had here if you are willing to have them.
Prepare a Statement
If the employee has gone to the media with the accusations, there might be an expectation for you to produce a response of some sorts. You need to take this as an opportunity to acknowledge the events and say that you are responding to them.
Work with your solicitor to prepare a short statement about your position on the matter.
Though you might not be prepared to admit or deny any accusations, you can acknowledge that they have been made, and that you are willing to work towards some sort of resolution. This can then be sent out if any enquiries are put to you.
Though it can be a difficult time for the company when accusations appear, there are still plenty of things you can do to protect yourselves and begin to work towards the resolution of the conflict. Remember to get the solicitors onboard as soon as possible, and make sure every move you make is calm and measured.