Professional Indemnity Insurance: what all does it cover and benefits it offers!!

Professional indemnity insurance

Professional Indemnity Insurance is a type of business insurance for companies that offer professional services or consultations to their clients. It covers legal fees and compensation payments when a business issued by its clients and customers for a mistake the company has made in rendering its services. The coverage offered by the insurance company primarily focuses on the failure of the work or service delivered by the company that has resulted in a financial loss for their client. Professional indemnity insurance also covers businesses for mistakes including unforeseen breaches of confidentiality, professional disregard, loss of data and documents, and issues of copyright.

It does not matter whether you have a cordial relationship with your clients; a mistake small or big may potentially ruin the business relationship between you. Thus it is very crucial to take up professional indemnity insurance for your business’ sake and protection of its reputation.

Besides the above, there are many more benefits that come with Professional Indemnity Insurance.

Advantages a Professional Indemnity cover offers:

With a plethora of benefits, professional indemnity insurance is becoming more and more popular among business owners these days. Here’s a list of the key advantages that it offers.

  1. Regulatory obligations and requirement by clients

For some professions such as Lawyers and Doctors, having a Professional Indemnity cover is required by their respective regulatory bodies. In such cases, it is a mandatory requirement for a professional to have a PI cover.

In addition, most clients also require that their suppliers etc. have a professional indemnity cover before they hire them for any professional services. This is so that in case there is an error or omission by their supplier, they know that they will be financially reimbursed in case of a loss caused by the supplier of the services.

In short, having a PI cover is a requirement for some professions by law and for other professions, clients demand that their suppliers are covered.

  1. Financial safety from lawsuits:

Financial losses from litigations can throw a wrench, in the otherwise smooth functioning of your business. But, if you are covered with this insurance, the defence cost including court costs, lawyer fees, cost of filing the legal documents and so on – are covered by the insurer. Typically, it acts as a financial shield to meet legal fallouts against claims and omission mistakes.

  1. Increases trustworthiness of your business:

Professional indemnity insurance potentially enhances your reputation and goodwill. It gives your investors and clients the confidence that whatever services you are offering, if there are some errors, then professional indemnity insurance will provide the requisite coverage. As a reputed business owner, you are responsible for your services, and if you have invested in this insurance, you let your clients feel more confident and satisfied with doing business with you.

And above all, it gives peace of mind.

Performing consultation services with greater confidence and without stress brings great results. But if you are held liable for financial or even reputational loss because of your consultation then the whole situation puts a great burden on your business. Professional indemnity insurance, on the other hand, provides great help in such scenarios and tackles your stress by offering monetary help.

So, there you have it- the benefits you and your business will attain with the coverage of professional indemnity insurance.

But, to ensure that you get all the possible advantages and to make the most of your insurance coverage you must choose the right insurance provider. You should carefully consider the following when selecting a professional insurer.

  • Consider the experience of the professional insurance provider. Make sure the insurer you choose can provide the right coverage for your kind and size of business.
  • Check the credit rating of the provider which will indicate whether the provider will pay valid claims.
  • Check the claims servicing department to see if they have reasonable TATs for claim payments.
  • Verify whether the insurance provider is capable enough to offer adequate policies as you grow your business regionally and globally.

The success of your company is the result of your efforts and hard work, and it is imprudent to think that mistakes will not happen in the future. Therefore, protecting your business with professional indemnity insurance is an absolute need and is worth it.

Talk to an advisor at New Age Insurance Brokers who can guide you through the process of designing the right coverage and negotiating best rates and terms for the same.

4 Reasons Why You Must Get Medical Insurance

medical insurance

Most of us make long term plans to purchase jewelry, property, or a vehicle considering them as major investments. But what about a medical insurance policy? We tend to ignore the significance of medical insurance and regret later. But with the constant increase in prices of healthcare, and with the ever-increasing instances of health-related diseases, medical insurance has become incredibly important for everyone irrespective of age and income.

Medical insurance offers that much needed financial help at times of medical emergencies. It pays for the medical expenses incurred from illness and also reimburses the insured for the expenses incurred for injury or illness. Besides this, there are more reasons to have a medical insurance policy in place, however, just bear in mind that the premium that one has to pay to get good medical insurance differs from person to person, and is based on several factors.

What’s the best time to buy a medical insurance policy?

There is no such thing as the right time to buy a medical insurance cover. Illnesses or accidents don’t look for the right time to inflict pain on families. The moment you realize that your health and your family members’ health costs may only grow in the long run owing to the overall increase in the cost of living, that now is the right time for you to get medical insurance. It is always better to get medical coverage as early as possible to avail beneficial advantages, and the sooner you realize its importance, the better it’s for you and your loved ones.

Some good reasons to get medical insurance:

  1. Increase in medical costs:

The medical cost today has drastically risen, and so, in case of any type of medical emergency, most people end up draining their savings. This in return takes a toll on their long term plans. With medical insurance, however, you get a helping hand in terms of your financial needs and you get the best treatment possible, without worrying about the costs and expense.

  1. Incidences of severe diseases and illnesses have increased:

The fact is that you don’t need to be 60 to buy medical insurance. Hectic work life and physical and mental stress have led to an increased occurrence of health-related problems involving lung conditions, heart, stroke, and cancer, claiming lives. It is thus, very prudent to insure oneself at an early age and receive benefits that come with it.

  1. Medical insurance covers much more than simply hospitalization:

The new medical insurance policies don’t just cover hospitalization, but also cover you for Out-Patient and Day procedures. Moreover, plans also have some maternity advantages that may be suitable at an early age of life.

  1. It offers all-inclusive deals, but only when you buy it early:

Young buyers get a more extensive deal when it comes to buying a medical insurance policy. Getting medical insurance coverage at a young age ensures that there are no chances for pre-existing illnesses as you’ll be covered completely at an early age, and any disease detected later will be covered instantly and automatically.

Some additional advantages:

With medical insurance, you also get some extra benefits such as coverage for surgeries, ambulance coverage, coverage for vaccinations, health check-up coverage, and so on. Additionally, you also get coverage for a number of non-hospital related issues including dental care, optical, chiropractic, and some alternative therapies as well.

Nevertheless, if you are looking for bigger medical coverage for your extended family then there are also insurers out there who’ll customize your plan for that too. So, avail all these benefits of medical insurance policy, and make sure you get it as early as possible.

The role of insurance brokers in getting you the best quotes in UAE

With the myriad of insurance companies available in UAE, one might ask why should they approach an insurance broker. This a valid question and something that customers should ask as it is an important part of the buying decision.
And this article is about answering that very question! We will help you understand the benefits that you are going to gain when choosing an insurance policy through an insurance broker rather than directly approaching an insurance company yourself. Choosing the right insurance policy impacts your future in more ways than one, so let us help you understand the importance of brokers in the UAE.

1. Time and cost savings are massive

There are more than 60 insurance companies in the UAE. As a customer who wants the best insurance policy, you can either visit these insurance companies and compare their offers or have an insurance broker do all the work for you.
Hence you can see why you are better off engaging an insurance broker. Insurance brokerages have all the information on the different insurance plans due to their vast network. A competent insurance broker will provide you information on various insurance plans and offers from the best insurance companies without you having to raise a finger.

2. They know the trade better than you

It is always good to have an expert when you are purchasing something that you don’t know much about. And this ethos applies to insurance policies. There are many complex clauses and terms and conditions in an insurance policy. Understanding the various clauses and choosing between them can be confusing since you have limited experience compared to a broker who does this for a living.
An Insurance broker deals with various insurance policies on a daily basis as well as claims. This enables them to help you make the right purchase decision.

3. They have your best interests in mind

Insurance broker’s loyalty lies with the customer, that is you! Hence, they will not prefer an insurance company over the other unless the insurance company can offer a better deal to you, both in terms of insurance coverage and pricing.
An insurance broker negotiates on your behalf and is your advocate thereby ensuring you get the best.

4. Filing insurance claims

It is the responsibility of the insurance broker to help you file claims when necessary. The whole experience of filing a claim can be daunting and having a helping hand at such times of need is invaluable.
The insurance brokers are well versed in the processes that are involved in filing claims. They will guide you through the whole process and help you get the rightful benefits.

5. They make things simple

Paperwork is a crucial part of an insurance policy. But when you are managing a business or have a tight schedule, going through the papers and understanding each team can be a time-intensive process.
Insurance brokers do all the work for you, helping you get the papers and other documents in the right order from the get-go. They make an arduous process very simple.

Conclusion

Choosing the right insurance policy is not so hard if you have the right people besides you. New Age Insurance Brokers have been helping clients choose the best insurance policy for their requirements for years. Contact us to know about the latest insurance policies that fit your requirements.

Do’s And Dont’s Of A Happy Retirement Planning

Retirement planning is all about ensuring that one is reaping the benefits of working hard during their younger years. It means that one is able to live a life of dignity and respect, that one is able to do things in their final leg of life that they just did not have the time to do.

Despite retirement being an inevitable phase of life, many of us don’t prepare for it. We tend to overestimate the time available to us to plan for our retirement. So, when retirement is actually around the corner, most of us are underprepared. This results in either working for more years than we actually planned on working and/or compromising on the quality of our retirement life.

This is validated by data that we currently have. In the UAE, a survey led by HSBC found out that only 44% of UAE citizens feel that they will be comfortable after retirement. 63% of them responded they plan to work even after retirement to some extent.

In this guide, let us walk you through the do’s and don’ts of retirement planning in Dubai and why it’s imperative that you have a plan in place.

The do’s of Retirement planning

1.      Decide what kind of retirement you wish to have

Setting clear goals is the first and foremost thing one should do. These goals will be unique to each and every person based on their current lifestyle and what is it they envision for their future. So ask yourself questions about which part of the world do you want to retire in; where is it that you want to retire: your home or a retirement home; how much do you want to travel; what are the kind of things you would do with your time etc. While you may not have exact answers to these questions now, starting to think about them will help one to start visualizing your golden years.

2.      Decide how much money you would need

Once you have defined clear goals, one can do the number crunching on what kind of money is required to achieve that life you have envisioned for yourself. While you are calculating the total costs, do not forget to factor in inflation. Having goals along with knowing how much money is required to achieve those goals will help make retirement planning easy, and moreover, predictable.

3.      Start investing early

The sooner you start putting money aside towards your retirement, the higher the likelihood that one will be able to achieve their retirement goals. Time is a wonderful thing that helps even small amounts of money compound into large sums of money over a period of time. The later you start, the more the amount of money is required to be put aside to achieve your monetary goals, if you don’t want to compromise on your dreams.

The don’ts of Retirement planning

The don’ts of retirement planning is all about staying away from financial decisions that will hurt your retirement savings. We will discuss the key points below.

1.      Don’t be overconfident in your earnings

Being overconfident in your earnings is a very easy mistake to make. Economic cycles go up and down and along with that one’s ability to earn. So saving up for the rainy day is very important so that you don’t dip into your retirement savings. In addition, there is a common misconception that the more you earn, the more you save, but that is rarely the case. We raise our standards of living along with our earnings which means that our savings remain stagnant and don’t necessarily rise with our earnings. So always keep an eye on how much you earn and how much you save. If you earn more, make sure to save more.

2.      Don’t overspend

Overspending can burn a hole right through your savings in no time. In other words, don’t put want ahead of needs. Make sure you are spending within limits and not getting into the vicious cycle of debt.

3.      And did we already mention, don’t wait for the last moment?

Time is money. Don’t wait for the last moment, start planning for your retirement today.

The golden years await…

Retirement planning is not something that can be done in a day or two. It takes years of planning and saving. But the result is totally worth it. And getting the right guidance at the right time is very important.

New Age Insurance Brokers can help you in that regard. We have one of the largest portfolios of retirement plans from various companies. The experts at New Age Insurance Brokers will help you find retirement plans suited to your requirements. Contact us today to know more!

 

Why You Should Review Your Insurance Annually

We all know the importance of insurance coverage on the various assets we possess ranging from our houses to the automobiles that we use to travel. Insurance coverage is taken on your life, family, education, and whatnot. All of this is because of the fact that we do not want to end up without it when something bad befalls us.

But insurance coverage isn’t a once in a blue moon thing that you can avoid caring as soon as you opt for one. Just like the frequent assessments that you conduct for all your possessions, insurance to needs to be reviewed at regular intervals. And you don’t have spent days on it, just a few hours once in a year will do!

Now let us delve into why an individual or an enterprise should revise their insurances annually.

To review the changes in circumstances
One of the prime reasons why one needs to review their insurances frequently is to inform the insurance company about the changes that you and your condition or the objects that you have insured have undergone during that time period. It can be anything from an upgrade on the value of the assets to the addition of a new driver into the clause. Adding this new information into the insurance clauses can ensure that your insurance holds good when the need arises and saves you from the headaches of claims not being paid out in case the necessary details were not furnished in a timely manner.

To avail any discounts or other offers
This is one of the best reasons why you should review your insurances annually. Over time, there might be discounts and bonuses that these insurance companies provide their customers with. Being updated about these benefits at the necessary times can be used to plan your insuring of assets wisely and lead to saving more money.

Discounts and offers include special rates for existing customers, lower rates for insuring more than one automobile with the same insurance provider, the status of usage of an automobile that you have insured and so on. Don’t let these opportunities to miss through your fingers due to negligence.

To notice the surge in insurance premiums
Most of the customers might have programmed their insurance such a way that it is deducted from their bank accounts at the required intervals. For the same reason, they fail to notice the surge in prices that have been affecting their insurance policies.

The increase in prices can be because of many reasons like the increase in government taxation which are legitimate as opposed to the totally ridiculous reasons some providers have for the increase in its policy premiums. So the timely review of the insurances can make the customer more aware of the current rates.

To ensure the status, relevance, and performance of the policy
Some policies get outdated over time in terms of the coverage they provide and the various exclusions in a policy. The conditions and clauses change and the policy that once suited you and your assets may not be the ideal option to cover it. In such cases, one must go through the current policy and contact the provider to discuss new policies/clauses that have come up and can be beneficially added to the insurance policy. Any policy or clause that is not beneficial must be revoked and a new one must be adopted.

To ensure the best life insurance policy
Unlike other policies, one of the policies that customer needs to check and review frequently is the life insurance policy. Life, as we know, undergoes constant changes and so should the policy that covers it. Marital status, a new member is born, the health status of the insured, current occupation and so many other life situations have a say in the type or amount of insurance one must choose to cover their lives.

Bottom line…
Taking care of all these facts and the timely review of the insurances will give you the peace of mind you expects when you sign up for an insurance policy. As the saying goes it is always better to be cautious and be happy than lament about missed opportunities.

There is no need to panic if you haven’t gone through your insurance policies in a while, we are here to help you out. Contact New Age, the leading Insurance Brokers in Dubai to know how you can improve your existing plans or choose the best one if you haven’t already! Our experts are here to help!