Award-winning* UK insurance broker, Jelf, has recently become a CEDIA Professional Services Member and is on a mission to help protect CEDIA members from the business risks of today and tomorrow. We spoke to Jelf's Lee Appleton to find out more:
At Jelf, our purpose is simple: to build long-lasting relationships with CEDIA members based on a personal service and technical excellence. Our advisers are knowledgeable about insurance and passionate about finding solutions that help to protect you against the risks and issues you and your business face.
When you are looking for an insurance partner, you need complete confidence that they understand you and your business, that they will take a genuine interest in you, and can guide and advise you on the insurance you need. Therefore, we have worked side-by-side with CEDIA to gain an understanding of the typical needs of members so that we can provide a high-quality service to you.
Importantly, we draw on the scale and financial strength of our organisation to negotiate with insurers the most appropriate features, benefits, and pricing we can for our customers.
Of course, we understand that one size does not fit all. That’s why the products and services we offer are designed to be flexible and can be tailored to match your needs. This sets us apart from some of the direct insurers and online comparison sites, which may only offer standard or “off-the-shelf” insurance and which may not offer the same flexibility in the cover and features you need.
The first step before taking out any insurance cover is to work out if you need professional indemnity insurance (PII)? Therefore, it makes sense to start by understanding what it covers and how it may help you?
PII provides you with protection against errors or omissions you might make during the course of your normal business activities, and, covers the cost of defending claims as well as any damages if you are found to be liable. So, if you routinely offer professional advice or design expertise as part of your work, you probably need PII.
The next step is to work out how much you need to buy. The simplest way to start here is to look at the contracts that you tender for, or trade associations/competent person schemes you belong to. If they insist that you hold a certain minimum level of PII cover – it makes sense to buy a policy with at least that limit.
If you don’t have any of these contract related requirements, there are some factors you could consider when accessing your PII needs. They include:
Obviously, no-one wants to think about things going wrong – but unfortunately they sometimes do, despite our best efforts. So, in assessing your PII needs, think of the worst-case scenario and how much it could cost to put right. For example:
We recommend that businesses offering professional advice and services consider buying insurance protection. You may be careful in your work and may not think you will make a mistake, but you never know when someone could accuse you of negligence – and what the financial consequences might be.
Professional indemnity is just one of the insurance solutions available to help CEDIA members protect their businesses. For more information or a quotation please contact the Jelf team on 01905 892 359 or firstname.lastname@example.org.
Produced using content from: Hiscox Business Blog (https://www.hiscox.co.uk/business-blog)