{"id":73,"date":"2020-03-12T07:36:00","date_gmt":"2020-03-12T07:36:00","guid":{"rendered":"http:\/\/pershingparkicerink.com\/?p=73"},"modified":"2020-03-06T07:39:06","modified_gmt":"2020-03-06T07:39:06","slug":"everything-you-need-to-know-about-professional-indemnity-insurance-in-singapore","status":"publish","type":"post","link":"https:\/\/pershingparkicerink.com\/?p=73","title":{"rendered":"Everything You Need to Know About Professional Indemnity Insurance in Singapore"},"content":{"rendered":"\n
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As a professional,\nyou will agree that building a large client or customer base isn\u2019t an easy\ntask, as it requires hard work, dedication to excellence, customer support, and\na few other things. Even if you can do these things, there is no assurance that\nyour business will grow to a new height and soar.<\/p>\n\n\n\n

Because of the\never-changing business terrain, things that are yielding jaw-dropping results\nright now may stop working overnight. And if you are not abreast with the\ntrends in your industry, your business will suffer.<\/p>\n\n\n\n

Presently, many of\nthe top-notch professionals who know what they are doing are opting for\nProfessional indemnity insurance. Although PI insurance is somewhat expensive,\nespecially for top-tier professionals, they still opt for it because of the\namazing benefits it offers.<\/p>\n\n\n\n

Want to find out how Allegiance’s Professional Indemnity<\/a> can help your business? If yes, then you should read the next article carefully.<\/p>\n\n\n\n

<\/p>\n\n\n\n

The following article by\u00a0simplybusiness<\/a>\u00a0sheds light on some of the benefits PI insurance offers to professionals.<\/p>\n\n\n\n

What is professional indemnity insurance?<\/strong><\/h2>\n\n\n\n

Professional\nindemnity insurance is an important type of business insurance, especially for\nbusinesses that give advice or provide a professional service to clients. It\ncan cover compensation claims if a business is sued by a client for making a\nmistake that leads to financial loss<\/em>. Read more here. <\/a><\/p>\n\n\n\n

You likely now know\nsome reasons why PI insurance is a must-have for every professional in\nSingapore and in every other part of the world. You also now know that PI\ninsurance isn\u2019t compulsory for all professionals. <\/strong>If you just started offering advisory services to businesses or a\nprofessional looking to make a name for yourself in your industry and want to\nlearn about the benefits of PI insurance, the next article is for you. <\/p>\n\n\n\n

<\/p>\n\n\n\n

The following article by\u00a0investopedia<\/a>\u00a0unveils some of the benefits of having PI insurance.<\/p>\n\n\n\n

Indemnity Insurance<\/strong><\/h2>\n\n\n\n

Indemnity\ninsurance is a contractual agreement in which one party guarantees compensation\nfor actual or potential losses or damages sustained by another party. Most\ncommonly, it is an insurance policy designed to protect professionals and\nbusiness<\/em>– Read more here.<\/a><\/p>\n\n\n\n

You likely now know\nhow Indemnity insurance works and the benefits it offers to professionals. You\nalso now know what PI insurance can cover as well as things it can\u2019t cover. If\nyou are new to business and don\u2019t really understand how PI insurance works or\nwant to learn how you can get the most out of it, you are going to benefit from\nthe next article.<\/p>\n\n\n\n

<\/p>\n\n\n\n

The following article by\u00a0Markeluk<\/a>\u00a0is basically a how-to guide to PI insurance.<\/p>\n\n\n\n

Professional indemnity insurance explained \u2013 a simple guide to\nPI insurance<\/strong><\/h2>\n\n\n\n

Professional\nindemnity insurance, often referred to as professional liability insurance or\nPI insurance, covers legal costs and expenses incurred in your defence, as well\nas any damages or costs that may be awarded if you are alleged to have provided\ninadequate advice<\/em>–Read more here.<\/a><\/p>\n\n\n\n

The above article is\nindeed a masterpiece and a must-read for every professional in Singapore. The\narticle not only brought to life some of the benefits of PI insurance, but it\nalso shed light on the meaning of some terms used in the PI insurance space as\nwell as the answers to some frequently asked questions about PI insurance.<\/p>\n\n\n\n

<\/p>\n\n\n\n

Final note<\/strong><\/h2>\n\n\n\n

To thrive in\nbusiness, you need to be prepared for the unexpected. Even if things are rosy\nright now, there is no guarantee that it will stay the same. Things may change\nfor the better or get worse soon.<\/p>\n\n\n\n

As a professional,\nhaving PI insurance is one of the most effective ways to prepare your business\nfor the challenges you are inevitably going to face as you run your business.<\/p>\n\n\n\n

Do well to consult\nan expert to evaluate your business to determine the level of cover you need\nand a few other important details.<\/p>\n","protected":false},"excerpt":{"rendered":"

As a professional, you will agree that building a large client or customer base isn\u2019t an easy task, as it requires hard work, dedication to excellence, customer support, and a few other things. Even if you can do these things, there is no assurance that your business will grow to a new height and soar. […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-73","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/73","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=73"}],"version-history":[{"count":1,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions"}],"predecessor-version":[{"id":75,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=\/wp\/v2\/posts\/73\/revisions\/75"}],"wp:attachment":[{"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=73"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=73"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pershingparkicerink.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=73"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}