The Truth Behind Professional Indemnity Insurance Quotes

Professional indemnity insurance is a type of business insurance that protects professionals when they are threatened with legal action as a result of negligence, act of omission or error. There are various types of indemnity insurance plans for professionals and buyers who are interested in purchasing these plans can opt for a quote online or via the phone. However; before asking for a quote, buyers should be aware of a few things such as are professional indemnity insurance quotes accurate and is it safe to ask for quotes online. Listed below are answers to these questions and many more.

How Can I get a Professional Indemnity Estimate? There are two ways in which you can easily get an estimate without visiting the insurer in person. The first way is to visit an insurance agent or insurance comparison website and ask for an instant online quote. The second way is to call an insurance agent or insurance comparison website's hotline number and ask for an instant quote over the phone.

Why Should I Opt for an Online Quote? Online quotes are instant which means that you do not have to wait for many hours in suspense to know how much you will have to pay for the policy of your choice. In addition, multiple quotes can be acquired online by visiting an insurance agent's website. It should be noted that buyers can acquire online quotes directly from the insurer's website as well, however insurers usually offer single quotes and do not offer extended comparison features.

Are Online Quotes Accurate? Yes, online quotes are accurate and before a quote is given the buyer is asked to enter certain details about his profession and requirements so that the system can provide an accurate quote. However; it should be noted that special circumstances are not taken into account while online quotes are provided. Discounts if any will be applied when the buyer is purchasing the policy from the insurer or a registered insurance agent's website.

Is it Safe to Ask for Professional Indemnity Insurance Quotes Online? Yes, it is safe to ask for online professional indemnity cover quotes and buyers do not have to be worried about their details being shared with third parties. Reputed insurance agents and good insurers make sure that the details entered are not shared and that all information entered into the system remains confidential. Purchasing a policy online is safe since insurance websites use secure payment gateways and encrypted web pages to process payments.

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3 Reasons Why Your Need an Umbrella Policy

Do you have a $1 million umbrella policy? You are not sure what this policy is and why you need it?

If you own a couple houses, and rent some houses out or have a dog, a boat, or a Jet Ski, motorcycle or RV, you should have it. The more property you own, the more risk you are taking. Any parent or guardian of a teenage driver in the household should consider this coverage as a necessity. If you are a movie star, a politician or other public figure, your additional liability policy should be purchased with an insurance company that specializes in those kinds of policies.

An umbrella policy provides additional liability insurance over and above the basic coverage provided by underlying liability insurance, such as an auto policy. You also can purchase a standalone excess liability policy that does not require an underlying policy. Such a policy also covers some losses that are excluded by the auto or homeowner's liability insurance.

Here are three major reasons why you need an umbrella policy:

These days, anyone can be sued for almost anything. If you caused a five-car accident on the road because you were texting, you can be sued. If you had a party in your home and somebody tripped on that staircase that you had no time to fix, you can be sued. Liability policy provides coverage against lawsuits that you, your spouse, partner or kids, or even a pet caused bodily injury or property damage to other person by accident. False claims, false arrests, slander, libel, vandalism are also covered. In case of a lawsuit, if you are guilty, the court can order your personal savings and personal property to be taken away from you to pay for the losses. Even your future earnings can be subject to paying for that loss. I am sure you don't want that to happen. An umbrella policy covers the insured and his or her family anywhere in the world.

Personal umbrella policy range can be from $1 million to $5 million, but the premiums are not that high. The majority of a loss is paid by your primary auto insurance, so your umbrella insurance rates are not that expensive. This type of policy can cost between $110 to $300 per year, depending on how much property it covers, the state and country where the policy was purchased. Contact your agent and purchase an umbrella policy and be safe!

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Make Sure You Have Enough Insurance

Everyone buys insurance. You have to if you drive or own a home. It's a good idea even if you don't.  But how do you know how much insurance to get? There's no sense in paying for insurance you don't need, but you want to make sure you're covered.

There are two types if insurance - covering something you own and covering yourself for liability. Insuring your own belongings is pretty straight forward. Is you car worth $20,000? Then you should probably insure it for that amount. There are variables in this kind of coverage. What deductible are you willing to pay in the event that a loss occurs? Is it covered for its depreciated value or full replacement value? How can you prove the value of something that was lost? All of these questions are answerable before a loss occurs. We don't always go through the steps we should until it's too late, but we can.

The second type of insurance is liability insurance. This is where it gets dicey. There's no way to know how much you could be sued for if you cause damage to someone else. If you rear end someone, you're responsible for the cost of getting their car repaired. Did you hit a 10-year-old civic or a brand new Porsche? If you could avoid hitting an expense car, you'd avoid the accident altogether.  What if you are the person who caused a 10 car pileup?

Worse than that is the possibility that someone could be hurt or killed. Damage to people is far worse than damage to property - emotionally and financially. If someone gets hurt and it's your fault, you could be held responsible for medical costs, lost wages, and even pain and suffering.  Somehow the courts manage to put a price tag on that, but I sure don't know how. And the amounts can be astronomical.

If you are found liable and you don't have enough insurance, you could be wiped out financially. The court can take your assets to pay the debt, and if that doesn't cover it, you'll continue to pay from future earnings.

So how can you possibly protect yourself from such a huge unknown? Umbrella insurance was designed especially for that purpose. Here's how it works. You have auto insurance and homeowner's insurance policies. On top of that, you can buy an umbrella policy which covers any loss above the limits in those policies up to the amount of the umbrella policy. Let's say your homeowner's insurance covers up to $500,000 for one accident, but you're liable for $750,000 worth of damage. Your homeowner's insurance pays the first $500,000 and the umbrella policy covers the other $250,000.

You can buy an umbrella policy that covers you up to $1 million to $5 million. Some companies even offer policies that cover up to $10 million. It's surprisingly inexpensive for so much coverage. Why? Because claims are so rare. The chances that you'll have some kind of claim on your auto or homeowner's insurance policy during your lifetime are pretty high. Claims are only made against umbrella policies in the worst cases.

The next time you're renewing your auto or homeowner's policy, ask your agent to tell you how much an umbrella policy would cost. It might make all the difference should the worst ever happen.

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Overview Of Umbrella Excess Insurance

We know by now that an umbrella insurance policy is so important for people all over the globe. Most experts would advise the individuals to purchase umbrella policies so as to secure themselves against any of those unforeseen events and incidental accidents. However, people often make the mistake of not purchasing the perfect umbrella cover, which would normally solve all of their problems and worries. Now there are even personalized umbrella insurance schemes and policies, which will provide the individuals financial and legal assistance against their personal injuries and damages. However, people also want something more effective than any of those financial devices. One such thing is known as umbrella excess liability insurance. This may seem a bit complicated to understand. Complicated or not, it is necessary for people to wholly understand the concept and facilities of umbrella excess liability insurance.

The excessive umbrella insurance cover sounds like a variation of the average excessive insurance cover. Many insurance companies provide the latter. However, the normal excess insurance cover is often found to be insufficient and inadequate to solve the problems arising out of many unforeseen events and situations. These may include fraudulent actions, accidental injuries and so on. The excess insurance is only a slight extension of the regular insurance. The umbrella excess insurance would provide legal and financial cover for a number of unexpected damages and losses. Thus, the coverage of the excess of umbrella insurance is significantly greater and more varied than the regular excess insurance. It would be somewhat of a bare essential to empower oneself with an umbrella excess insurance policy.

Similarly, the surplus advantages of the umbrella insurance policy would suit a range of needs, urgencies and immediate requirements. The firms and entrepreneurial business enterprises could benefit from the additional protection against the incidents of losses, calamities, frauds and artificial shortages. Also, the entrepreneurs can secure themselves by settling their legal and financial insurance. Lastly, the surplus advantages could suit the regular and common people just as well. They could use their umbrella insurance policies as they would use any of the regular accident and health insurances.

Just the same, the major benefit of the umbrella excess insurance seems to be in its approach to the common individuals. There could be plenty of times, when you may face personal injuries, and you may lodge complaints in the court. To seal a victory, you can gain the help of the umbrella insurance. It would give you most efficient legal facilities and provisions.

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Australians Are Notoriously Underinsured, a Serious Problem Facing the Entire Country

Although it's a subject few are comfortable discussing, when an unexpected illness, injury, or death of a loved one strikes and your personal insurance is insufficient to cover all the related expenses, the emotional damage compounded by the financial implications can range from stressful to catastrophic.

Only four percent of Australia's total population with dependent children have adequate insurance to protect themselves and their family. One group of studies published by the Investment and Financial Services Association (IFSA) on claims paid from 13 life insurance companies found that the average payouts were significantly lower than the financial needs created by the losses incurred.

Few Australians have the financial resources to cover the expenses of life's unexpected hazards, and yet too many don't have a plan in place that will protect their financial security and lifestyle in the event that the income earner suddenly becomes unable to work due to illness, injury or death.

Multicover insurance - that is, coverage that includes life insurance, income protection insurance, trauma insurance (also called critical illness insurance), and disability insurance - is not a priority for many Australian households, and yet having multicover insurance in place is fundamental to good financial planning.

In an economy that has many struggling to make ends meet, insurance is often considered an unnecessary expense, as many Australians take a "she'll be right" approach to planning ahead. The truth is, multicover insurance is vital to financial security, but unfortunately for many, this realization isn't met until it's too late.

Financial planning is not just for the wealthy. It is an important process that identifies our financial goals and long term objectives, and maps out how we intend to achieve those goals and objectives. Part of sensible financial planning is identifying those vehicles of protection, wealth creation, life milestones and plans for contingencies. Once in place, an individual's financial plan, including multicover insurance, should be periodically revised to match their needs at each life stage, adjusted to shed elements no longer needed while incorporating new requirements.

How does one determine the level of multicover insurance they need in order to make sure their family and lifestyle are safe when the unthinkable happens? In order to compare multicover insurance plans, it's important to know what coverage you need to suit the needs of yourself and your family.

For instance, a working couple in their mid 30′s with two young children may need to plan for benefits 10 to 13 times the value of their taxable earnings in case their earnings were suddenly cut off due to death or disability. Therefore, if you earn a full-time salary of $50,000, this translates to $500,000 to $600,000 in life insurance coverage in order to protect your family's lifestyle if you were to lose your life.

Parents in their mid 40′s who work full time, earning $50,000 per year, with older children at home may need life insurance coverage in the $300,000 to $450,000 range. This varies and your personal situation and needs should be discussed with a licensed insurance specialist.

So many people live their lives with the attitude that 'it won't happen to me," until something happens. This reflects a serious lack of awareness of the effects an unexpected death, injury or illness can have on a family. Too few Australians have taken the time to learn about the actual costs of multicover insurance, often because they mistakenly perceive it to be prohibitively expensive. Compounding the problem is the perception that insurance is too complicated, and the basic discomfort most people feel when it comes to discussing loss and mortality. They simply choose not to think about it.

Trauma insurance pays out a lump sum of money in the event of a major illness or condition such as a heart attack, cancer, stroke, loss of a limb, paralysis or other medical event described within the policy. The average age of Australians experiencing traumatic medical conditions is a young 42 years. With trauma insurance in place, you can count on financial coverage through the recovery period for yourself and your family. Trauma insurance pays out upon receiving a diagnosis, or within a week or two of surviving an injury or illness that has rendered you disabled, depending on the provider.

When a medical event leads to total and permanent disability, disability insurance will provide a lump sum benefit of up to $5 million to help you meet your financial responsibilities. Disability coverage can also help with whatever adjustments you need to make in order to cope with circumstances resulting from the disability, such as rehabilitation, therapy, and any special equipment you may need.

Income protection insurance is designed to protect your income in the event that you are unable to work due to an illness or injury. Consider the impact a loss of your income would have on your family if you suddenly became unable to work. Income protection insurance alleviates the worry over paying bills and putting food on the table.

Multicover insurance is tailored to each individual and family's specific needs, and should be reviewed regularly with a licensed insurance specialist to be sure it continues to meet your needs.

Australians who are underinsured are exposed to serious risks. Multicover insurance can't prevent tragedy from happening. What it can do is provide financial support such that you and your family will survive if you can no longer work. Your assets are better protected, your living costs will be easier to meet, and your family will be spared the agony that comes when the loss or injury of a loved one is made worse by financial turmoil.

MultiCover is a referral service and not a financial services provider. The information on our website and other documentation is of a general nature only and does not take into account your personal financial situation, needs or objectives. None of this information is, or shall be deemed to constitute financial and/or other advice to purchase a product or service. We strongly recommend that you obtain professional advice prior to purchasing any insurance product and/or service. Please see our site Terms & Conditions and Privacy Statement for more information.

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Get an Umbrella So You Don't Get Soaked

We have auto insurance to cover medical costs and liability if we were to be at fault in an auto accident. And we have home insurance to cover the home and personal property in case of damage. There's also liability coverage included with home and renters insurance. But what happens if you unfortunately cause a large auto accident? What if the medical bills are more than your auto insurance will cover? And what if those involved in the accident sue you, for more than the liability coverages on your home insurance?

This is where the umbrella insurance policy comes in. For less than $200 a year, you can have an additional $1,000,000 of coverage. If you have $500,000 auto coverage, then you would have up to $1,500,000. Depending on how much assets you have, that might be enough. It's inexpensive because your home or auto coverages would need to be used up first.

If you are in a situation where the judgments are more than your coverage, it is up to you to cover the difference. In Colorado, these are the assets exposed in the event of a judgement: Real Property, Auto, Liquid Assets, Future Wages, and Personal Property. As the percentage of judgement awarded over $1,000,000 continue to increase, it would be wise to call your insurance agent today and inquire about an umbrella policy.

Umbrella policies used to be thought of for only wealthy clients. But that is no longer the case. The expenses of medical care after an accident are continually going up. If you had the Colorado state minimum auto liability coverage of $25,000 per person, would that really cover any major medical bills? Of course not! If you are at fault for an accident, and someone's expenses are more than your coverage, you are responsible for the difference. Are any of us in a position to access even $20,000 to cover expenses? And what if the judgments against you from court total over 6 figures? Who is going to pay that bill. You might think since you don't make much money, you wouldn't be sued for very much. But in Colorado, up to 25% of earnings can be garnished to pay for amounts due. Are you able to give up 25% of your salary, and maybe for many years to come? Protect yourself, protect your family. Get an umbrella policy for the coverage you need.

The Importance of Personal Liability Insurance   Thank Goodness I Have an Umbrella! So What Is It?   The Need For Umbrella Insurance   Why You Should Consider Umbrella Insurance