If you are a member of the Chartered Institute of Management Accountants, then you may have already considered getting a CIMA insurance quote. This insurance can provide financial protection against both statutory and contractual obligations.
It makes sense to shop around and get a CIMA insurance quote as why pay more for it than you have to? This insurance, after all, can offer a wide range of benefits, protecting you against the financial distress caused by third party claims made against your business, but there are low cost options available in the market place, so take advantage of them!
You may believe that this type of professional indemnity insurance (PII) is an expensive, unnecessary overhead. However, any business can face substantial claims against them, even those which have the savviest of business owners. And with awards from Courts increasing in recent years’, it is worth seriously considering CIMA insurance.
Where to buy?
When getting a CIMA insurance quote, it is important that you shop around among the reputable providers and do not just settle for the first policy that is offered – by your Bank Manager, say.
Using the services of a specialist provider who will have access to a comprehensive range of PII cover can help you to obtain the right type of product. They will often be able to offer tailor made, bespoke insurance so that you get exactly the right level of protection you need.
Certainly, there are diverse types of professional indemnity insurance and, often, different levels of cover too, which can help protect you and your business against the financial fallout of a claim.
What to consider?
When picking your insurance, do note that as with most insurance cover, generally you will be liable to pay an excess on your policy.
And remember that claim times after the incident could take some while so always make sure that you adequately protected. For example, if you are closing your company, ensure that you arrange “run-off” cover for a period of time after the business closes, in case a claim is made against it.
Do ensure that you have the right sum insured. If you do not take out enough cover, you will not have the full benefit of the insurance.
And don’t forget to check out what exclusions there are.
Finally, to protect yourself and your livelihood does not have to be a time consuming exercise. A specialist provider can give you a CIMA insurance quote quickly and easily, enabling you to find the right solution for your business.