Guidelines in Protecting Business by Insurance: Truck and Commercial Insurance Business

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Guidelines in Protecting Business by Insurance

Eight Steps To Safeguard Your Business

If you own a business, may it be a small or huge venture, expect that there’s a possibility for your company to encounter some problems. Accidents, mistakes and falling-outs do happen. Some are lucky enough to settle things affably but others escalate into a full-scale dispute.

Gong to court is indeed a nerve-racking experience. It would not only take a lot of your time but heaps of your money as well. Even though you can win the case, the disturbance to your business can overthrow any financial gains. Therefore, it is very vital for any establishment to keep away from lawsuits and to guide you how, here are some pointers you have to bear in mind.

1. Professional contract agreements

No work should be done without a contract. Always have one in place that defines scope of services and terms of remuneration before you commence an assignment. Without an agreement the opportunities for misunderstanding and controversy are numerous.

2. Documentation and tracking changes

A common source of dispute is when the client believes they have asked for a solution that does one thing only for the freelancer to deliver a solution that does another. Know who is responsible for when things go wrong. Meticulously document client requirements and be particularly vigilant when changes creep into a project - as it is easy to lose track of them. Make sure all changes are costed and signed off. These records will be of immense value in defending against legal claims.

3. Checking work

Freelancers are not required to be perfect. However, this does not relieve them from the obligation to check their work because this is one of the standard systems used to discover and correct errors. Errors, per se, are not evidence of malpractice, but failure to check the work product is.

4. Communications with the client

Many of the claims made by clients are not for serious damages but are based simply on discontent and dissatisfaction with the Freelancer. This is often brought on by the Freelancers own lack of consideration of the client. Seemingly minor things such as missing deadlines, lateness to meetings, unavailability by telephone, failure to return emails, and failure to keep the client informed at all times. With this background of discontent, a real problem such as exceeding the cost or time budgets will trigger an avalanche of serious legal problems. The best way to keep clients happy is to treat them with respect, keep them informed, and maintain a friendly relationship.

5. Early recognition of potential disputes

When issues do arise, dealing with them quickly and professionally can prevent them developing into a major problem. Burying your head in the sand never makes disputes disappear. Deal with complaints in an appropriate way and seek advice from a solicitor who understands contract law if your issue escalates. Most insurers offer a free 24 hour advice helpline, which will put you in touch with experts on how to best handle your situation.

6. Meeting budgets

* Costs

Clients become very dissatisfied and resentful when costs exceed the approved budget. In such situations, the client may give serious consideration to making claims against the freelancer as well as withholding payments of professional fees.

* Time

Overall scheduling of a project should be realistic and should be updated whenever necessary. Client approvals should be sought all along the way. When the client is counting on use of the project at a certain date, failure to receive it will often be very expensive. Freelancers must avoid being a contributing factor in schedule slippage by failing to make prompt decisions and delivering work late.

7. Fees and charges

Many client dis-satisfactions are based on fee disputes. In some cases this is because the billing is not clear and consistent with the written contract. All invoices should be rendered on time and strictly in accord with the contract. If the bill is not paid within a reasonable time, the best thing to do is talk to the client to find out if there is any misunderstanding. A billing adjustment to satisfy a client at this point will usually be less costly than fighting and paying lawyers later.

8. Have an up to date Professional indemnity insurance policy in place

Litigation is always costly, however big or small your case is. It makes sense to have an up to date Professional Indemnity Insurance policy to defend your legal position-just in case. Read the policy wordings carefully and make sure they are relevant to your profession.

It is not that hard to prevent all these court cases. All you have to do is to become constantly aware of the usual grounds of mistakes to lessen their occurrence. Every now and then, it is advisable to re-evaluate your operations so as to improve the whole business.

« Businesses lack necessary insurance policies | Professional Indemnity Insurance Coverage »

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Guidelines in Protecting Business by Insurance
Guidelines in Protecting Business by Insurance

Category Commercial Insurance Business

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Commercial Insurance Business

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