07-12-2007
Business Link London issues documentation advice
News by Adfero for Simply Business - independent providers of business insurance, business finance, landlord insurance, buy-to-let mortgages & commercial mortgages.
Irrespective of their size, businesses should ensure that all things are correctly documented, an expert has claimed.
Denis Palmer of Business Link London, a service offering support to businesses, has advised that documentation should be carried out by businesses as a method of helping to protect themselves against the risks of a successful professional indemnity insurance claim.
"Document absolutely everything. Literally get everything in writing," said Mr Palmer. "If you're providing a service, make it very clear in writing what the limitation of what you are providing is," he added. Going further, Mr Palmer stressed that documentation is particularly important for those running businesses on the basis of selling knowledge.
Professional indemnity insurance is designed to protect a business in the event of a claim by a third party. Such an insurance policy can safeguard against a number of eventualities, including breach of duty and an omission or error on the part of the policyholder.