Why buy CIMA Insurance?
CIMA insurance is an indemnity policy that protects members of the Chartered Institute of Management Accountants, providing protection against both statutory and contractual obligations. There are various types of risk management insurance available for businesses and contractors, all which can help minimise any financial loss as well as personal stress if a claim is made against you and a CIMA Insurance indemnity policy is one of these solutions.
Indemnity insurance can help keep your business remain financially unscathed should a claim be sought against you or your company which could affect its financial standing. The sort of challenges that any company potentially faces can typically include defending a claim against you as well as covering you for any damages you become liable for. Claims could include such things as public liability; product liability; unintentional infringement of intellectual property rights; loss of data or documents; accidental breach of confidentiality; and dishonestly, plus much more.
If you are considering CIMA insurance, then when it comes to buying it, you need to ensure that you buy it from the right place. This could well be a specialist broker of CIMA indemnity cover. They often have bespoke cover and tiered levels of cover, meaning you get exactly the protection that you need.
What to think about when buying the cover
There are a number of considerations for you when choosing your cover. Of course, your broker can help you, but it is imperative that you are comfortable with the product that you choose.
When buying your policy, check out your liability for the excess in the event of a claim.
And do be aware that claim times after the incident could take some while, so you consider taking out retroactive cover. This protects you against claims that arise out of a product or services that was actioned or provided before the cover started, so check on the policy.
Always make sure that you have the right sum insured so that, should a claim be made against you, you would be fully covered.
As the benefits and features of CIMA insurance can vary among the various providers, do read through the small print to confirm the amount of cover you have, noting how long a policy must be in force for before you can make a claim.
Finally, even the best managed and run companies can face the prospect of financial disaster in the event that a claim be sought against it. CIMA Insurance can take away this concern and give you the peace of mind that you are properly protected.
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