Risk management conferences, emails, letters and industry chatter are always buzzing around property management circles. But what does it all mean ?
HHAST and other reputable suppliers have professional indemnity and public liability insurance to cover the work they do for their customers which effectively manages your risk by reputable suppliers taking responsibility for their actions and being backed up with their own insurance cover if anything were to go wrong.
If you decide to manage your own risks, ie, do all your smoke alarm compliance yourself or conduct your own do it yourself “P” tests, you then take on the risk totally yourself. Self-risk management can be a very lonely place to be when something goes pear shaped. The times in which we live have seen litigation as a common event by tenants and really, anyone aggrieved by almost anything.
Litigation is very expensive, time consuming and mentally exhausting. The toll legal issues can take on people’s lives is massive and can go on and on for a very long time.
Excerpt from Wikipedia partially explains generalities of Professional Indemnity Insurance
This type of insurance is in fact common all over the world, being considered the main risk management instrument both for individuals and companies. The regulation in force, though, may vary and there can be significant differences between a country and another; in the European Union, despite the efforts at harmonizing the rules involved in this segment of the market, every country has its own framework legislation, resulting in a wide range of options. In the recent past countries, the like of Italy adopted a number of dispositions that introduced an obligation for every category of self-employed professionals to acquire this form of insurance; such obligation has become effective only with the definition of all the parameters. Finaccord, one of the leading international market research and consulting companies, has esteemed that in the first 10 countries (Austria, Belgium, France, Germany, Italy, the Netherlands, Poland, Spain, Switzerland and the United Kingdom) the total value of this branch will raise from 2009 6.15 billion US dollars to 7.5 billion within the end of 2017. Source : Wikipedia