Businesses operating within certain spheres
With regards to what a policy will cover – professional liability insurance protects businesses against claims of negligence occurring during the course of offering services, duties, or advice.
PPI also covers the cost of any legal defense against these claims.
Professional liability insurance generally covers firms against actual or alleged errors occurring as negligence, a breach of duty, and civil liability.
Deliberate errors will not be covered.
Negligence may include making an error or omission which deviates from the original brief and civil liability cover protects against breach of contract, libel, or slander.
Civil liability cover can also protect against workplace incidents though such as the accidental infection of IT systems with viruses.
The responsibility for ensuring a business has enough PPI cover falls on the company themselves, so always be aware of any legislation which places stipulations on the level you need.
Take time to plan the cover you need and find a policy that can be tailored to your needs.
Finally, remember to review your level of cover regularly, so that you are prepared for the worst should it happen.
However, if you examine the facts about bringing in interim managers, you may find it to be a valuable and cost-effective investment and the right thing to do to ensure a good start for your business.
Some of the benefits of hiring interim management include:
Gaining an individual who is instantly suitable for their particular role
By bringing in someone when and where you need them, you will find the person with the necessary skills and experience to do the job right now, with no need to consider future paths within your company and no need to take their levels of competence in other departments into consideration.
You will be able to hand-pick the right employee from a range of people who are more than qualified to meet your business needs.
Receiving a focused, results-driven individual
As a company outsider, an interim manager will not have established relationships with other members of your staff, so it will be easier for them to make changes that will improve your organization, free from the judgment-clouding effects of office politics.
This lack of emotional investment in staff allows an interim manager to focus on the end result, and work towards that goal with a clear perspective.
The interim member of staff will not have a personal investment in your company, which will allow them to stay focused on driving it forward, without preoccupation with the implications on their own career path.
They will be there to complete the job in the most effective and professional manner possible, and will then move on.
Bringing in an interim manager will mean bringing a new perspective into your company.
They will have the valuable experience they can apply to their role and use to improve your workforce and could help guide your business along exciting new avenues.
After all, a fresh, unbiased opinion is a positive attribute to any company.
A surprisingly cost-effective solution for your needs
Interim managers don’t need to be paid wages for sick or holiday leave, nor do they require you to make pension contributions, or provide other financial incentives that you may usually offer your staff. In this way, hiring an interim manager is a cost-effective move.