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Normally Damian Lillard Jersey , when there is talk about insurance, people refer to life, automobile, property, personal injury, and health insurance. There are other kinds of insurance policies as well. One such insurance policy is the professional liability insurance. This is not a new concept at all. It has its existence since a long period.
The concept:
Many people give professional advice to individuals and companies. There may be occasions where a client would encounter a huge loss because of following the advice given by the advisor. The client may approach the court of law seeking damages from the advisor. The court may rule in favor of the client thereby ordering the professional to pay damages for his or her negligence.
One such common example of such a scenario would be from the medical field. A botched-up operation can cause a great amount of pain and loss to the patient. The patient has the right under the law of the land to file a claim in the court against the doctor as well as the hospital claiming compensation for the pain and the loss.
We can take another example as well. A client may purchase a software program for his business. In case the software program does not function properly, there could be a monetary loss to the client. The client can file a suit against the Company and win the case as well.
This brings us to the concept of the professional liability insurance. The professionals can buy insurance cover to take care of such eventualities. This insurance cover is available to both individuals as well as companies that provide such services to clients. The insurance companies refer to such insurance cover as pi cover.
The insurance cover:
Usually, the insurance cover is available for a fixed period. You may have to renew the policy just as you do with a mediclaim or a general policy. In case there is no claim during the period, the professional forfeits the amount of premium.

What does the insurance not cover?
Acts that involve criminal prosecution do not come under the purview of this policy. This claim covers negligence, errors, omissions, misrepresentations, etc on the part of the client. However, if these activities for part of a criminal investigation, the insurance cover is not available.
The insurance professional indemnity does not cover acts of defamation, slander, breach of contract, intellectual property violations, and personal injury.
Claims relating to incidents before the insurance coverage do not come under the policy. However, you can take insurance cover from a retroactive date under certain circumstances by paying an extra premium.
Advantages of taking this policy cover:
The professional advisor renders such advice to many people during his normal course of duties. He may not anticipate which advice will go wrong. Hence, having a professional liability insurance policy cover can be helpful under such circumstances.
This insurance policy covers the aspect of negligence. However, if the client were able to prove deliberate negligence, then the matter might become subject to criminal investigation. The policy cover would not be available under such circumstances.
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There is no doubt cloud computing is increasing in popularity with legal firms, and with good reason. The main advantages are flexibility and low cost. You no longer need to maintain your own data storage, and neither do you need various site licences for different software. Crucially, you can work from anywhere with an internet connection.
Both of those are inherently insecure: email is not secure, almost by definition, while USB sticks can be lost. Before you say that you are very careful, remember that civil servants from government departments have been known to leave a laptop containing vital security information on a train, and more than one has had his car broken into and a laptop stolen from the boot. It only takes one distracting phone call and you can hop off that train, only remembering that you don鈥檛 have your laptop just as it pulls away!
That cannot happen with information stored on the cloud. There are two types of cloud systems 鈥?public and private. With a public cloud system you essentially relinquish control of your software and data to a remote provider. Your confidentiality is protected by passwords and encryption as opposed to physical separation. Of course, you can have a private cloud system which keeps your data separate. However, while this increases your control it also increases your cost. There are also hybrid cloud systems which combine the two.
No Investment in Hardware and No Commitment
Legal practice management software in the cloud using a public system is much cheaper than using your own servers. Furthermore, you can pay for the service as you use it, so there is no investment in hardware and there is no long term commitment. In addition, most providers will have a considerable amount of backup and there is less chance of downtime on the cloud than there is on your own local server. This means that you don鈥檛 need local support staff, whether in house or outsourced, and at least one law firm has stated that this was their reason for using the cloud model. All of the maintenance of the system is entirely down to the provider, and of course from their point of view they need to keep everything running in order to protect their own reputation.
One of the biggest benefits of using the cloud is that all fee earners can access every last piece of information, document, email, or whatever they need, from anywhere they happen to be as long as there is an internet connection. They can also access it from any device. This means that instead of sitting on a train doing pretty much nothing you can be earning fees instead.
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