Professional Indemnity Insurance for Debt Collectors

Professional Indemnity insurance provides essential financial cover and protection Debt Collectors in the event a claim is made against them for an error or omission that may make during the course of their work.

A debit collector is a profession who is in charge of and responsible for the collection of money that someone may owe. If a business, individual or company is owed money and has been paid through normal channels they can entrust the professional services of a Debt collector to act on their behalf and retrieve the money owed. During this they will need to carry out some or all of the following activities:

• Identification of slow accounts and the implementation of action plans • Acting responsibly and ethically in the course of their work • Dealing with and looking after customers to maintain a high enough level of service • The chasing of outstanding debts from customers and meeting given targets • Allocation of paid debt to show an accurate account statement for a customer • Appropriate communication with customers, over the phone, by email or face to face

With this magnitude of work involved while being a debt collector there is also a magnitude of possibilities where an error or omission could be made. Speaking to people about money can be a very personal and emotional situation, especially when its money someone may owe. Don’t wait, protect yourself now. Click here to get a quote now.

Some of the key exposures for debt collector are as follows:

• Inappropriate conduct when speaking or communicating with a debtor. E.G. profanity and aggressive behavior • Time delay in executing action towards a debtor • Fraud and mistrust • Failure to maintain good records • Harassing or threatening behavior towards a debtor

The above represents some of the key exposure and in no way all of them. If you need more information please contact is directly.

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