Professional Services Insurance

This specialised area of insurance covers liability arising from the ‘professional services’ provided by a business. Importantly, as the nature of modern business continues to change rapidly it’s no longer only for traditional occupations such as Engineers, Accountants, Doctors, Lawyers, Architects and Insurance Brokers.

Professional Indemnity should be a key consideration for any businesses that provides advice – from beauty therapists, book-keepers and building certifiers, to colour consultants and interior designers.  If you hold a qualification and you provide advice, certification, testing or formulas on which other parties depend, then chances are there is a Professional Indemnity exposure. Arranging the correct type and level of Professional Indemnity cover can be complex.

Specialist assistance from an Adviser can help you navigate a wide range of considerations, including the following:

  • Professional Indemnity is a ‘Claims Made Policy’ – this means your policy only covers you for claims made against you during the period of insurance, not before or after.

  • Wordings generally fall into three categories: (1) Negligence; (2) Acts, Errors or Omissions; and (3) Civil Liability. But what do these actually mean, and which is best for your business?

  • Is the sum insured inclusive or exclusive of defence costs?

  • What is a reinstatement and how many reinstatements does the wording cover?

  • Are there navigation and/or jurisdictional restrictions to your cover?

  • What is a retroactive date and what are the impacts on cover?

  • Does cover include advancement of defence costs? Why is this important?

  • Are joint ventures covered, and if so, to what extent?

  • What is the impact of contracts on the cover?

  • Does cover extend to liability from contractors and sub-contractors? Does the scope of their activities impact if they are covered?

  • What is a notifiable event and when should notification be made to the insurer? What is the impact if this is not made?

  • What is continuous cover and why is it important?

  • What is run-off cover and when is it needed?

Make sure you have the right level of professional indemnity insurance

Call us to discuss the advantages of having professional indemnity protection for your business.
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