WHAT THIS GUIDE HAS TO OFFER
We’ve compiled this comprehensive overview of essential information you need to know about Professional Indemnity insurance, tailored to businesses in Australia.
This guide explains policy cover including features, benefits, terms, contract types and types of cover needed for different business circumstances.
It will help you understand what you need to know in terms of policies and your responsibilities, what to notify your insurer in the event of changes in your business and in the event of possible claim circumstances. It includes a checklist to help you make sure your covered and questions you should consider when setting your sum insured.
Use this guide as reference when reviewing your Professional Indemnity Insurance and to assess if your existing policies are falling short in protecting your business for total peace of mind.
POLICY FEATURES AND BENEFITS
- What Professional Indemnity Insurance is – and who needs it
- Who can make a claim against you
- What Professional Indemnity Insurance covers and it’s features and benefits
POLICY TERMS & CONDITIONS
- Get to Know the Terms in your Professional Indemnity Insurance Policy
- Continuity of Cover – The benefit of maintaining cover with the same insurer.
SELLING OR CEASING BUSINESS?
- Check if you require Run Off Cover to protect yourself from potential future claims
POLICY COVER CHECKLIST
- A handy, comprehensive checklist to make sure your policy has the right cover for your business
SETTING YOUR SUM INSURED CHECKLIST
- Questions you need to ask when setting your sum insured, to ensure you get the right amount of cover.
CLAIMS MADE POLICY
- What a ‘Claims Made’ policy is – and why you need to know
- The difference between an Occurrence and Claims Made Policies – this is important information to know!
BEFORE ENTERING INTO CONTRACTS, CONSIDER THE CONDITIONS
- How contractual liabilities may affect your insurance
- Indemnity and hold harmless clauses and their implications
- Your duty of disclosure as a business owner when it comes to your insurance (if you don’t know this, you could leave yourself open to risk exposure)
- What you need to know before entering into insurance contracts
- Understanding Change of Risk of Circumstances in your business that impact your policy
CLAIMS NOTIFICATION PROCESS
- Notifying possible circumstances that could give rise to a claim
- What is a ‘circumstance’ that could give rise to a claim
- What happens in the event of Failure to notify circumstances