We are all human. The fact is that circumstances occur leading to potential claims. If an event happens, rest assured we are here to help you.
A Professional Indemnity/Public Liability claim can best be described as any occurrence/event that is not consistent with the routine day to day operation of your consultancy.
Professional Indemnity claims can result from negligence, error or omission typically arising from advice and professional services that you provide to a client. If you hold yourself out to have a professional skill, like an accountant, bookkeeper etc. and give advice to your client then if your client suffers a loss they could claim against you on the basis that the loss was caused by incorrect advice. Professional Indemnity insurance is claims made meaning there must be a current policy when the claim is made against you or there will be no cover. Therefore It’s essential to have cover for advice you gave in the past, and the isure policy provides unlimited retroactive cover provided you are not aware of any potential or possible claim at the time of entering into the insurance contract.
Public liability insurance provides cover for claims (referred to as an occurrence) where you are liable for bodily injury or property damaged caused by you / your employees to a third party. So if in conducting your business a third party suffers an injury or property damage then they could claim against you for their injury / property damage. Examples could include a builder who uses cranes and the crane falls onto a building and / or causing injury, property damage to a third party. Public liability insurance is occurrence based and the policy that will respond is the policy that was in place when the act/occurrence occurred.
Under the isure policy your obligations in relation to notification of a claim or circumstance from which a claim may arise are contained in the “general claims condiitions” of the policy. You are required to provide written notice “as soon as reasonably practicable” of any, claim, loss, occurrence or discovery of cause for suspicion of a dishonest or fraudulent act or omission.
The corner stone for any professional is sound risk management practices. Maintaining accurate records of, for example, discussion with clients and minutes of meetings will be crutial to your defence should litigation arise.
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