Are You or Are You Not, Professional – That is the Question?

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November 2, 2011
How Do I Choose a Professional Indemnity Insurance Policy?
March 29, 2012

Are You or Are You Not, Professional – That is the Question?

The common mistake of most Businesses is believing Professional Risks only apply to Lawyers, Accountants, Medical Persons, IT Consultants and the like.

It’s long been accepted in law that professional means …”following an occupation as a means of livelihood or for financial gain”.

This wider definition has definite implications for any Business regardless of size.

Significant claims activity in the Professional area has seen the need towards seamless Policies to provide Clients with the widest possible cover for all situations.

With increased interest in Professional Indemnity, Directors & Officers Liability and Employment Practices Liability many Insurers are now offering combined contracts to  ensure there are no “gaps” in cover between standard Public and Products Liability and the Professional Risks Insurance covers available.

Typically many Insurance Companies now offer combined covers. These include :

Professional Indemnity :

Civil liabilities covered including (but not limited to) :

a. breach of duty (including duty of confidentiality)

b. unintentional defamation

c. loss of or damage to documents (to the full policy limit)

d. dishonest/fraudulent/criminal or malicious acts and breach of fiduciary duty (innocent    party cover)

e. misleading and deceptive conduct under the ASIC Act 2001

f. breaches of the Competition and Consumer Act / Fair Trading Acts (Australian and New Zealand)

g. Covers bodily injury and property damage claims arising from the professional services covered by the policy

h. Definition of ‘claim’ includes written and verbal demands

i. Advancement of claim investigation costs

Broadform Liability :

i. Covers a broad category of people and entities

ii. Covers legal liability to pay compensation for personal injury, property damage and advertising liability

iii. Broad definitions of personal injury, insured’s products, products liability and advertising liability

iv. Covers property damage including any loss of use of property.

However, most policies can be specifically tailored to suit each Client’s needs andcircumstances.

Action Plan :

VeriSure are Specialists Risk Advisors.

Our commitment to providing the very best Policy Terms and Conditions at the most competitive Premium together with our professional Claims Advocacy is paramount.

Contact us for an extensive Risk Assessment today.

Knowledge then Security.