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 :
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
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.
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.