Professional Risks

In today’s increasingly litigious society, Professional Liability classes of insurance are essential for many different occupations and types of organisations.

Professional Liability Insurance is an important part of your business’ risk management regardless of whether you are a one person management consultant, large company, or not-for-profit association.

Professional Risks Insurances include:

  • Professional Indemnity
  • IT Liability
  • Directors & Officers Liability
  • Employment Practices Liability
  • Association Liability
  • Management Liability

Due to the complex nature of professional liability insurances, a completed proposal form is required by insurers before they are able to provide quotations.  We can provide you with the relevant form, assist with it’s completion, and collect any additional necessary information. We then source quotes from several different insurers, compare and assess them based on the type of cover offered. We take into consideration the exclusions/conditions applied and then present you, our client, with the best option/s.

Important Professional Risks Insurance Concepts:

Claims Made – Most professional liability policies are arranged on what is known as a ‘claims made’ basis. This means that the policy only responds to claims first made against your business during the policy period, irrespective of when the act of negligence was actually committed. Once the period of insurance has expired, no claims can be made on insurers unless they were notified at some time during the currency of the policy.

Run-off – Once a claims made policy expires, the insurer is not liable to provide indemnity for circumstances that have not been advised to them before expiry. A retiring partner, or business which has been sold, will need to ensure that cover is kept in force for a reasonable period of time to cover the “run-off” of potential incidents which have happened but are yet to be reported as claims.

Capital Insurance Brokers will help you select the right Professional Risk Insurance solution to meet your needs. We take the guess work out of insurance for you. Give us a call on (02) 6282 7666 to speak with one of our Account Managers or start now and request an insurance quote.