Professional Indemnity

Professional Indemnity FAQs

What Limit should you choose?

Many of your clients and industry bodies with regulatory requirements will require you to have a minimum level of cover in order to undertake a contract. You should check this level before arranging your cover. You need to choose a level of cover that reflects your exposure. Our expert team can chat you through this.

What’s the difference between professional indemnity and public liability?

Professional indemnity insurance covers against allegations of professional negligence, which means it would cover you if you were to make an error or mistake in the course of your work giving rise to financial loss, such as a fault in a project, for a client. Public liability insurance is different it covers against allegations of injury or illness caused to third parties by your negligence. This includes many of the slips, trips and falls that are associated with personal injury claims. As they insure against different scenarios, it's important you consider arranging both types of cover to ensure you are properly protected.

What is a ‘claims-made’ policy?

"Claims Made" on a Professional Indemnity policy means that whilst you are covered, any claims that arise within the policy period are covered. The incident that gave rise to the claim may have happened prior to the policy being in force. This is different to other types of insurance which pay out for claims that arise out of loss or damage that actually happens during the policy period. This means that the claims made and reported in the policy period will be covered, regardless of when they happened.

What is a ‘Retroactive Date’?

A retroactive date is generally the date from which you have held uninterrupted professional indemnity insurance cover.  Because Professional Indemnity claims are paid on a "Claims Made" basis, your policy will cover you for issues that arise back as far as your "Retroactive Date" provided you have had uninterrupted cover since that date. It is applied to all professional indemnity insurance policies and its purpose is to exclude claims arising from any work undertaken prior to when the client first took out cover.

Why choose Brady Insurance?

Customer Service and Access to the best products is at the core of what we do. We are an award-winning broker who have a team of 18 professional insurance brokers. Trading since 1959, we pride ourselves on an impeccable record or customer service and ethical business.

What happens after I Purchase my Policy?

We will bring you through the process as quickly as possible and get your policy documents to you within 48 hours, subject to us having received all relevant documentation. Thereafter we are on hand to advise or liaise with you and your insurer if you become aware of an incident that could give rise to a claim. Our Account Managers will be there all year round to advise and assist you should you need us.

What is Occurence Based Cover?

Occurrence-based coverage provides insurance coverage for claims that arise from incidents that occurred during the policy period, regardless of when the claim is actually made. The key feature of occurrence-based coverage is that it responds to claims based on when the incident or negligent act took place, irrespective of when the claim is reported. This is different from Claims made cover, which provides coverage for claims made and reported during the policy period. Each option has its advantages and disadvantages, and professionals should carefully evaluate their needs and consult with an insurance professional to determine the most suitable coverage for their specific circumstances.

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