Should I have run off with my Professional Indemnity Insurance

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Professional Indemnity Insurance

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What is Run Off Cover?

Run off cover is in place to cover the insured when their business is sold or ceases to trade,  this cover is often offered as an option on a policy, the insured should take into account the cover required  up to to the statute of limitations in the state the insured business is based. Also some industry bodies will require a minimum run off cover.

Run Off Cover

Who Should Have Run off Cover with Professional Indemnity Insurance?

Accountants, Consultants, Conveyancers, Doctors, Lawyers , Occupational Therapists, Owners corporation managers and  Real Estate Agents.

What is Professional Indemnity insurance

Professional Indemnity insurance – an impressive product name but what is it all about?

Put simply, this is insurance that covers people against claims resulting from the expert services they provide to their clients.

For example, a real estate agent could be sued because he accidentally misled a client on property zoning. Or a designer who unknowingly breaches someone else’s copyright design could be taken to court. Perhaps it is an accountant whose advice to a client unexpectedly creates a tax liability.

Getting the picture? You need this if you offer professional advice to your clients involving specialist knowledge or expertise.

Need more advice?

Speak to one of our licensed brokers on 1300 046787

Click Here for a Professional Indemnity Insurance Quote

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Please note that any advice given has been provided without taking into account your objectives, financial situation or needs. It is also based on information we have obtained from you. You must ensure the information is accurate and complete. Otherwise, this advice may be based on inaccurate or incomplete information. You should consider whether the advice is appropriate in light of your objectives, financial situation and needs. Please read the Product Disclosure Statement and contact us if you require any clarification

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