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.
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