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May 30, 2015
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Selling or Ceasing Business? Consider Professional Indemnity Run-off Cover Insurance

Selling or Ceasing Business? Consider Professional Indemnity Run-off Cover Insurance

If you are selling your business and/or retiring soon and you have a current Professional Indemnity Insurance Policy you should consider the need for further cover should a claim arise in the future. PI Run off Cover provides indemnity for unknown claims and/or circumstances that may arise from your previous business activities and during the period of Run off Insurance. It only provides cover for prior activities and does not cover any future activities after the run off date. Run off Cover policies are commonly offered and reviewed from year to year. However, insurers are increasingly able to offer multi-year policies that can be a preferable option.
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Be Aware if your Professional Indemnity Insurance excludes Bodily Injury and/or Property Damage

Be Aware if your Professional Indemnity Insurance excludes Bodily Injury and/or Property Damage

Making sure that your insurance policy covers you adequately, particularly in the event that a claim is made against your professional services, is extremely important. This involves reading the terms and conditions, so you understand the extent of your policy coverage, and its limitations/exclusions. A major exclusion to look out for in Professional Indemnity Insurance policies is Bodily Injury and/or Property Damage Exclusions.
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