If a claim is made against you, you must notify your broker as soon as possible. The next step is to fill out a claims form . You’ll need to include details of the incident, including when you first became aware of it. You’ll also need to note any written third-party allegations or demands, as well as the scope of the work completed. Next, contact Marsh to send us your completed claims form along with a copy of the contract or service agreement you hold with the claimant.

It's important to familiarise yourself with (and closely follow) all claims conditions in your policy wording. If you don’t, your insurer may not cover your claim.

We want you to get the best possible outcome, so we will advocate for you throughout the entire claims process. Claims can be stressful, but we strive to make the process straightforward.

A number of different factors can influence the cost of professional services insurance, such as the services you, company size and revenue.

Make sure when requesting a quote, that the declared value of the business is accurate so the correct premium and cover for your business can be arranged.

Professional indemnity insurance covers up to $10 million. Public liability insurance covers up to $20 million.

Claims made means that you (the insured) are covered for claims made against you while your insurance policy is active – even if the incident happened in the past.

Professional indemnity policies provide a 'claims made' basis of cover. Why? Because advice and service errors in many professions may not be discovered until months or even years after the mistake was made.

Therefore, a professional indemnity policy or 'run-off' policy must be in place for a claim to be met by an insurer.

It’s also important to note that, if the limit of indemnity was changed, the limit that applies is the one purchased when the claim is notified – not when the work was completed.

Yes. Without the proper cover, your accounting practice or freelance accounting business is exposed to a plethora of risks. If a claim is made against you, you’ll need to self-fund the damages and expenses – including the legal costs of defending the claim.

Your professional indemnity policy can cover claims for incidents that occurred before your current policy was active. A retroactive date defines how far back in time those incidents can be.

Imagine you have just found out that work you performed in June of 2021 led to a loss. It’s now March of 2023. If your retroactive date is 1 February 2021, then your policy cannot cover claims made against you for this particular incident.

Your retroactive date will change each time you renew your policy or buy a new one. Some retroactive dates can be unlimited, so it’s important to pay attention to yours. 

Inclusive limits and exclusive limits both relate to legal defence costs. In an inclusive limit, legal defence costs come out of your policy limit. In an exclusive limit, they are covered on top of your policy limit.

Legal defence costs can be very high, so it’s worth checking quotes carefully to understand if your limit is inclusive or exclusive. 

A run-off insurance policy can cover you for claims made after your business has ceased trading. If you retire or close your business – or if your business is wound up – you can buy run-off cover to keep you insured for claims made against you due to acts, errors and omissions that took place in the past.

You can buy a run-off policy on an annual or multi-year basis with one upfront premium payment. Contact Marsh if you’d like to learn more.

Our team can provide support and proactively guide clients through the claims process.

Contact your Marsh representative to assist with lodging a claim.