What are the key considerations in determining the right Top-up Professional Indemnity Insurance Policy?
Did you know that, even with a top-up policy in addition to your mandatory PII coverage, you may still incur out-of-pocket financial liabilities?
There are a few reasons why your PII and top-up policy may not be able to fully cover your legal practice:
- Lack of a proper risk review assessing maximum probable loss.
- Insufficient top-up cover limits for your legal practice’s needs.
- Having Top-up PII coverage with terms and conditions (e.g. sub-limits) that may prevent a successful claim or results in a lower offer of settlement.
To avoid adverse claims outcomes, review your existing PII coverage with a broker that can advise you on the optimal top-up cover based on the areas of your practice, limits of indemnity as determined by your clients, and the value of case files in the case of a lawsuit.