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Professional indemnity insurance: frequently asked questions
- With Jack
- Legal fees become affordable because lots of freelancers are putting a little bit of money into a pot, so that when a small percentage of freelancers face a legal issue they can take money out of the pot. You’re exchanging the possibility of expensive, upfront legal fees for the certainty of a lower cost
- ‘Claims made basis’ means the policy covers claims that are notified during the policy period, which isn’t necessarily when the incident occurred. This is why it's important to maintain insurance for a period of time after you stop trading or finish job. In some industries it’s common for a mistake to be discovered weeks or months after the job is completed
- A retroactive date is a date in the past which your insurer has agreed to cover you from. This is usually the date you bought insurance
- Are you covered for work outside of the UK? Check your policy's jurisdiction in the policy documents. Most PI policies exclude US jurisdiction by default
- The excess only applies to damages—not legal fees. If your claim triggers the mitigation costs clause, your excess will be deducted from the amount paid to you by the insurer
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By Ashley Baxter- With Jack
- Legal fees become affordable because lots of freelancers are putting a little bit of money into a pot, so that when a small percentage of freelancers face a legal issue they can take money out of the pot. You’re exchanging the possibility of expensive, upfront legal fees for the certainty of a lower cost
- ‘Claims made basis’ means the policy covers claims that are notified during the policy period, which isn’t necessarily when the incident occurred. This is why it's important to maintain insurance for a period of time after you stop trading or finish job. In some industries it’s common for a mistake to be discovered weeks or months after the job is completed
- A retroactive date is a date in the past which your insurer has agreed to cover you from. This is usually the date you bought insurance
- Are you covered for work outside of the UK? Check your policy's jurisdiction in the policy documents. Most PI policies exclude US jurisdiction by default
- The excess only applies to damages—not legal fees. If your claim triggers the mitigation costs clause, your excess will be deducted from the amount paid to you by the insurer