What is a retroactive date on professional indemnity insurance?

Chris Andreou

September 3, 2021

What is a retroactive date on professional indemnity insurance? guide
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The retroactive date on your professional indemnity insurance is the date from which you’ve held uninterrupted professional indemnity insurance, or a date in the past from which your insurer has agreed to cover you.

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How much does public liability insurance cost?

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Public liability claim examples

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1. Claims made against an electrician:

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Do I need employers' liability insurance?

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Is employers' liability a legal requirement?

Employers' liability insurance is a legal requirement for most UK businesses with at least one employee. The minimum cover level required by the law is £5 million

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Do I need professional indemnity insurance as a contractor? Guide

Do I need professional indemnity insurance as a contractor?

Covering legal costs and expenses in your defence as well as any damages or costs that may be awarded, professional indemnity insurance comes highly recommended for those providing professional services. Many professions need to have professional indemnity insurance as part of their respective industry body's regulatory requirements and so always double check your contractual agreements.

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What is personal liability insurance? Guide

What is personal liability insurance?

Personal liability insurance protects you from legal and compensation costs due to injury or property damage to a third party.

It is fairly uncommon to take out this type of insurance, as it is unlikely that your personal activities would pose a risk of injury or accident. However, if you're self-employed or a business owner, there's a good chance that you'll be interacting with customers or the general public on a day-to-day basis. As such, taking up public liability insurance-the commercial equivalent of this cover-is something you'd want to consider.

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What is a retroactive date on professional indemnity insurance? Guide

What is a retroactive date on professional indemnity insurance?

The retroactive date on your professional indemnity insurance is the date from which you've held uninterrupted professional indemnity insurance, or a date in the past from which your insurer has agreed to cover you.

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What does professional indemnity insurance cover? Guide

What does professional indemnity insurance cover?

Professional indemnity insurance is designed to protect you if your client suffers a financial loss as a result of your professional services. It covers the cost of your legal defence and compensation you need to pay to a client for a claim made against you.

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Understanding how business liability insurances protects your company Guide

Understanding how business liability insurances protects your company

As a self-employed person or small business owner, having the right insurance is everything.

Most businesses don't consider their doors open and ready for customers without a full battery of liability and premises insurance protection. And for good reason.

Insurance isn't just something you have to have according to laws or industry regulations; it's a type of legal and financial protection that every business needs, no matter how big or small.

While everyone can see the importance of insuring your physical building and its contents, it may be more difficult to see the big picture when it comes to liability insurance. Why do you need so much insurance, why so many layered policies?

That is exactly what we are here to answer today.

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How much product liability insurance do I need? Guide

How much product liability insurance do I need?

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How much does employers' liability insurance cost? Guide

How much does employers' liability insurance cost?

The price of your employers' liability insurance will vary, depending on the number of employees you have, the industry you operate in, as well as the type and level of risk your business faces most often.

To give you a rough idea, here are a few examples of the approximate costs you can expect to pay:

  • According to AXA, 10% of their employers' liability insurance customers paid £42 or less for their cover in 2020
  • NimbleFins indicated that the average cost of employers' liability insurance ranges from about £61 per year for a single office worker, up to £213 or more for a trade worker for a small to medium-sized business in the UK.

To obtain a more accurate estimate, your best option would be to run an online quote with the insurance provider you're looking to purchase from.

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What is an insurance broker? Guide

What is an insurance broker?

Insurance brokers are professionals who sell various types of insurance coverage to clients.

Auto, home, health, life, property, and other varieties of insurance all fall under this umbrella. Some insurance brokers work independently and others work for brokerage firms; some deal with individuals, and some elect to work only with businesses.

An insurance broker's job is to help inform clients of how best to handle risk management. They help make it possible for individuals and companies to obtain and provide insurance for themselves, their families, their property, and their businesses.

Within the UK, brokers are regulated on the state level.

They're often required to hold a specialized license that can only be obtained after completing education and testing requirements. The information they learn during the period prior to certification allows them to guide clients and answer their questions without trouble. Brokers seek to help clients understand their liabilities and how to manage those risks most effectively.

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Do I need professional indemnity insurance? Guide

Do I need professional indemnity insurance?

Depending on the industry you operate in or professional bodies you're a part of, it may be a requirement to have professional indemnity insurance. Alternatively, you may decide that you need this cover if your business gives advice, offers a professional service, or handles client data or intellectual property.

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Can I get public liability insurance with a criminal record? Guide

Can I get public liability insurance with a criminal record?

Whether you can get public liability insurance with a criminal record depends on a number of things, including the details of your criminal convictions. Although some insurers won't provide insurance to anyone with a criminal record, some will provide it in certain circumstances.

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What type of business insurance do I need? Guide

What type of business insurance do I need?

If you've hired at least one employee, employer's liability insurance is a legal requirement for most UK businesses.

And while other types of cover aren't mandatory, you'll most likely want to consider business insurance products such as:

  • Professional indemnity insurance
  • Public and product liability insurance
  • Business contents insurance
  • Cyber insurance
  • Management liability insurance
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What is occupiers' liability insurance? Guide

What is occupiers' liability insurance?

Occupiers' liability insurance, otherwise known as public liability insurance covers the occupier of a premises from legal and compensation costs that arise due to injury or property damage to a third party. For instance, if a customer trips over a loose wire at your office and makes an injury claim, this insurance product will cover the legal costs and compensation payment.

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Contractor & Freelancer Insurance Guide Guide

Contractor & Freelancer Insurance Guide

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  • What insurance you need
  • Legal requirements for insurance for freelancers
  • Legal requirements for insurance for contractors
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What is public liability insurance? Guide

What is public liability insurance?

Public liability insurance covers your interactions with third parties (by this definition, anyone who isn't your employee).

If your business causes an injury or property damage to a member of the public, public liability insurance will cover you for the resulting legal and compensation costs.

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