Solicitors Top Up cover
What is “top up” professional indemnity insurance?
Your current Professional indemnity insurance may only currently be the compulsory limit imposed by the Law Society limit, but is it enough?
The Law Society Professional Indemnity protects Solicitors against claims of negligence or other act, error or omission made against them by a client. But this type of insurance only goes so far. Depending on the area of law you practice in and the size of your client, this cover may not be enough. You may need to top it up with higher limits.
While most claims are settled out of court and confidentially, there is enough precedent set to show that not all claims will remain less than the Law Society’s limit of indemnity. You may need more
Who does it affect?
If you are unfortunate enough to have a claim for more tor than the current compulsory layer, then it could be you personally or your company that will be liable for the difference (depending on how you are structured). Can you really afford to pay above your current limit? Can your family afford to lose their home when it could have been protected with some extra cover?
Why is it useful?
Losing a claim made against you can result in enormous costs and expenses. Some of these claims take years to settle, leaving a large bill for court costs and legal expenses. Even when successful, defending a claim can be costly. Can you be sure your current limit is enough? Why not give yourself some extra “peace of mind”.
Who can help?
Professional indemnity is a complex and specialised area of insurance. If you want to know more about the professional indemnity policies and conditions relevant to your profession, contact a specialist insurance broker such as Cooper Professional Risks Pty Ltd.
Cooper Professional Risks Pty Ltd acts as your Broker and is not locked into facilities or schemes where you are locked into set rates. An insurance broker’s role is to act as your representative and work in your interests, seeking the best cover at the best price for you from market knowledge.
Robert Cooper has more than twenty years specialising in Professional Indemnity Insurance across a wide range of professions. He is one of the most qualified Insurance Brokers in Australia and is ready to assist you.
So call a good Insurance Broker. Call CPR – Experts who will save you.