Professional Indemnity Insurance
The Laing+Simmons Franchise Owners Professional Indemnity Insurance Scheme provides your business with cover in the event of a claim of professional negligence.
- Costs incurred to investigate a claim
- Legal costs incurred to defend the Insured
- Costs to dispose of a claim for which either a settlement has been reached or for which you have been found liable by the courts.
This scheme is the first in Australia to offer free 7 year run off cover for eligible insureds. This is an important benefit as a Franchise Owner who sells their business could still be sued many years later over matters they may have been responsible for whilst in the business. Under normal circumstances run off insurance could cost the equivalent of approximately 4-5 years of annual premiums.
Key policy benefits may include:
- A comprehensive policy wording backed by the quality of Lloyd’s of London
- Free 7 years run off cover for eligible insureds
- Two reinstatments of the indemnity limit
- Automatic Fidelity sub limit of $100,000
- Employment Practices Liability sub limit of $500,000
- Statutory Liability sub limit of $250,000
- Cyber Liability (third party cover)
- Costs in addition limit of indemnity
- Low “costs exclusive” excess structure
- Definition of employee extends to include contractors/consultants/sub-contractors
- Franchisor Liability Extension
- Bodily injury/property damage cover to the full policy limit
- Continuous Cover provision