How to determine the right cover limit
In a professional liability policy the limit is set separately for a single event and for total claims in a year. Your annual volume of work, the value of the projects you handle and the size of the responsibility you take on for clients are the main criteria for an appropriate limit.
The deductible, retroactive date and exclusions are items that need particular attention. The retroactive date shows whether claims arising from work done before the policy started are covered, which is why uninterrupted renewal matters.
For some professions, professional liability insurance may be compulsory under legislation or professional body rules. You can discuss with our team whether it is required for your profession and what minimum limit may be requested.