Q: What is the difference between claims-made and occurrence policies?
Claims-made policies cover claims made during the policy period. Occurrence policies cover incidents that occur during the policy period, regardless of when the claim is filed, offering greater protection for past work even if a client does not file a claim until later.
Q: How much cover do I actually need?
Almost half of finance and accounting businesses (48%) choose professional liability policies with a $1 million per-occurrence limit and a $1 million aggregate limit. In the UK, ICAEW requires a minimum of £2 million cover from September 2024.