Designing Buildings - User contributions [en]

Professional indemnity insurance life cycle

2018-04-26T11:12:45Z

Custodian Insurance:

=== Introduction ===

As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

=== A growing business ===

As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

=== Selling a business ===

When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

=== Retiring from a business ===

When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

=== Further information ===

Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=W/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DWww.custodianinsurance.co.uk%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [https://twitter.com/custodianinfo Twitter].

=== Related article ===

* [[Professional_indemnity_insurance_PII|Professional indemnity insurance PII]]

--[[User:Custodian Insurance|Custodian Insurance]] 12:12, 26 Apr 2018 (BST)

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-26T11:12:15Z

Custodian Insurance:

=== Introduction ===

As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

=== A growing business ===

As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

=== Selling a business ===

When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

=== Retiring from a business ===

When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

=== Further information ===

Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=W/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DWww.custodianinsurance.co.uk%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [https://twitter.com/custodianinfo Twitter].

=== Related article ===

* [[Professional_indemnity_insurance_PII|Professional indemnity insurance PII]]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-26T11:11:29Z

Custodian Insurance:

=== Introduction ===

As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

=== A growing business ===

As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

=== Selling a business ===

When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

=== Retiring from a business ===

When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

=== Further information ===

Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=W/index.php%3Ftitle%3DW/index.php%3Ftitle%3DW/index.php%3Ftitle%3DWww.custodianinsurance.co.uk%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [https://twitter.com/custodianinfo Twitter].

=== Related article ===

* [[Professional_indemnity_insurance_PII|Professional indemnity insurance PII]]

[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-26T11:09:04Z

Custodian Insurance:

=== Introduction ===

As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

=== A growing business ===

As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

=== Selling a business ===

When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

=== Retiring from a business ===

When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

=== Further information ===

Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=W/index.php%3Ftitle%3DW/index.php%3Ftitle%3DWww.custodianinsurance.co.uk%26action%3Dedit%26redlink%3D1%26action%3Dedit%26redlink%3D1&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [https://twitter.com/custodianinfo Twitter].

Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T13:19:48Z

Custodian Insurance:

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

Further information 
Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=W/index.php%3Ftitle%3DWww.custodianinsurance.co.uk%26action%3Dedit%26redlink%3D1&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [https://twitter.com/custodianinfo Twitter].

Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T13:14:36Z

Custodian Insurance:

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

Further information 
Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[w/index.php?title=Www.custodianinsurance.co.uk&action=edit&redlink=1|www.custodianinsurance.co.uk]]. You can also connect with us on [https://www.linkedin.com/in/zahidnaqvi/ LinkedIn] and follow us on [[@custodianinfo|Twitter]].

Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T13:10:58Z

Custodian Insurance:

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

Further information 
Please telephone 020 7648 4343, email [mailto:zahid@custodianinsurance.co.uk zahid@custodianinsurance.co.uk] or visit [[www.custodianinsurance.co.uk|www.custodianinsurance.co.uk]].

Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T13:09:51Z

Custodian Insurance:

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

Further information 
Please telephone 020 7648 4343, email zahid@custodianinsurance.co.uk or visit www.custodianinsurance.co.uk.

Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T13:08:13Z

Custodian Insurance:

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

 
Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

 
Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

 
Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

 
Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

Further information 
Please telephone 020 7648 4343, email zahid@custodianinsurance.co.uk or visit www.custodianinsurance.co.uk.

 
Related article 
[https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII]

[[Category:Organisations]]

Professional indemnity insurance life cycle

2018-04-25T12:06:52Z

Custodian Insurance: Created page with "Introduction As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a..."

Introduction 
As a business evolves, its requirements for professional indemnity insurance are likely to change. PII requirements should therefore be regularly reviewed as a business develops.

Starting a business 
A business starting up will need to consider a policy that covers the following:

* Any previous business IF you have a past business you would like covered
* All of the activities that the business is engaged in
* Any actions brought against the business due to breach of statute
* Staff actions that may result in a claim.

A growing business 
As a business grows it will be asked to sign collateral warranties by clients. The business must make sure it is covered for all the responsibilities it is being asked to sign off on. The insurer should be able advise on what changes need to be made to an agreement, and where it goes beyond what is covered in the existing policy.

 
Cyber cover is an increasingly important element of PII and a business should make sure they are covered for such matters as:

* Accidental breach of the data protection act
* Costs of notifying aggrieved parties of a breach
* Claims arising from a company’s website being hacked.

When a business takes on larger clients it can be asked to hold 12 years cover for a specific project. In this instance, it is very important to keep a good record of these projects and to consider how long the business is likely to be trading.

If a business has a reputation for innovative designs it may be worth considering protecting the intellectual property. This will help fund the costs of pursuing any ex. staff member trying to copy a design and breaching the company’s intellectual policy.

 
Selling a business 
When a practice is being sold, ideally the buyer will take on all past liabilities, leaving the vendors free of any future claims arising from past work.

 
Dissolving a business 
When a partnership is dissolved then ‘run off’ cover needs to be considered. This will cover any claims that emerge in later years. It is usual for all the partners to contribute to this cost.

 
Retiring from a business 
When a partner retires from a practice that is still trading, usually the insurance will cover the partner’s past work. If the retirement results in the practice ceasing to trade then ‘run off’ cover of 6-7 years is usually purchased. This is usually renewable annually with the premium reducing by around 12-15% every year. Sometimes it is possible to buy a block multi year policy but this is quite rare.

 
Related article 
https://www.designingbuildings.co.uk/wiki/Professional_indemnity_insurance_PII

[[Category:Organisations]]

User:Custodian Insurance

2018-03-21T09:56:56Z

Custodian Insurance:

== Insurance for professionals ==

Our products are designed with your industry in mind and tailored to meet the specific challenges, threats and risks you face. This is to help you ensure you’re protected – and in the event of a claim against you, we’ll support you every step of the way.

Custodian Insurance works directly with brokers, intermediaries, trade associations, franchisors and businesses to offer products that are easy to access, excellent value and backed by blue chip insurers.

Find out more about us, read an [http://custodianinsurance.co.uk/about-us/ overview of our business insurance products], or select your area of interest below.

* [http://custodianinsurance.co.uk/products/insurance-for-accountants/ Accountants]
* [http://custodianinsurance.co.uk/products/insurance-for-architects/ Architects]
* [http://custodianinsurance.co.uk/products/insurance-for-engineers/ Engineers]
* [http://custodianinsurance.co.uk/products/insurance-for-professional-contractors/ Contractors]
* [http://custodianinsurance.co.uk/products/property-agents/ Property agents]
* [http://custodianinsurance.co.uk/products/property-professionals/ Property professionals]
* [http://custodianinsurance.co.uk/products/insurance-for-surveyors/ Surveyors]