![\"Choosing](\"https:\/\/www.policybee.co.uk\/blog\/wp-content\/uploads\/2011\/08\/people-pushing-heavy-objects-easy-vs-difficult_graphic_shutterstock.jpg\")
<\/figure>\n<\/div>\n\n\nHave a look at your professional indemnity insurance<\/a> schedule. Specifically the bit about the level of cover.<\/p>\n\n\n\n Is it ‘any one claim<\/strong>‘ or ‘in the aggregate<\/strong>‘? And why does it make a difference?<\/p>\n\n\n\n Well, these terms relate to how much money your insurer pays if there’s a claim.<\/p>\n\n\n\n That matters because it could be the difference between your insurer paying all, none, or just part of a claim.<\/p>\n\n\n\n <\/p>\n\n\n\n Let\u2019s say your professional indemnity insurance policy has \u00a31m level of cover. If a valid claim is made against you, the insurer pays up to \u00a31m in damages and legal costs. Simple enough.<\/p>\n\n\n\n If your policy is in the aggregate, \u00a31m is the maximum your insurer pays for all accumulated claims<\/strong> in a policy year, including associated legal costs. Imagine your insurer has set aside \u00a31m with your name on it, and every expense to do with your claims comes from it.<\/p>\n\n\n\n If your policy is any one claim, \u00a31m is the maximum your insurer pays for each claim <\/strong>in a policy year, with each claim’s legal costs paid in addition, and to the same level of cover. There’s no limit to the number of claims you can make, either.<\/p>\n\n\n\n For example, let’s say you\u2019re unlucky enough to have three claims made against you, and in total they cost \u00a31.4m to put right. If your aggregate level of cover is \u00a31m, you\u2019re looking at a \u00a3400k shortfall. Ouch.<\/p>\n\n\n\n If your policy is any one claim, that same \u00a31m level of cover applies to each of the three claims. <\/b>Assuming none of them individually cost more than \u00a31m to fix, there’s no shortfall.<\/span><\/p>\n\n\n\n Plus, as legal costs are covered separately, each claim effectively has a \u00a32m total fund, split half and half for damages and legal costs.<\/p>\n\n\n\n <\/p>\n\n\n\n As you can see, an any one claim policy gives you more protection. There\u2019s no danger of cover \u2018running out\u2019 the same way an aggregate policy could (although the chances of that happening are pretty slim).<\/p>\n\n\n\n Because of this, any one claim policies usually cost a bit more to buy. Although it\u2019s worth bearing in mind, too, that some policies may contain a payment cap. <\/p>\n\n\n\n These are called ‘inner limits’ and mean the insurer can only pay a set amount towards certain types of claims for the whole policy period…<\/p>\n\n\n\n Think of it as being a bit like a phone contract. You might have unlimited data overall, but only a small amount for roaming. Inner limits work the same way \u2013 plenty of cover overall, but specific areas have smaller caps.<\/p>\n\n\n\n Fortunately, any inner limits like these will be spelled out in the policy wording. And for many, at least those in low-risk occupations, just having professional indemnity insurance is usually enough and an aggregate\u00a0policy fits the bill nicely.<\/p>\n\n\n\n <\/p>\n\n\n\n Which type of policy is right for you depends on a lot of things: what you do, your contract values, your budget etc. And for that reason, it\u2019s certainly worth having a chat with your broker and getting their advice on the best fit for your business.<\/p>\n\n\n\n If you’d like some more advice on whether any one claim or in the aggregate is the right choice for you, give us a ring on 0345 222 5391<\/strong>.<\/p>\n\n\n\n Image used under license from Shutterstock.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Have a look at your professional indemnity insurance schedule. Specifically the bit about the level of cover. Is it ‘any one claim‘ or ‘in the aggregate‘? And why does it make a difference? Well, these terms relate to how much money your insurer … Continue reading What’s best? Any one claim or in the aggregate?<\/strong><\/h2>\n\n\n\n
More is more<\/strong><\/h2>\n\n\n\n
Any one for advice?<\/h2>\n\n\n\n