I’m about to send out an email regarding policy cover. I would recommend that because of claims are being made years after the event, you need to make sure your insurance will still cover it – heres the draft version:
Insurance terms – what does it mean and does it matter?
Do you know the difference between ‘claims made’ and ‘claims occurring’? If not, you should do as it is one of the most important ‘small print’ items that effects you insurance cover – see below.
Professional Indemnity – This covers claims where you have given professional advice which was found to be wrong. For example:
You state that an employer requires a first aid room costing £10,000. Where in fact they only required a first aid box for £20!
Medical Malpractice:
This covers a range of medical practices, for a trainer this could be teaching an incorrect procedure that causes injury to casualty. Omissions in training or even injury to the trainee when say practicing CPR on a manikin. For a first aider, this would cover injury to a casualty when carrying out first aid, or omissions in first aid treatment.
Public Liability:
This is the odd one, as it’s nothing to do with your skills; it’s the bull in the china shop syndrome. So this would cover say if you accidently knocked over your clients TV when carrying out training.
Claims Made:
Any claim must be made during the period you are insured. So if a claim is made once your policy has expired, the claim would not be honoured. However, some insurers may cover this if you remain insured with them. But what happens when you shut your business or retire? With the no-win-no-fee solicitors, more and more claims often occur years after the ‘event’ Hence if you do not continue paying your insurance you likely to be personally liable for any claim! So do you want to pay for expensive policies years after you have finished trading, probably not. The answer is ‘Claims Occurring’
Claims Occurring:
This is THE important part of any policy, this means that as long as the ‘incident’ occurred during the insured period, the claim would be covered even if it was raised years after the event – even if you are no longer insured! This in effect overcomes the major personal liability of the ‘Claims Made’ (above).
The insurance we promote is a Zurich policy designed for first aid and health and safety trainers, first aiders and medi