State: All States
The following PI Risk Management advice has been provided to assist Members and Assessors who are considering retirement, business closure and leaving the industry.
Advice from Webber Insurance:
PI is offered on a ‘claims made’ basis which means you need to take ‘run off cover’ when you cease trading (PI only covers you when it’s in place).
General rule of thumb is 7 years, however, some people take less - Run Off Insurance... How Do I Get It & Do I Need It? (webberinsurance.com.au)
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