Read your policy for all details of coverage, exclusions & endorsements
Make sure that the business description is accurate ie. if the policy says "Professional Services is - Bookkeeping", then only the duties of bookkeeping are covered.
Make sure that you advise the Insurer of any circumstances that may result in a claim, before the expiry date of the policy
Common Reasons Why Claims Are Denied:
The policy does not cover the particular event:
(a) Misunderstanding about what the policy covers.
(b) Failure to adequately describe the insured's professional services
Claims notified outside the policy period
(a) Writs, summons etc received after the expiry date of the policy.
(b) Notification of potential claims after the expiry date
Policy exclusions
Known circumstances ie events that the insured knew or should have known about prior to taking out the insurance.
Pre-retroactive date ie. claims that have resulted from events prior to the retroactive date listed on the schedule
Non-disclosure of important information on the proposal, information that had the insurer known about, would not have issued the policy
Breach of good faith.