Working as a graphic design there are plenty of things you need to plan and have in place to keep your business running. With things like copyright laws, the risk of things going wrong with a client’s project, protecting your graphic design business for the long haul is probably up there as one of your priorities.
This is where Professional Indemnity insurance* may provide some peace of mind. In our simple guide we will unpack some of the key features and ways in which this kind of design insurance policy works, without the confusing lingo or the boring bits.
Professional Indemnity insurance defined
Professional Indemnity (PI) insurance is an important form of protection for businesses that provide
specialist services or professional advice. It is designed to respond to claims against your business for
losses as a result of actual or alleged negligent acts or omissions in the provision of your professional
service or advice. PI Insurance will also assist with the legal costs associated with responding to or
managing claims which are covered by the policy.
What it typically covers
While each Professional Indemnity insurance policy is different this is an overview of what a Professional Indemnity insurance will typically provide cover for. If you are unsure of what your policy provides specific cover for, please check your Product Disclosure Statement or chat with your insurance agent.
These are some of the things you may be typically covered for:
- Damages and claimant costs awarded against you
- Civil liabilities which may arise from but are not limited to:
- Providing misleading or negligent advice
- Breach of duty (confidentiality and other privacy issues)
- Defamation, libel or slander
- The loss or damage to documents
- Infringement to intellectual property (including copyright infringement)
- Related defence and legal costs of a claim
- The costs involved with investigating a claim including those by a professional body
- The cost of responding to a disciplinary inquiry
- Court attendance costs
- Public relations costs
- Bodily injury or illness caused from the professional services covered under the policy
What isn’t covered
These are some of the things which are typically not covered by a Professional Indemnity insurance policy:
- Intentional damage
- Any claims or circumstances that are known prior to the period of insurance
- Acts of fraud and dishonesty
- Accidental injury and property damage
Why graphic designers might consider Professional Indemnity insurance?
There are a varied areas of risks that you may face as a graphic designer. This is where Professional Indemnity insurance may provide protection for when your business needs it. Issues with copyright, negligence and issues with perceived or actual claims from clients are very real situations you may encounter as a graphic designer.
These are a few of the scenarios where a potential Professional Indemnity claim may arise from:
- Making an unintentional mistake
- Overlooking a critical piece of information
- Misstating a fact
- A client misinterpreting advice that you have given them, resulting in them suffering a financial loss
How much may a Professional Indemnity insurance policy cost?
There are a variety of factors which are taken into consideration when calculating the individual cost of a Professional Indemnity insurance policy. No two businesses are identical, and neither are the pricings for Professional Indemnity insurance policies for graphic designers.
Here are a few of the factors that are taken into account when pricing a business’ unique Professional Indemnity insurance policy:
- The number of staff you have
- The type of work you perform
- Claims history
- How much cover you need or want to take out for your business
- The size of your business and its turnover
Getting your Professional Indemnity insurance sorted for your graphic design business doesn’t need to be a tricky or lengthy process. At BizCover we provide a drama-free online process that makes getting your cover easy. We don’t believe in paperwork and boring forms, just quick, efficient coverages sent straight to your inbox.
Not only do we provide Professional Indemnity insurance, but other products of designer insurance policies to help provide coverage for your graphic design business.
So, when it comes to getting your design insurance policies for your graphic design business sorted get in touch with BizCover today. Leave the shopping around to us! We believe in making the process to get your cover sorted easy and simple, with no-dramas!
Visit bizcover.co.nz and get insurance for your engineering business without the stress so you can get on with your day. If you’d prefer to pick up the phone and chat, you can find us at 0800 249 268.
*This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. © 2023 BizCover Limited.
