Affordable Fire Protection Detection Professional Indemnity
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What does Professional Indemnity Insurance Cover?
GET QUOTES & BUY What Does Professional Indemnity Cover? What does Professional Indemnity Insurance cover? Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...
read moreHow much does Professional Indemnity Insurance cost?
... - are they qualified for the job they are performing Previous claims history Traditionally, Professional Indemnity , also known as PI insurance, was generally only required for occupations such as doctors, lawyers and ...
read moreProfessional Indemnity
... injury that is not covered by the Accident Compensation Commission (ACC). Professional Indemnity Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...
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... business with business insurance. What is Professional Indemnity insurance? In a nutshell Professional Indemnity insurance (PI) insurance is an important form of protection for businesses that provide specialist services ...
read moreWhat do you need to know about Professional indemnity insurance?
Professional Indemnity Insurance (PI) can be difficult to comprehend, but only at first. In this article, we explain what professional indemnity insurance is and why it might be important for your business. What is ...
read moreProfessional Indemnity Claims: when should I notify my insurer?
... who provides advice or a service to your clients, your Professional Indemnity (PI) insurance is no doubt one of the most vital covers you have for your business. If things don't quite go to plan it can provide ...
read moreHow the cost of Professional Indemnity insurance is calculated
Ever wondered how the cost of a Professional Indemnity (PI) insurance policy is calculated and why one profession can often cost more than another? We look some of the key factors that that impact the cost of ...
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read moreBusiness Risk: What Isn't Covered and Why it Matters
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read moreWhat Photographers Need to Know About Business Insurance
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read moreBizCover expands into New Zealand and launches BizCover.co.nz
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read moreHow Accountancy Insurance Protects Your Business
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read moreHow much does Public Liability Insurance cost?
... policies, as opposed to the Liability packages that we have negotiated with our insurers to combine Professional Indemnity and Public Liability cover which offer much more competitive premiums. It is also important to ...
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... . The difference between public liability and professional indemnity insurance - Public Liability and Professional Indemnity insurance provide different forms of protection to small businesses that are both important ...
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read moreReviews related to Affordable Fire Protection Detection Professional Indemnity
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It was so easy and great time saver, prompt delivery to obtain the Public Liability and Professional Indemnity I require as an Occupational Health and Safety Consultant and Practitioner. Other quotes took well over a week to come back to me. Definitely r
Patricia Copp
Consultancy Occupations -
Got my PI cover sorted within 15 mins over the phone.
Kaushalya Samarasekera
Information Technology
What does insurance for
Professional Indemnity cover?
- Damages and claimant costs
awarded against the insured - Legal and defence costs
- Claims investigation costs
- Inquiry attendance costs
- Public relations costs
- Intentional damage
- Known claims and circumstances
- Fraud and dishonesty
- Bodily injury / property damage
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No Hassle, No Paperwork, No Delay
A quantity surveyor went to an onsite meeting and misunderstood the verbal description and specifications of the building project. When the time came to pay, the estimate was out by many thousands of dollars.
The Project Manager looked to the quantity surveyor who had made the error and asked him to pay for the variation of cost. The surveyor’s insurer and made a quick settlement offer.
The potential liability in this case was greater than the fees actually earned for the job. Remember, a $1,000 fee contract can potentially generate millions in liability if something goes wrong.**
Could this happen to your business?
While we may strive for perfection, making mistakes is a part of the human condition. But since your clients rely on your advice, a mistake in your line of work could be costly. Professional Indemnity Insurance allows you to cover yourself if, and when, you do slip up in your day-to-day operations.
BizCover offers Professional Indemnity policies from a range of insurers with cover limits from $250K to $10M.
When determining how much cover you need, consider the following:
Are there any statutory requirements for your profession?
Are you a member of a professional body or association with a set requirement to hold PI insurance? If so, how much cover do they require you to have?
Do any of your work contracts specify that you must hold a certain level of PI insurance?
What is the value of the jobs that you perform?
What are the potential risks (i.e. what could go wrong?) and what are the potential costs to rectify any mistakes?
What would the legal and investigation costs
add up to if any action was taken against you?
Ensure you review your insurance regularly to assess your exposure risk and increase your level of cover accordingly.
Why choose BizCover?
As one of New Zealand’s leading online SME business insurance platform, our task is to make Professional Indemnity insurance a stress-free experience. But if you are still not convinced, here are a few other reasons why you should choose BizCover for your PI Insurance.
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Frequently asked questions
It’s a common misconception that Professional Indemnity insurance is only for accountants or, lawyers.. While these professions often do require PI cover, there are many fields that may need the protection Professional Indemnity insurance provides. If your job directly involves providing your professional advice or service, you have a duty of care to your customers.
An example of some professions that may require PI cover are: health practitioners, IT contractors, management consultants, accountants and real estate agents among many others.
Professional Indemnity cover may be necessary for:
- Anyone who provides paid professional advice or services to any business or individual
- Contractors who work for the government or other organisations whereby insurance is mandatory as a condition of the contract
The cost of Professional Indemnity insurance depends on a number of key factors including:
- The type of business you operate
- Your business size and turnover
- The amount of insurance cover you require
- The individuals being covered – are they qualified for the job they are performing
- Previous claims history
The simplest and most accurate way to find out how much a Professional Indemnity policy would cost for your business is to compare quotes to cover your business and its unique insurance needs.
Public Liability insurance protects you and your business against the financial implications if you are found liable for loss or damage to other people’s property, or cause illness or injury that is not covered by the Accident Compensation Commission (ACC).
Professional Indemnity 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.
Like other insurance policies there are a number of important conditions and obligations under your insurance contract that you need to understand.
Professional Indemnity insurance is issued on a ‘claims made and notified’ basis, meaning the policy responds to claims first made against the insured during the active policy period, and notified to the insurer during the policy period. In a nutshell for a claim to be considered, your policy must have been active at the time the allegation was made against you, and when the claim is lodged.
One of the vital conditions of a Professional Indemnity policy is that you may be required to give information around any circumstances that may give rise to a claim to your insurer. You have an obligation to inform your insurer as soon as practically possible once you become aware of any situation which could possibly result in a claim.
Failure to notify your insurer as soon as reasonably possible could lead to your claim being denied. So, even if you’re unsure whether it’s worthy of letting them know or not, it’s in your best interests to do so.
Have a question? Here to help
Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals.
Sales Team Enquiry 0800 249 268 Regular Hours: Mon – Fri 9:00 AM – 9:00 PM | Sat 11:00 AM – 7:00 PM |
You can also access quick links to our self-service portal, where you can download your Certificate of Currency, update your payment details, amend your cover and download your policy documents.
*This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice. BizCover Limited is owned by BizCover Pty Ltd (ABN 68 127 707 975)*
* The provision of the claims examples are for illustrative purposes only and should not be seen as an indication as to how any potential claim will be assessed or accepted. Cover for a claim will depend on the specific circumstances around the loss and would be subject to the terms and conditions of the policy concerned. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained in this article is general only. Coverage for claims on the policy will be determined by the insurer, not BizCover, and will depend on the specific facts and circumstances involved.