Good Professional Indemnity Town Planning
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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?
... claims history Traditionally, Professional Indemnity , also known as PI insurance, was generally ... plan. *Data based on New Zealand BizCover customers Does the level of cover affect the premium? The Professional Indemnity ...
read moreDo I need Professional Indemnity Insurance Insurance?
... , regardless if you are at fault or not, to potentially destroy your business for good. That's where Professional Indemnity insurance comes in to play. If a client makes a claim against your business for an omission or ...
read moreWhat is Professional Indemnity Insurance?
... of the most common in this article. The difference between public liability and professional indemnity insurance - Public Liability and PI insurance are both common forms of cover that small businesses often consider ...
read moreProfessional Indemnity
... 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 ...
read moreBizCover & NZTA
... to teach you any lessons here, but without Professional Indemnity insurance in place, you could, err, learn ... or omissions involving a breach of your professional duty. Having the right PI cover offers you peace of mind, ...
read moreUnderstanding the risks for Real Estate Agents
... real estate agent can cover with a professional indemnity policy such as allegations of misrepresentations, giving ... you're running an open house in a popular part of town, it is likely that a large number of people will ...
read moreTurn your side hustle into a small business
... own fitness classes, crafting the best tasting coffee in town or setting up your own digital marketing agency, ... professional advice or services is Professional Indemnity insurance*. Professional Indemnity Insurance (PI ...
read moreInsurance for Shop Owners
... needs. And for a full comprehensive protection plan, Business Interruption cover can help ensure you ... professional advice or services you may want to consider Professional Indemnity insurance*. Professional Indemnity (PI ...
read moreUnderstanding Insurance, Part Two: Professional Indemnity Insurance
... your expert advice and services you have a duty of care to your clients and this is where the Professional Indemnity insurance comes into play. If a claim were to be made against you , having adequate cover in place ...
read moreWhy Do Marketing Consultants need Professional Indemnity Insurance?
... increase their profits. But when things don't go to plan and accusations fly, you need to have protection in place ... business. Professional Indemnity * Explained Professional Indemnity (also known as PI) insurance ...
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 ...
read moreThe difference between public liability and professional indemnity insurance
... of the contract Occupations who are required to have professional indemnity insurance by law An example of some professions that require PI cover are: health practitioners, IT contractors, management consultants ...
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?
... 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 much needed financial assistance ...
read more5 Things for Accountants to Consider When Applying for Professional Indemnity Insurance
... proposed projects? What is your maximum potential exposure? 3. What does the policy include and exclude? Every Professional Indemnity insurance policy is different. That's why it is important to take the time to sit down ...
read moreWhat does Professional Indemnity Insurance cover?
... requirement that you have a certain level of Professional Indemnity insurance in place. 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 ...
read moreTradie Guide to Professional Indemnity Insurance
... in handy and may be something to consider if you do have customers that rely on your advice. Professional Indemnity claims may also arise from instances where you don't do something, such as failing to meet a deadline ...
read moreProfessional Indemnity Insurance- a Guide for Real Estate Agents
... things don't follow the blueprint it is reassuring to know there is some protection in place. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...
read moreA Management Consultants Guide to Professional Indemnity Insurance
... when providing your professional pearls of wisdom to others. Professional Indemnity (PI) insurance is ... to plan, a client may have an issue with your services and you might yourself facing a Professional Indemnity claim. ...
read moreAn Accountants Guide to Professional Indemnity Insurance
... to protect your accounting 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 ...
read moreWhy Bookkeepers need Professional Indemnity Insurance
... ? As a bookkeeper you can benefit from reducing the risks to yourself and your business via bookkeeper Professional Indemnity insurance . Try as you might, but errors can and do happen - even for the most dedicated ...
read moreWhy Engineers Might Consider Professional Indemnity Insurance
... that some clients, particularly government agencies and larger corporations, may require engineers to have Professional Indemnity (PI) insurance as a condition of working with them. Even some associations may require you ...
read moreProfessional Indemnity Insurance – A Guide For Real Estate Agents
... things don't follow the blueprint it is reassuring to know there is some protection in place. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...
read moreA Management Consultants Guide to Professional Indemnity
... when providing your professional pearls of wisdom to others. Professional Indemnity (PI) insurance is ... to plan, a client may have an issue with your services and you might yourself facing a Professional Indemnity claim. ...
read moreAn Engineers Guide To Understanding Professional Indemnity Insurance
... aware of with this kind of policy. Professional Indemnity insurance explained In a few words, Professional Indemnity insurance can be defined as: Professional Indemnity (PI) insurance is an important form of protection ...
read moreA Graphic Designers Guide To Professional Indemnity Insurance
... a graphic design there are plenty of things you need to plan and have in place to keep your business running. With things ... the boring bits. Professional Indemnity insurance defined Professional Indemnity (PI) insurance is ...
read moreWhat Is The Difference Between Public Liability And Professional Indemnity Insurance?
... any premises where your customers or members of the public visit Professional Indemnity insurance explained Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...
read moreBizCover expands its insurance offer and launches a new look
... partners include Australia's leading insurers, QBE, Chartis, Vero and DUAL. To get a quote for professional indemnity , public liability or business insurance , and get instant coverage, please visit: www.bizcover.co.nz ...
read moreInsurance for Mortgage Brokers
... cost of any claim made against you. Professional indemnity cover allows your business to operate with ... business insurance claims in the past? Your risk management plan - How will you help prevent future business insurance ...
read moreInsurance for Immigration Advisers
... ? Helping your clients with their migration and immigration plans is an involved process which requires a great eye ... needs to consider is Professional Indemnity insurance. Professional Indemnity (PI) insurance is an ...
read moreInsurance for Consultants
... come without risk. That's why Professional Indemnity (PI) insurance is designed to provide the essential ... planning Title / Legal Searchers Translator Workflow processes & procedures What is covered? Professional Indemnity ...
read moreInsurance for Bookkeepers
... from NZ leading insurers Insurance for Bookkeepers Professional Indemnity insurance compliant with professional association requirements Opportunity to compare and buy PI policies from NZ leading insurers Quick and ...
read moreInsurance for Architects & Designers
... your architectural skills should be part of your business master plan. Don't let the worry of a building blunder keep ... Architects and Designers Professional Indemnity Professional Indemnity (PI) insurance provides ...
read moreInsurance for Real Estate Agents
... join certain industry boards and become a member, you may be required to hold a certain level of Professional Indemnity insurance* Giving advice you your clients about property and estates could land you in hot water if ...
read moreInsurance for Engineers
... projects. From those vital initial stages of the planning and designing to overseeing your creations come to life ... for Engineers Professional Indemnity Professional Indemnity provides indemnity for professional errors and ...
read moreInsurance for Allied Health Professionals
... member rates. Insurance for Allied Health Professionals Professional Indemnity Professional Indemnity (PI) insurance provides essential financial protection for Allied Health Professionals for claims made against them in ...
read moreInsurance for Accountants & Tax Agents
... and/or tender processes. Even the best of us can have a bad day with the books. That's why Professional Indemnity insurance is designed to protect you and your business from any losses which may arise from any errors and ...
read moreInsurance for Travel Agents and Tour Operators
... to all things travel. They trust your guidance and plans when it comes to creating their dream holiday, something ... This is where Professional Indemnity insurance comes into play. Professional Indemnity (PI) insurance is ...
read moreInsurance for Recruitment Consultants
... services employee relations change management psychological testing training & induction Professional Indemnity Insurance for Recruitment Professionals PI insurance is designed to indemnify the insured for a claim ...
read moreInsurance for Personal Trainers
... is to work with your clients by providing exercise plans and programs to help them achieve their fitness goals. ... why Professional Indemnity insurance becomes an important cover to consider. Professional Indemnity (PI) ...
read moreInsurance for Marketing and Multimedia Professionals
... deadlines and miscalculations just to name a few. That's where Professional Indemnity insurance can help. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...
read moreInsurance for Beauty Salons
... customers and clients, and other part of their business. Nail salon and mobile salon owners might consider: Professional Indemnity - This covers you for third-party claims of alleged or actual negligence related to your ...
read more6 Essential Types of Business Insurance in New Zealand
... Professional Indemnity (PI) Insurance is a type of cover you may need to consider. Professional Indemnity (PI ... build your business, so it only makes sense to have a plan in place to protect it. Having the right types of ...
read moreBizCover expands into New Zealand and launches BizCover.co.nz
... than sourcing their insurance. At BizCover, we can help them by simplifying the process of getting professional indemnity insurance. Our fast and cost effective platform makes the most of modern technology and allows our ...
read moreInsurance for IT Professionals
... , IT projects don't always go to plan, and sometimes there is no easy fix ... Professionals Professional Indemnity Insurance Professional Indemnity (PI) insurance provides essential financial protection for IT Professionals ...
read moreBizCover and NSNZ
... a workplace illness or injury not covered by the ACC. Details of Cover COVER LIMIT OF INDEMNITY EXCESS ANNUAL PREMIUM Professional Indemnity $1Million any one claim, $2M in the annual aggregate $1,000 $294 all inclusive ...
read moreBizCover and NZ Qualified Bookkeepers Association
... AIG at a heavily discounted rate for NZQBA members. If you purchase online through BizCover a AIG Professional Indemnity, Public Liability and Statutory Liability policies with a $1 million limit for each, the total cost ...
read moreBizCover and Reflexology NZ
... field, Dual Reflex . What is covered? The package includes cover for Professional Indemnity and Public Liability. Professional Indemnity Protects against financial loss for claims arising from negligent acts, errors or ...
read moreHow To Start a Psychology Practice
... it a long-term success. Create a business plan A business plan is a roadmap that will help you to define ... of psychologist insurance include: Professional Indemnity*: Professional Indemnity insurance covers claims against ...
read moreWhat Risks Do Psychologists Face?
... business insurance as part of the risk management strategy for their psychology practice. Professional Indemnity* Professional Indemnity insurance covers claims against your business for losses that result from actual or ...
read moreWhat are the Risks in Running a Yoga Studio?
... as the yoga studio owner/operator may be liable. Professional indemnity incidents Professional indemnity incidents are incidents directly related to the professional services or advice that you provide to your clients ...
read moreWhat Insurance Policies do Yoga Studios Need?
... on your studio's needs, you might get: Professional Indemnity* Your students value your yoga knowledge and may ask ... ): Your location A yoga studio in a nice part of town may pay less for yoga insurance than one in an area ...
read moreWhat Insurance do Beauty Salons Need?
... people you hire can impact the premiums for some types of insurance. Typically, Public Liability and Professional Indemnity premiums are higher for salons with a larger staff. This is because more employees increase the ...
read moreAn Accountants Guide to Understanding Public Liability Insurance
... insurance typically covers and excludes. Let's see what Professional Indemnity insurance typically provides cover for. Professional Indemnity Professional Indemnity (PI) insurance is an important form of protection for ...
read moreHow Accountancy Insurance Protects Your Business
... to financial planning and financial advising. You also know that your accounting practice can be exposed to risk - and that you want to actively reduce your exposure to risk. The case for Professional Indemnity Insurance ...
read moreHow Insurance Can Protect Landscape Architect
... is growing. A profession that involves designing and planning outdoor spaces, such as parks, gardens, and public ... in their work. A real-life example of Professional Indemnity insurance in action Take this example of a ...
read moreInsurance for Sole Traders
... of what to do when things don't go to plan and a claim against your business potentially occurs. This is ... Do Sole Traders Need? Professional Indemnity insurance* Professional Indemnity (PI) insurance is something that ...
read moreInsurance for Contractors
... if there's an insurance obligation that you must meet. Insurance for Contractors Professional Indemnity* Professional Indemnity (PI) insurance is an important form of protection for contractors that provide specialist ...
read moreInsurance for Psychologists
... misleading advice, breaches of privacy, and loss or damage of documents. What is covered? A Professional Indemnity policy will typically pay for: Your legal and defence costs Investigating claims Inquiry attendance costs ...
read moreInsurance for Carpenters
... 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 is covered? A Professional Indemnity policy ...
read moreInsurance for Counsellors
... business insurances you may need to consider when working as a counsellor. Professional Indemnity insurance* Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist ...
read moreInsurance for Designers
... always the risk that things may go quite to plan. Protecting your design business with Public Liability insurance* ... exactly pan out as they should. Professional Indemnity (PI) insurance is an important form of protection ...
read moreInsurance for Mechanics
... could backfire, resulting in a costly claim. This is where Professional Indemnity insurance can provide protection. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...
read moreInsurance for Education Consultants
... claim. This is where it is important to consider how Professional Indemnity insurance can safeguard your business. Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...
read moreWhat Photographers Need to Know About Business Insurance
... or an accusation that you have copied someone else's work for a claim to occur. Professional Indemnity i nsurance (PI) is designed to protect you and your employees by providing cover against such claims, including your ...
read moreBusiness Risk: What Isn't Covered and Why it Matters
... a rough idea of what's covered will certainly come in handy. For example, if you purchase Professional Indemnity (PI) insurance you should know that you're covered for any damages claims awarded against you, plus defence ...
read moreKey things to look out for when Growing Your Small Business
... With smart risk management, however, and a tailored insurance plan , your business will be in the best position to ... as can the odd faulty product. Professional Indemnity ('PI') protects you against financial loss from any ...
read moreHelp Protect your small business' reputation
... all human and mistakes do happen. Fortunately, Professional Indemnity insurance is designed to protect your business should ... environment, and no matter how much we plan, accidents do occur. Employers Liability insurance ...
read moreMassage Therapy Insurance: here's why you need it!
... from QBE Insurance, which meets the specific needs of massage therapists. The package includes Professional Indemnity , Public Liability , Statutory Liability and Employers Liability coverage. To obtain your exclusive ...
read moreWhat does Public Liability Insurance Cover?
... , or cause illness or injury that is not covered by the Accident Compensation Commission (ACC). Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or ...
read morePublic Liability Insurance
... 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 ...
read moreBizCover and Massage New Zealand
... . What it covers The package includes cover for Professional Indemnity , Public Liability , Statutory Liability and Employers Liability . Professional Indemnity Protects against financial loss for claims arising from ...
read moreBusiness Insurance FAQs
... crafty carpenter, owner of the best fish and chip store in town or an IT guru, whatever you do for a crust, your ... the ins and outs of your Public Liability, Professional Indemnity or Business Insurance policy our FAQ's can ...
read moreA Tradies Guide To Getting Your Business Insurance Sorted
... trouble is, it can also land you in hot water if your advice doesn't exactly go to plan. Professional Indemnity (PI) insurance is designed to respond to claims against your business for losses as a result of actual or ...
read moreWhy You Should Review Your Business Insurance
... of actual or alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing ...
read moreWork Smarter as a Massage Therapist
... in financial damage to the client, you could be liable to have a claim made against you. Professional Indemnity insurance can protect you against losses claimed by a third party due to alleged or actual negligence or ...
read moreHair Salon Business Tips
... the ladies will bring in the big bucks. Planning to go from jet black to platinum blonde requires ... small business owner to minimise risk. But having Professional Indemnity cover is essential to protect your salon and ...
read moreHow to Market Your Hair Salon Business
... spent, making it an essential component of your marketing plan. Get your business fundamentals sorted While you may be ... hold an active Professional Indemnity insurance* policy. Professional Indemnity cover is designed ...
read moreWhat are the Risks in Running a Hair and Beauty Salon?
... a little bit of hard work and a lot of planning. From the brisk early mornings and late nights to the ... checks and prioritising training days, having a Professional Indemnity is essential to protect your salon and mandatory ...
read moreDo Hypnotherapists need Business Insurance?
... financial loss if that advice is misinterpreted, or they feel you acted negligently while treating them. Professional Indemnity insurance covers you for losses claimed by a third party due to alleged or actual negligence ...
read more4 Tips For Starting An Online Business
... or other disruptions. Develop a business plan Creating a business plan for a new online business is an ... providing professional advice, you have a duty of care to your clients. This is where a Professional Indemnity policy ...
read moreBusiness Insurance Health Check Part 2
... ACC)) or sustain property damage as a result of your negligent business activities. Professional Indemnity insurance* : Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...
read more4 Things To Check Before Buying Your Business Insurance
... ) ) or sustain property damage as a result of your negligent business activities. Professional Indemnity insurance* : Professional Indemnity (PI) insurance is an important form of protection for businesses that provide ...
read moreThe basics of business insurance for all trades of life- a lingo free guide
... to ensure you have your cover in place. Professional Indemnity insurance* If part of your role as a tradie is providing professional advice, then Professional Indemnity insurance is something you may need to consider ...
read moreInsurance for Yoga Teachers
... their businesses strong and flexible. You might consider policies such as these for your yoga business: Professional Indemnity* Your students and clients value your expansive yoga knowledge and may ask you for advice on ...
read moreInsurance for Massage Therapy
... you open to negligence claims that could potentially cripple your small business and ruin your reputation. Professional Indemnity (PI) insurance covers you for losses claimed by a third party due to actual or alleged ...
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 ...
read moreWhat is Public Liability Insurance?
... small business needs. The difference between public liability and professional indemnity insurance - Public Liability and Professional Indemnity insurance provide different forms of protection to small businesses that ...
read moreStatutory Liability Insurance
... plan ... Indemnity insurance 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 ...
read moreTips To Find Your First Clients As A Contractor!
... to back your business and work up with the protection provided by different types of policies, like Professional Indemnity and Public Liability insurance. From a potential client's point of view, it also means that you ...
read moreHow to Start a Sole Trader Business
... that matter is with a solid business plan. Think of it as your grand plan, your roadmap of where you want ... For some industries insurances like Public Liability and Professional Indemnity* may be a required to be in place ...
read moreHow To Start An Engineering Firm
... to our next step…you guessed it…budget and planning! Budget and planning In engineering you're use to working with blueprints ... may be required to have your own Professional Indemnity insurance* policy. To get an accurate ...
read more4 Areas You May Not Have Thought Business Insurance Covers
... tailor a policy to suit your needs and include other essential covers such as Public Liability and Professional Indemnity insurance to ensure you are not left financially responsible for the costs of a legal claim should ...
read moreSmall Business Insurance: Why you might want to ensure you're covered!
... an expense, instead think of it as a protection plan, protecting your livelihood should an unforeseen (and rather ... you'll find Professional Indemnity might be compulsory if you are part of a professional association. If ...
read moreThings you didn't know about small business insurance
... services for a large corporation or the government, they may require you to have Professional Indemnity cover. Make sure your policy stays relevant and on the move It's wise to review and update your coverage ...
read moreDo I need Business Insurance
... there is always a risk of things not going to plan. Accidents like a customers tripping over a box of stock ... examples: Professional Indemnity insurance* may be a requirement to join certain professional memberships and ...
read moreInsurance by Industry
... Professions BizCover understands the insurance needs of professionals, which is why our comprehensive insurance offer includes Professional Indemnity insurance, Public Liability Insurance, Statutory Liability Insurance ...
read moreBizCover and Boost Your Business
... and choosing the types of policies relevant to your business. Protect your business today. Professional Indemnity insurance* Protects your business and your staff against any financial losses or legal action taken ...
read moreReviews related to Good Professional Indemnity Town Planning
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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
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
Compare and Buy Insurance Online
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.