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.