What Kind Of Insurance Does A Consultant Need

What Kind Of Insurance Does A Consultant Need

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What is Professional Indemnity Insurance?

... not costing you an arm and a leg! What does Professional Indemnity insurance cover?* There's a lot that could go wrong when ... of what is and is not covered by your policy. Do I really need Professional Indemnity Insurance? ...

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Professional Indemnity

... 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 ...

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BizCover & NZTA

... , review and revise different insurance companies - we've done that for you. With a few clicks or a quick phone call, you ... protect your reputation should the worst happen. What is covered? Damages and claimant costs ...

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What is Business Insurance

... a result of your professional services Claims arising from damage to third party property or personal injury Known claims and circumstances What kind of businesses need Business Insurance ... C. Education Consultant Easy to ...

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Public Liability Insurance

... ? Does your business or trade license require a minimum amount of cover? Do the terms of your lease require a minimum level of cover? Finally, think about what your level of risk and exposure could be. What kind of ...

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What does Public Liability Insurance Cover?

... your level of risk and exposure could be. What kind of accidents could occur, and what could be the potential cost of a claim? How do I make a claim on my insurance policy? Need to make a claim? No dramas! We're here to ...

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Tool and Portable Equipment Insurance

... products Consultants ... kinds of insurances you need to think about as a New Zealand tradie. https://www.bizcover.co.nz/what-every-new-zealand-tradie-needs-to-know-about-insurance/ Public Liability insurance explained As a ...

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How to Start a Sole Trader Business

... kind of risks your business may be exposed to, and what you need to look at protecting it from. For some industries insurances like Public Liability and Professional Indemnity* may be a required to be in place before ...

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Employers Liability Insurance

... a result of an employee suffering bodily injury arising out of their employment (where the Accident Compensation Commission (ACC) does not provide cover. Do I Need Employers Liability Insurance ... claims consultants keep ...

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Insurance for Education Consultants

... need to consider as an education consultant. Professional Indemnity insurance* Advising your clients on their educational choices and creating programs is all in a days work as an education consultant, but what happens ...

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Insurance for Consultants

... Consultants Professional Insurance Trusted by thousands of Professional Consultants throughout NZ 100% claims paying record Buy now and get your certificate immediately Why do Consultants need it? As a consultant ...

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Insurance for Recruitment Consultants

... easy online process, no forms to fill in, get covered in minutes Why do Recruitment Consultants need Business Insurance? Insurance for recruitment consultants is there to provide protection against potential claims for ...

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Customer Spotlight: TwoBlackLabs

... no longer panicked about GDPR, as he understood what he needed to do and that he was supported on his journey ... in the event of a claim my business can continue, and my family are not impacted. Insurance allows me to meet ...

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Cyber Insurance - Is it worth it?

... a device. Like the Australian case of the sports drug testing consultant who left his laptop at a ... a general guide only and does not take into account your objectives, financial situation or needs.  As with any insurance ...

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Insurance for Allied Health Professionals

... Inquiry attendance costs Public relations costs What is NOT covered? Intentional damage Known ... is a general guide only and does not take into account your objectives, financial situation or needs.  As with any insurance, ...

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Top Digital Marketing Tips For Contractors

... the online marketplace. Whether you're a managing consultant or an IT wiz, digital ... does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance ...

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9 Ways To Grow Your Design Business in 2023

... 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 ...

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What Insurance do Beauty Salons Need?

... lawsuits. What insurance do salons need? There are many types of beauty salon insurance that you might consider as a hairdresser ... completed. How much does insurance for beauty salons cost? Price is a big consideration for ...

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Do Dog Walkers Need Insurance?

... we love our playful pooches, pet insurance is not that popular here. Research by Canstar found that less than 10% of all NZ pet owners have a policy. So, what does this mean for dog walkers? If a dog under your care is ...

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What Insurance Policies do Yoga Studios Need?

... does happen, you won't be left to handle expensive repairs, lawsuits, or claims alone. What types of yoga insurance do I need? There are many types of insurance ... interruptions. Business Insurance is a coverage package ...

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Do I need Business Insurance

... INSURANCE Do I Need Business Insurance? Do I need Business Insurance ? From accountants to tradies, hairdressers and personal trainers, no matter what kind of business you run, there is always some element of risk for a ...

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Insurance for Plumbers

... .co.nz/what-every-new-zealand-tradie-needs-to-know-about-insurance/ * This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover ...

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Business Insurance Health Check Part 2

... that could be added to your to-do list at renewal time of your policies. ... need to make a claim. What kind of insurances are available? There are different kinds of business insurances out in the marketplace, this a ...

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How to Open a Yoga Studio

... understand what you need to do ... a quote today . *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 ...

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Insurance for Handyman

... need insurance that addresses the many risks you could meet as the neighbourhood handyman. Why does a Handyman need it? As a ... peace of mind. What is typically covered? Public Liability insurance can help protect your ...

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Do Hypnotherapists need Business Insurance?

... or property damage, to occur. Running a small business Beyond risks that are unique ... What types of insurance do hypnotherapists consider? Hypnotherapists consider many types of insurance to meet their unique business needs ...

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Saving Hacks- Business Insurance For Tradies

... no such thing as a one size fits all policy, so understanding what kind of risks your tradie ... insurance. *This information is general only and does not take into account your objectives, financial situation or needs ...

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What Is Inside A Business Insurance Pack?

... us a call, 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 ...

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Insurance for Travel Agents and Tour Operators

... costs What is typically ... kinds of business insurance and how they can help protect your business. * This information is a general guide only and does not take into account your objectives, financial situation or needs ...

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Insurance for Painters

... .co.nz/what-every-new-zealand-tradie-needs-to-know-about-insurance/ * This information is a general guide only and does not take into account your objectives, financial situation or needs. As with any insurance, cover ...

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Insurance for Contractors

... your profession needs Insurance for Contractors Why do Contractors need insurance? As a contractor, you enjoy a lot of ... relations for your business. A Professional Indemnity policy typically does not cover the following: ...

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Insurance for Tradies

... look elsewhere. How do I make a claim on my insurance policy? Are you a tradie that needs to make a claim? No worries ... the insurer for you, while our dedicated claims consultants keep you informed every step of the way. ...

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How much does Public Liability Insurance cost?

... ? On Average Small Businesses Pay $49 A Month* Buy Online Instantly – No Paperwork Over 42,000 Policies Sold How Much Does Public Liability Insurance Cost? Need business insurance? Compare quotes from NZ insurers, then ...

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Public Liability Insurance Explained

... does Public Liability insurance typically cover and exclude? It is always wise to double check your Public Liability insurance policy and have a good understanding of what is and isn't covered. The last thing you need ...

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Insurance for Counsellors

... to spend time understanding what kinds of business insurances can help safeguard your ... do Counsellors need to consider Public Liability Insurance? Not only does it provide some much needed peace of mind, it may also be a ...

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Insurance for Mechanics

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It's Time for an Insurance Health Check!

... a quick review of your policy to understand exactly what your covered for so if you do need to make use of your policy there are no nasty surprises. Some things to include in your review are: Endorsements - does your ...

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Business Insurance FAQs

... indemnity insurance? What is Business Insurance ? What is Business Insurance? What does business insurance cover? Do I need Business Insurance? Ready to sort out your Business Insurance? Your small business is a big ...

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Insurance for Carpenters

... damage. What Insurance Products Do Carpenters Need? Insurance can help build a solid framework ... What is typically NOT covered? Public Liability insurance can provide important coverage for your small business, but it does ...

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Insurance for Bookkeepers

... in minutes Why do bookkeepers need Business Insurance Handling your clients' finances isn't a job that doesn ... we've hand picked a few articles to get you inspired. What does Professional Indemnity insurance cover? We break ...

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Insurance for Accountants & Tax Agents

... practice today. What does insurance for Accountants ... do their jobs? Your previous claims history - A history of past insurance claims may mean that you'll pay more for a new policy or renewal. The amount of cover you need ...

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Insurance for Psychologists

... amounts of Professional Indemnity* insurance to practice in New Zealand. What Insurance Do Psychologists Need? Insurance help remove the anxiety and uncertainty of running a small business. As a psychologist, you might ...

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Insurance for Designers

... cover for items anywhere in NZ Why do Designers need Insurance? Working in the exciting and creative ... damage as a result of your negligent business activities. What does Public Liability Insurance typically cover? ...

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Insurance Options for Retailers

... . Available through a BizPack, Building insurance covers your building if it was damaged as a result of a fire, storm, malicious activity or another defined event listed in the policy. You may also need to consider Glass ...

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The Art of Celebrating a Win this Winter

... during their day for a reason (2). SO HOW DO WE CELEBRATE? The first rule is to do what makes you, your ... always focus on the negatives. In fact, we see insurance as a hugely positive part of your business plan. But the ...

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Managing your Public Liability risks as a tradie

... may require different skills and kinds of work to get the task done. Whilst it may be tempting ... insurance.  *This information is general only and does not take into account your objectives, financial situation or needs ...

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Insurance for Personal Trainers

... basic insurance coverage you may need to consider for your personal training business is Public Liability insurance. Often this kind of insurance is a requirement if you work as a contractor to a gym, a fitness studio ...

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10 Tips to Run a Dog Walking Business

... drama free! 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 ...

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7 Ways to Grow Sales in a Café Business

... know where you are and what you do, but what about everyone else? They're searching on their smartphone. Now, you don't need to be an SEO expert or spend heaps of money on ads, but you can do a few simple things to ...

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A Sole Trader's Guide to Building a Website

... your business is, what you do, your back ... need to be a mammoth task, neither does getting your business insurance arranged for your sole trader business*. BizCover offers business insurance solutions to help all kinds ...

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Why do brilliant business ideas sometimes fail?

... are all elements you need to keep in mind when pursuing a new business journey. At BizCover, the one thing we can do to help make your business dream a reality is provide hassle-free business insurance options to protect ...

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Tradie Guide to Public Liability Insurance

... as well as themselves. What is Public Liability Insurance? As one of the more popular types of business insurance for small business owners, Public Liability insurance can benefit just about every kind of trade business ...

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Reviews related to What Kind Of Insurance Does A Consultant Need

  • 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

  • Easy to deal with; did as they said. ie when I asked them to call back they did. Normally choosing insurance is a big headache but this was so straightforward and pleasant. I would definitely recommend them. A

    Alisa Drewett
    Medical

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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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.

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