What Kind Of Insurance Does A Consultant Need
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How much does Professional Indemnity Insurance cost?
... Policies Sold How Much Does Professional Indemnity Insurance Cost? Need business insurance? Compare quotes from NZ ... Engineering consultants pay a much higher premium than, say, Multi-media and Marketing consultants or ...
read moreDo I need Professional Indemnity Insurance Insurance?
... Cover What is NOT typically covered? Do I need Professional Indemnity Insurance ? Professional Indemnity insurance is ... contracts will outline a minimum level of cover required. Even if the contract does not require your ...
read moreWhat does Professional Indemnity Insurance Cover?
... protect their small business. Why Do Marketing Consultants need Professional Indemnity Insurance? Information for consultants to help them find PI insurance for their consultancy, as well as a brief look at other forms ...
read moreWhat 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? ...
read moreProfessional 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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... , 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 ...
read moreWhat 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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read moreAn Engineers Guide To Understanding Professional Indemnity Insurance
... kind of claims would typically be covered by Public Liability insurance*) What may cause a ... Professional Indemnity insurance isn't always easy to do. So, when it comes to getting insurance for engineering consultants in ...
read moreWhat does Professional Indemnity Insurance cover?
... 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 ...
read morePublic 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 ...
read moreAn Engineers Guide To Understanding Public Liability Insurance
... up your tools. Make sure you also check if there is a minimum level of cover in place that you need to have too. How much does Public Liability insurance cost for engineers? The most accurate way to find out how much ...
read moreWhat 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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... 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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... 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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... Insurance . But what kind of insurance do you actually need? There's no 'one-size-fits-all' when it comes to insuring a ... covered by the policy Your Public Liability policy does not provide protection if there is financial ...
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... 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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... is what is typically excluded from a Professional Indemnity insurance policy: Intentional damage Known claims and circumstances Fraud and dishonesty Bodily injury / property damage Why do management consultants may need ...
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... risk involved. Businesses or consultants whose insurance coverage is not sufficient may need to draw funds from their own pockets and that is never a good thing. With professional indemnity insurance you do not have this ...
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read moreA Management Consultants Guide to Professional Indemnity Insurance
... is what is typically excluded from a Professional Indemnity insurance policy: Intentional damage Known claims and circumstances Fraud and dishonesty Bodily injury / property damage Why do management consultants may need ...
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... 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 ...
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... 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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... If you work on site at a third party premises you may be required to have Public Liability insurance What does Public Liability insurance typically provide cover for? Public Liability insurance protects your business by ...
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... own business, when you need insurance for engineering consultants get in touch with BizCover today. Not only do we provide Cyber Liability insurance, but Professional Indemnity insurance* for engineers, Public Liability ...
read moreInsurance for Tradies
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read moreHow 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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... 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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... 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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read moreReviews 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
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.