Professional Indemnity Insurance For Your Business
When operating a business, your primary goal is to provide a positive impression to your customers. However, there may come a time when a client is dissatisfied with your service and they may incur a loss or suffer damage which arises from an act, omission or a breach of professional duty by you during the course of your business duties.
In today’s economic environment, the threat of potential claims being made against you is very real. It costs time and money to defend yourself against such claims, even if they are unfounded. The demand for compensation can be hundreds of thousands, if not more. Even if you are not found liable, the legal costs of defending yourself could seriously affect your business.
Professional Indemnity Insurance (PI) is designed to protect you and your employees by providing cover against such claims, including the costs of legal defence. Having the right PI cover offers you peace of mind, knowing you can confidently go about your work and protect your reputation should the worst happen.
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What is covered?
- Damages and claimant costs awarded against the insured
- Legal and defence costs
- Claims investigation costs
- Inquiry attendance costs
- Public relations costs
What is NOT covered?
- Intentional damage
- Known claims and circumstances
- Fraud and dishonesty
- Bodily injury / property damage
Get the cover that is right for you
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.
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How much does Professional Indemnity Insurance Cost?
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.
What is difference between Professional Indemnity and Public Liability Insurance?
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.
When should I notify the insurer for Professional Indemnity Claim?
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.
What is notification and why is it important?
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.
* * 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.
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Visit our Contact Us page, where you can find out how to get in touch with one of our business insurance professionals.
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.