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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