Professional Indemnity Insurance
Professional Indemnity (PI) insurance provides essential financial protection for professionals for claims made against them in carrying out their professional services.
Click here to read more about Professional Indemnity insurance
Featured Professions
Below you will find some of the professions we offer professional indemnity insurance to. If your profession/occupation is not listed, just click on the all professions button, and you will be able to choose from a list of over 200 professions we currently provide our insurance products for.
What is Professional Indemnity Insurance
Professional indemnity (PI) insurance protects professionals against claims made against them by their past or present client. Professional Indemnity, also referred to as PI insurance, is available to professionals in different industries and it covers the costs and legal defense costs, as well as any damages payable.
PI insurance generally indemnifies the insured for a claim that is first made while the policy is in force as a result of a breach of professional duty in respect of the conduct of the professional business.
This class of insurance is written on a ‘claims-made basis’. This means that the policy provides cover for claims made during the period of insurance in respect of professional services provided after the retroactive date, subject to the terms and conditions of the policy in place at the time. The retroactive date will be specified in the policy schedule.
All PI insurance policies will have a ‘limit of indemnity’ and a ‘deductible’ or ‘excess’. The limit of indemnity is the maximum amount that the insurer will pay for any one claim.
The deductible applies for each claim such that the amount of each claim up to the deductible must be paid by the insured.
Professionals are legally held to a higher degree of skill than other people and could be considered ‘experts’ in their industry. Therefore, if a client without this expert knowledge, suffers a loss that could be attributed to an experts’ failure to uphold professional standards, the expert risks being sued for a breach of their professional duty. A client’s loss can be material, financial or physical.
Who is Professional Indemnity Insurance For?
The definition of ‘professional’ has expanded in recent years. Due to this, professional indemnity insurance is now held by workers across a wide range of industries. Any professional person providing services is regarded by their client as an expert and is therefore open to a claim being made against them.
Professional indemnity insurance was only considered by accountants, solicitors, medical workers and engineers but this has since changed as it now provides protection for advice and treatment provided by professionals in many industries, including architects and designers, education workers, real estate agents, health workers and consultants.
Professional indemnity insurance is required by certain professionals, including insurance brokers, legal professionals, medical practitioners and some accountants. Professional contractors sometimes need to have professional indemnity insurance.
Professional indemnity insurance policies and conditions will vary depending on your industry.
More Information can be found on our FAQ page.
Click here to see the different professions we cover
Professional indemnity insurance Australia
Regardless of whether you’re an accountant or a travel agent, it’s imperative that you make sure that you’re protected financially, should someone make a claim against the services you’ve provided, and this is where resources like BizCover enter the equation. Once upon a time finding applicable policies was headache inducing in itself, but right from the outset our aim has been to make securing adequate protection a thoroughly straightforward process. We appreciate that people’s time is precious, but we’re also very aware of the fact that people involved in a myriad of essential professions need the ultimate in protection, so we’ve come up with what we feel, is the perfect solution. We like to think that what we’ve managed to create is the ultimate online marketplace, so if you’re looking to compare insurance professional indemnity, you can do so safe in the knowledge that our facility is providing you with the very best of everything. There’s no doubt, those who are involved in certain professions really can’t afford to leave themselves exposed and thanks to our excellent facility, there really is no need for anyone to lack adequate protection in this day and age. From engineers to real estate agents, the leading insurers provide a whole myriad of applicable products and the vast majority of them are to be found courtesy of our all encompassing online facility. If you feel you need leading edge financial protection, you’d do well to make the most of our services at your earliest convenience.
We’ve got everything covered
Irrespective of the business that you’re involved in, the thought of someone making a claim against services provided is always lurking, but rather than worrying about it, people would be far better served by making sure they have all encompassing financial protection in place from the outset. Finding dedicated policies has in fact never been easier and it’s all thanks to the user friendly online facility that we’ve created. When it comes to professional indemnity insurance cover, it’s fair to say that we’ve thought of everything and regardless of whether you’re looking to make comparisons or purchase a leading edge policy, there’s no doubt that you’ll find our resource has things covered in an all encompassing fashion. It’s incredibly hard to put a price on peace of mind, but as everyone from nurses to mortgage brokers tend to agree, the peace of mind that dedicated policies provide is absolutely invaluable. For those people who need a professional indemnity quote in a hurry, our insurance focused facility will always step up to the mark, because at the end of the day, providing a fast and efficient service is our whole raison d’etre. Whichever way you care to look at it, claims are a fact of life these days and if it’s an issue that worries you unduly, you really should take a few minutes out of your busy schedule and take a look at what the leading providers have to offer in the way of all encompassing financial protection.
