Additional Cover for Professional Indemnity Insurance

By Kate Jones

Clients frequently ask Hish Fernando for his certificates of insurance – it’s just part of the business.

Hish is the managing director of Information Mines, a busy IT consulting business providing information management services to corporate clients.

His company is not only insured with professional indemnity, but also with the additional cover option of public liability. Hish says his clients expect his business to be covered by professional indemnity insurance to ensure there is cover in place in the case of any potential legal action they may take if they receive negligent advice from him.

“The key reason for us having this cover is because if we didn’t have it we couldn’t do business with our clients,” he says.

“It’s a necessary aspect of business, not just because you’re following trends. I definitely would recommend it.”

Public liability protects businesses from bodily injury or property damage claims that arise in the course of doing business. In Hish’s case, it covers him and his 10 employees while they are on the job at work or at another site.

If an employee accidentally damaged office equipment at a client’s office or caused bodily injury to someone at the client’s office, Hish’s company would be protected from expensive legal action.

He says it buys him peace of mind and the ability to keep his business functioning should something unforeseen occur.

Director of Victorian based business Skin Naturalé Lynn Ross also holds extra cover options to her professional indemnity insurance.

Lynn purchased public and products liability (PPI) when she started her business selling natural and organic skincare products in 2013.

Suppliers and sellers of goods – including everything from cars to food – rely on PPI to protect them against claims of personal injury or property damage caused by the products sold.

Small business owners have a responsibility to third parties.

This includes the general public, customers, and suppliers as well as third party property.

If a third party launches legal action against a business, claiming a product caused them a personal injury or property damage, it is vulnerable to costly legal action.

PI Insurance protects small businesses from this type of action.

Unlike Hish, Lynn’s clients don’t ask to see her certificates of insurance.

However, having this cover means she would be protected in the unlikely event of a customer claiming they experienced an adverse reaction to her skincare products.

Having the right safeguards in place means busy entrepreneurs like Hish and Lynn can get on with business without the fear of losing everything to a nightmare scenario.

Yet these safeguards are something that is an annual hassle for many small businesses.

Typically the process is a long and complicated one, with hours spent researching different insurers and coverage, deciphering the costs and awaiting the certification.

BizCover has emerged to change this, making business insurance simpler than ever.

Providing multiple quotes instantly online, with Bizcover one can select and purchase the right cover immediately from some of Australia’s leading insurers.

For a business owner like Lynn, this type of service allows her to get the right coverage quickly and therefore have more time to focus on her business.

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