Cheap Indemnity Insurance
- Compare multiple insurers online
- Competitive pricing with our Price Promise
- Flexible payment options – monthly or annually
Compare quotes from our trusted insurance partners*:
Professional Indemnity Insurance cost
... apply. Get a hassle-free quote for your business here. What is the average monthly premium for Professional Indemnity insurance? From our analysis, we have found that 38% of customers are paying between $51 and $100 per ...
read moreWhat does Professional Indemnity Insurance cover?
... the chance of a claim occurring is real, no matter how good you are at your profession. Professional Indemnity insurance is designed to protect you from a wide range of potential risks. Even seemingly small errors, could ...
read moreWhat is Professional Indemnity Insurance?
... business? No matter how good you are at your job, we're all human and we all make mistakes. Professional Indemnity Insurance allows you to cover yourself if and when you do slip up in your normal course of work. Here are ...
read moreHow the cost of Professional Indemnity insurance is calculated
... more than another? We look some of the key factors that that impact the cost of Professional Indemnity insurance. Insurance policy pricing is generally calculated on risk factors and put simply, the higher the level of ...
read moreProfessional Indemnity Insurance
... and if a minimum level of cover is required. When it comes to the cost of your Professional Indemnity insurance, there's no one price fits all policy. Every business is different , with each occupation carrying a ...
read moreDo I need Professional Indemnity insurance?
... for it or not, a claim must be defended - ignoring it won't go away. Don't despair. Professional Indemnity insurance is your best defence when faced with a claim. You get the assistance of an expert insurer by your side ...
read moreHow Does Professional Indemnity Insurance Benefit You?
... by property damage or bodily injury. In addition to this, you should have professional indemnity insurance that provides coverage against lawsuits filed because of misrepresentation, negligence, inaccurate advice and/or ...
read moreDo I Need Public Liability insurance?
... Ensure you are capable of handling a Public Liability claim, regardless of whether it is true, with Public Liability Insurance. Let the insurers and lawyers take care of the claim so you can get back to what you do best ...
read morePublic Liability vs. Professional Indemnity insurance: What’s the difference?
... any capacity then this is an important form of cover to consider. What is Professional Indemnity insurance*? Professional Indemnity protects you against losses claimed by a third-party due to alleged or actual negligence ...
read moreThe benefits of Professional Indemnity insurance
... you need is the worry of a claim hanging over your head. Having the appropriate type of Professional Indemnity insurance policy in place provides you with peace of mind knowing you have something in place should a client ...
read moreWhat you need to consider when purchasing Professional Indemnity insurance
... can save a lot of confusion in the event that you may need to make a claim. 3. How much Professional Indemnity insurance cover do I need? Each business is different with their own factors that can determine the amount of ...
read moreWho needs Professional Indemnity insurance?
... a further look at the nitty-gritty of all things Professional Indemnity insurance. What is Professional Indemnity insurance? Professional Indemnity insurance is designed to respond to claims against your business for ...
read more8 Facts About Professional Indemnity Insurance
... peace of mind, knowing that you're protected after you've closed up shop. 8. Getting your Professional Indemnity insurance sorted is easier than you might think. Gone are the days of ringing insurers one at a time to ...
read moreAdditional Cover for Professional Indemnity Insurance
... 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 ...
read moreWhy some tradies should consider Professional Indemnity insurance
... you may not think it'll happen, each of these situations pose a risk to your business. Luckily, Professional Indemnity insurance is designed to protect you from these risks so you can get back to doing what you do best ...
read moreLegal requirements for Professional Indemnity insurance
... In Australia, having coverage may even be a legal requirement. Let's look at who must have Professional Indemnity insurance in Australia and some reasons why small business owners consider it even when it is not required ...
read moreProfessional Indemnity Insurance And Public Liability Insurance
... and if a minimum level of cover is required. When it comes to the cost of your Professional Indemnity insurance, there's no one price fits all policy. Every business is different , with each occupation carrying a ...
read moreHow much does Professional Indemnity Insurance Cost for IT professionals?
... factor alone, but by a combination of the key factors mentioned above. Average monthly cost of Professional Indemnity Insurance by level of cover Coverage level Average monthly premium $500k $75.00 $1 Million $78.40 $1 ...
read moreHow much does Professional Indemnity Insurance Cost for Accountants?
... by one factor alone, but a combination of key factors mentioned above. Average monthly cost of Professional Indemnity insurance by level of cover Coverage level Average monthly premium $250k $42.67 $500k $65.12 $750k $55 ...
read moreProfessional Indemnity Insurance for Civil Engineers
... a claim can be crippling, and potentially enough to send you out of business. Below we'll explore Professional Indemnity insurance and how it can apply to your work as a Civil engineer. Civil Engineering risks Within the ...
read moreProfessional Indemnity Insurance 101: For Allied Health Professionals
... damages awarded as a result of the claim - no matter whether it's proven or not. Professional indemnity insurance gives people in the allied health professions , and their families, peace of mind that their assets are ...
read moreProfessional Indemnity Insurance 101 for Allied Health and Alternative Therapy Professionals
... their lives are also properly protected. One of the best ways to protect yourself is with professional indemnity insurance. This type of policy provides cover for people who risk legal action as a result of carrying ...
read moreProfessional Indemnity Insurance for Consultants
... are at risk.One way to ensure that this never happens to you, is by purchasing something called Professional Indemnity Insurance , this is a very safe option to assure you are covered in the event that someone files suit ...
read moreWhat Limit of Professional Indemnity Insurance Do I Need?
... a good idea to contact the association and check whether there is a minimum limit of Professional Indemnity Insurance you are required to maintain to comply with their compliance requirements. They may also be able to ...
read moreSometimes Professional Indemnity Insurance is Needed
... any potential policy holder needs to consider when deciding upon whether or not they should buy professional indemnity insurance is the potential financial loss that can occur as a result of legal fees whether or not ...
read moreMisconceptions Around Professional Indemnity Insurance
... word can spread like wildfire over the internet and community. This is where the value of professional indemnity insurance can be recognized. If you were somehow involved in consulting or advising a client and they have ...
read more7 things accountants need to consider when applying for Professional Indemnity insurance
... , can be a confusing and time consuming process. And when it comes to getting your Professional Indemnity Insurance , it can be even more so. Here are 7 tips for Accountants to consider when it comes time to get their ...
read moreHow much does Professional Indemnity Insurance Cost for Real Estate Agents?
... ? Individual claims history of the insured We have put together a snapshot of how much Professional Indemnity insurance can cost for Real Estate Agents using data from BizCover policies sold during the 2016/17 financial ...
read moreAccountant saved from paying $200K with Professional Indemnity Insurance: A Case Study
... covered for a $221 000 payment after the Tax Office fined a client. The firm was insured with a Professional Indemnity Policy to the value of $2 million dollars with DUAL. Missing capital gains in a client’s tax return ...
read moreHow to assess your professional indemnity exposure and risks
... expensive. The last thing you want is for frivolous lawsuit to end your small business dreams. Professional Indemnity insurance can help protect your bank accounts, so you can continue serving your clients. Are you ready ...
read moreInsurance for Architects
... to plan. A simple error or omission could lead to a costly Professional Indemnity claim. Thankfully, Professional Indemnity insurance is designed to provide your business with a solid plan. It helps protect businesses ...
read moreA sole traders and freelancers guide to business insurance
... or managing claims which are covered by the policy. Some of the reasons why a Professional Indemnity insurance claim may occur include: Providing the wrong advice Incorrect diagnosis or treatment A miscalculation What is ...
read moreInsurance for Management Consultants
... name could cost thousands of dollars even if you're not at fault. That's where Professional Indemnity insurance comes in. Your policy can help manage common risks, like document errors, missed deadlines, and negligence ...
read moreInsurance for Carpenters
... if you misspeak or give an incorrect recommendation, it could cause huge issues. That's when your Professional Indemnity insurance can protect your business so you're not left out of pocket for legal fees or compensation ...
read moreInsurance for IT Professionals
... be no dispute between insurers as to which policy should respond to a claim. Insurance for IT Professionals Professional Indemnity insurance* The IT world is a fast-changing environment, and whether you're involved in ...
read moreInsurance for Accountants
... mistakes, and these errors or omissions could result in financial losses for your clients. Professional Indemnity insurance will protect your business from losses arising out of acts, errors and omissions from a wide ...
read moreInsurance for Civil Engineers – what you need to know
... with defending a claim can take a toll on your business and its daily operations. Having Professional Indemnity insurance for Civil Engineers means that you and your business can be protected in the event of a costly ...
read moreFinding the right business insurance can be hard but BizCover makes it easy
... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which ...
read moreInsurance for Software Developers
... and programmers need? Software developers and programmers may consider many types of insurance, such as: Professional Indemnity insurance Professional Indemnity protects you against losses claimed by a third party due to ...
read moreTop tips for buying Management Liability Insurance
... . As such, proactively reducing your exposure to risk via business insurance such as Public Liability insurance and Professional Indemnity insurance may be something that you consider. 3. Don't confuse Management ...
read moreWhat are the potential risks if I cancel my Professional Indemnity cover?
... . So, by cancelling your cover, you run the risk of breaching your agreements. From the date your Professional Indemnity insurance is cancelled you will have no cover in place for any past, present, or future services or ...
read moreTop 5 reasons for having Professional Indemnity and Public Liability insurance
... professional association such as the NHAA. Health funds also require providers to hold a current Professional Indemnity insurance policy. So, in a nutshell, to become a practicing full member of the NHAA, which allows ...
read moreWhat is run-off insurance and who needs it?
... once for a selected period of time by the insured. If you need to get your Professional Indemnity or Run-Off insurance sorted for your business today, get in touch with BizCover today. We provide multi-year Run Off ...
read moreA Guide to PI Insurance
... 't know if they are getting the best deal. This is where BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes , and purchase in only a ...
read moreProfessional Indemnity for Real Estate Agents
... licenses under the Property, Stock and Business Agents Act 2002 hold a minimum of $1 million Professional Indemnity Insurance with a number of set policy inclusions. 1 Even with this requirement, it is worthwhile looking ...
read moreUnderstanding business insurance for bookkeepers
... the minimum level of coverage which you are expected to have in place. We will explore Professional Indemnity insurance in greater detail below, outlining the basic details of what the coverage provides. These are some ...
read moreInsurance for Nurses
... It only takes one thing to go wrong to disrupt your career or possibly drain your assets. Thankfully, Professional Indemnity insurance is there to give you peace of mind if you do face legal action as a result of actual ...
read moreInsurance for Engineers
... wrong. From bridges collapsing to roads rupturing - the consequences (and costs) can be severe. Professional Indemnity insurance is designed to provide your business with a solid foundation when things don't go to plan ...
read moreInsurance for Registered Tax Agents
... fact be more than what is set as the minimum requirement. ^Minimum PI insurance requirements source from TPB tpb.gov.au/professional-indemnity-insurance-tax-agents on 8 August 2019 What could cause a PI claim? Errors and ...
read moreUnderstanding insurance for recruitment consultants
... responding to or managing claims which are covered by the policy. Depending on the type of Professional Indemnity insurance policy you take out, it can typically provide cover for: Payment of compensation as a result of ...
read moreInsurance for Registered Migration Agents
... advice; errors on visa applications; late lodgement of documentation and the list could go on. Professional Indemnity insurance is designed to protect you by responding to claims against you or your business for losses ...
read morePI And PL Insurance
... more, we can help you protect your business online in minutes—no dramas! Here's the lowdown on Professional Indemnity insurance* You're a professional and there is no doubt yo u are good at what you do. However, mistakes ...
read moreInsurance for Consultants
... consulting professions, yet all are required to provide a professional service or specialist advice. Professional Indemnity insurance is designed to protect you from losses claimed by clients that are incurred as a ...
read moreInsurance for Psychologists
... assets if something does go wrong. Even if you're not at fault, Professional Indemnity insurance may be able to assist you. Professional Indemnity insurance is there to give you peace of mind if claims arise as a result ...
read moreBusiness Insurance Guide for the Self-Employed – Part 2
... even years . This can tak e you away from your business and the potential to earn an income. Professional Indemnity insurance helps bear the on-going legal costs involved with the claim and allow s you to have a legal ...
read moreInformation Technology Liability Insurance
... clients fails. It is a combined policy that offers the protection of both Professional Indemnity and Public and Products Liability insurances*. It's designed to give you peace of mind, addressing the potential overlap of ...
read moreAllied Health Combined Liability Insurance
... your allied health career for good, impacting both your hip-pocket and hard-earned reputation. Professional Indemnity insurance is designed to protect you against losses claimed by a third party due to alleged or actual ...
read moreInsurance for Allied Health Professionals
... party due to alleged or actual negligence in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to the third party together with your defence costs ...
read moreInsurance for Disability Workers
... provision of your professional support service such as a failure to follow emergency procedures. Your Professional Indemnity insurance will cover matters such as: An award or settlement of compensation payable to a third ...
read moreInsurance for Civil Engineers
... an important form of cover to protect you against injuries or damage to third parties. Professional Indemnity insurance protects you against claims that may arise from a client who experiences a loss as a result ...
read moreInsurance for Social Workers
... could take a huge toll on your life. This is where Professional Indemnity insurance comes into play. Professional Indemnity insurance * is an important form of protection for businesses that provide specialist services ...
read moreSole Trader Insurance
... feel that you've acted negligently or simply be unhappy with the service you provided them. Professional Indemnity insurance covers your business against both claims that do have merit and those that do not. Business ...
read moreWhat is Management Liability Insurance and Who Needs It?
... encounter in relation to managing a business. You may think of it as such: where Professional Indemnity insurance covers the advice and/or services you provide to your customers, Management Liability coverage reduces the ...
read moreInsurance for Chiropractors
... the services you provide, your annual turnover, and who is being insured), you can help ensure that your Professional Indemnity insurance is suitable for your practice's needs.BizCover not only makes it easy to buy ...
read moreInsurance for pharmacy and pharmacists
... or actual negligence or errors in your professional pharmacy services or advice. Your Professional Indemnity insurance will cover the associated compensation payable to a third party together with your defence costs ...
read moreInsurance for Marketing Consultants
... and everyone has experienced a hard-to-please customer who holds unreasonably high expectations. Professional Indemnity insurance is your secret weapon to protect yourself against financial losses if you end up facing a ...
read moreInsurance for Martial Art Teachers
... results in your client's injury could lead to a claim being made against you . Having Professional Indemnity insurance can help you respond to claims made against you or your business for losses incurred as a result ...
read moreInsurance for Physiotherapists
... were managing their own physiotherapy practice or business.When you choose BizCover for your Professional Indemnity insurance, getting your certificate of currency is fast and easy. Just log into your online BizCover ...
read moreInsurance for Bookkeepers & BAS Agents
... . The Tax Practitioners Board (TPB) has made it so since 2011 and with good cause - Professional Indemnity Insurance covers you against the risk of a client claiming damages. Your professionalism and service often aren't ...
read moreInsurance for Recruitment Consultants
... it. That's why BizCover makes it easy to take out Professional Indemnity insurance for your recruitment agency. This insurance offers protection for businesses that provide specialist services or professional advice. It ...
read moreA practical guide to understanding business insurance
... with third parties from clients to members of the public and suppliers. Professional Indemnity insurance* Professional Indemnity insurance is designed to respond to claims against your business for losses as a result ...
read moreBusiness Insurance FAQs
... Indemnity Insurance? What does professional indemnity insurance cover? Do I need professional indemnity insurance? How much does professional indemnity insurance cost? How much does professional indemnity insurance ...
read moreKeep calm and stretch on with Yoga Teacher insurance
... teacher who will be held liable. So don't leave it up to chance and consider Professional Indemnity insurance to protect you and your business. What it typically covers? The financial consequences of negligent acts that ...
read moreA Mumpreneurs Guide to Understanding Business Insurance
... claims by third parties relating to property damage or personal injury caused by your products. Professional Indemnity insurance* If you deliver professional advice or services in your business, you need to think about ...
read moreLawpath: Minimum Insurance Coverage Amounts in Contracts
... of clauses to limit and distribute risk. The two main types typically involved are indemnity and insurance clauses. Indemnity clauses Indemnity clauses are used to specify a range of mistakes, incidents or outcomes, and ...
read moreInsurance for Finance & Mortgage Brokers
... a result of your actual or alleged negligencefrom the delivery of your professional service. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims covered ...
read moreBenefits of insurance for small businesses
... could lead to them claiming against you, which could be both financially and reputationally damaging. Professional Indemnity insurance is designed to respond to such claims against your business for losses as a result of ...
read more7 Common Types of Small Business Insurance
... enough to put a small business out of business! Related: Public Liability Insurance explained 2. Professional Indemnity Insurance If your business or profession involves providing a service or advice, then Professional ...
read moreWhat are some types of insurance available for small businesses?
... business delivers professional services or advice, then Professional Indemnity insurance is a business insurance to consider. Professional Indemnity (PI) insurance* is a form of protection for businesses that provide ...
read moreBusiness Insurance Perth
... certain contracts Required before you work on a construction site A requirement of a rental agreement Professional Indemnity insurance* May be requested to hold a certain level of cover to work on contracts Required by ...
read moreBusiness Insurance Melbourne
... certain contracts Required before you work on a construction site A requirement of a rental agreement Professional Indemnity insurance* May be requested to hold a certain level of cover to work on contracts Required by ...
read moreInsurance for Electrical Engineers
... is for a design to not go to plan and the consequences (and costs) can be severe. Professional Indemnity insurance is designed to protect you against losses claimed against you due to alleged or actual negligence or ...
read moreInsurance for Massage & Alternative Therapies
... you must be a recognised provider with the fund. Most health funds require providers to hold a current Professional Indemnity insurance policy with at least $1 million worth of cover, or $2 million if you wish to be a ...
read moreInsurance for Hair & Beauty Services
... against you could be very costly to your business, not to mention damage your reputation. Professional Indemnity insurance is designed to protect your business from losses claims made against you arising from actual or ...
read moreInsurance for Real Estate Agents
... your reputation doesn't go under the hammer should something go wrong. That's where real estate Professional Indemnity insurance comes in. It is designed to respond to claims against your business for losses as a result ...
read moreInsurance for Professionals
... party due to alleged or actual negligence in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs ...
read more5 things to consider when purchasing business insurance
... by you. Many Public Liability policies include Product Liability cover. Professional Indemnity insurance* : Professional Indemnity insurance is designed to help protect you from losses claims against your business ...
read moreInsurance for Electricians
... like this when you'll be glad to have a Public Liability policy! Professional Indemnity Insurance* Professional Indemnity (PI) insurance covers electricians for losses claimed by a third party & defence costs due to ...
read moreBusiness Insurance in Townsville
... replacing broken glass, damaged stock, failed equipment and more! Professional Indemnity insurance* Professional Indemnity (PI) insurance offers protection for businesses that provide specialist services or professional ...
read moreInsurance for Victorian Plumbers
... or sustain property damage as a result of your negligent business activities. Professional Indemnity Insurance* Professional Indemnity insurance * is an important form of protection for businesses that provide specialist ...
read moreInsurance for Plumbers
... or sustain property damage as a result of your negligent business activities. Professional Indemnity Insurance* Professional Indemnity insurance * is an important form of protection for businesses that provide specialist ...
read more5 questions to ask yourself before buying Insurance for your small business
... that you have. Often they will require you to have a minimum level of Public Liability or Professional Indemnity insurance however, you may decide that you need a higher level of cover than what is stipulated. Consider ...
read moreWhat insurance do contractors and subcontractors need?
... give advice or recommendations to clients, provide a professional service, or design custom solutions. Professional Indemnity insurance provides cover for losses claimed by a third party and defence costs due to alleged ...
read moreInsurance for HR Consultants
... HR consultants need? There are many types of insurance that HR consultants may consider, such as: Professional Indemnity insurance Professional Indemnity (PI) insurance is an important form of protection for businesses ...
read moreHow real estate agents could save on their business insurance
... real estate agents may consider purchasing to reduce their exposure to risk. Professional Indemnity insurance Professional Indemnity (PI) insurance * could help protect you in such situations because it is designed to ...
read moreInsurance Considerations for Personal Trainers
... were to go wrong because of this advice. To cover yourself against this risk you should consider Professional Indemnity Insurance , which can help protect you for any claims that may arise due to any advice that you ...
read moreInsurance for architects – the blueprint to success
... least, the minimum amount of cover that your state or territory requires. Professional Indemnity Insurance Professional Indemnity insurance should be one of the first projects on your drawing board! Designed to safeguard ...
read moreGuide to Physiotherapy Business insurance
... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which ...
read more7 surprising ways business insurance can help your company
... insured company itself from the many exposures relating to the management of a company. While Professional Indemnity insurance provides cover in relation to the advice and services you provide to your clients, Management ...
read moreBusiness Insurance
... a construction site If you work on contracts you may be required to have a minimum level of Professional Indemnity insurance in place If you are renting your business premises, your landlord may require you to have your ...
read moreReviews related to Cheap Indemnity Insurance
-
product knowledge and advice are excellent
Frank F
Other -
Easy to read understand and follow
Tui d
Other -
Easy As!! Thank you
Casey W
Entertainment -
EASY CONVENIENT!
HONGWEI Z
Travel -
Excellent Customer Service
Trevor C
Other
Professional Indemnity insurance
Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs in the event of a claim. This claim may be a result of an actual or alleged negligent act, error or omission whilst providing your professional service or advice.
Here’s the lowdown on Professional Indemnity insurance*
You’re a professional and there is no doubt you are good at what you do. However, mistakes happen even with the most professional operators.
Professional Indemnity claims can arise from simple things like
- giving incorrect advice
- a miscalculation
- incorrect diagnosis or treatment
- an act, omission or breach of duty
- engaging in misleading or deceptive conduct
- loss of documentation
- inadvertently defaming someone
- failing to meet a deadline
- not meeting your clients expectations
Excellence in Customer Service
Independent feedback from our customers rated our service at excellent.
What’s typically included?*
Depending on the Professional Indemnity policy selected, your policy could cover you for liabilities arising from but not limited to: non-intentional or non- deliberate professional misconduct such as:
- Providing your client with misleading or negligent advice
- Breaching your professional duty
- Confidentiality and other privacy breaches
- Defamation, libel or slander
- Loss of or damage to documents
- Infringement of intellectual property
- Payment of compensation as a result of a claim, including but not limited to Court awarded damages
- An award of legal costs against you
- Reasonable legal costs incurred in defending or responding to the claim
- Claim investigation costs
- Disciplinary proceeding costs
- Depending on the type of Professional Indemnity insurance policy you have, it may extend to provide cover for public relation costs to help protect your business’ reputation
For allied health professionals your Professional Indemnity insurance policy extends to provide cover for bodily injury or illness claims arising from the professional services covered by the policy.
What is typically not covered?*
- Intentional damage or misconduct
- Contractual liabilities
- Professional fees refunds
- Known claims and circumstances that may have occurred prior to the period of insurance
- Acts of fraud and dishonesty
- Accidental injury and property damage ( these kind of claims would typically be covered by Public Liability insurance)
How Much Cover Should I have ?
With BizCover you can choose policies with levels of cover between $250,000 to $10 million, from the leading insurers on our website.
When considering how much cover you may need you should think about:
- What are the potential risks (what could go wrong) and what could be the potential cost of a claim if something does go wrong?
- The value of projects you work on or the value of your services
- Any statutory requirements for your profession
- The requirement of any professional body or association of which you are a member. Remember, as your business grows it is important to reassess your exposure to risk and increase your level of cover accordingly.
Why choose BizCover for your Professional Indemnity insurance?
Built for small business
We know insurance and what makes small businesses tick.
Clear and competitive pricing
You can compare and choose from a range of highly competitive prices right there on your screen. Seriously.
Cover to match your needs
You can tailor policies from selected Australian insurers to suit the needs of your business, and we are there to help!
Real people adding real value
Our friendly service team is on hand and on a mission to make you smile!
Frequently Asked Questions on Professional Indemnity Insurance
Professional Indemnity insurance* can protect those who provide professional advice or services to their clients. Some of these traditional occupations include accountants, architects, engineers and many more.
Even for those in more hands-on professions like life coaches, consultants and event managers can still consider the benefits of Professional Indemnity insurance.
Regardless of which industry you operate in, as a professional, you have a responsibility to deliver professional advice and services of the highest quality. A professional indemnity policy is intended to provide financial protection if a client were to make a claim against you for negligent acts or omissions in the provision of your professional service or advice. Could your business afford the legal fees and associated costs that come with a claim?
Professional Indemnity insurance is not always mandatory requirement. However, for some professions it is a legal requirement or a mandatory requirement as part of the professional licence or membership to the relevant industry association. It can also be a contractual requirement. It is always best to check with your relevant industry body if it is a legal requirement and if a minimum level of cover is required.
When it comes to the cost of your Professional Indemnity insurance, there’s no one price fits all policy. Every business is different, with each occupation carrying a different level of risk. The general rule is – the higher the risk, the higher the premium.
These factors can also impact the cost:
- Your business revenue
- Size of your business
- Amount of coverage required
- Who is being covered by the policy? Are they qualified to perform the job?
- Claims history
You can find more information here on Professional Indemnity cost and pricing factors.
While both types of policies are there to protect your business against third-party claims that may occur from your business activities, they cover very different liabilities.
Public Liability insurance* protects your business if a customer, supplier or member of the public are injured or sustain property damage as a result of your negligent business activities. It also assists with the legal costs associated with managing claims covered by the policy.
Professional Indemnity insurance 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. It will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Management Liability insurance* protects directors and officers and the insured company itself from the many exposures relating to the management of a company. Owners and those responsible for the management of a company have specific responsibilities which can result in personal liability for alleged or actual wrongdoing.
Management Liability is often offered as a packaged product including Directors and Officers Liability, Corporate Liability, Employment Practice Liability, Crime and Statutory Liability.
Professional Indemnity protects you against losses claimed by a third party due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees).
When it comes to making a claim on your insurance, we understand that it can be a difficult time and that’s why we want to make it as stress-free as possible. To help guide you through, we’ve created a simple outline of the claims process.
Start the claims process by downloading and completing our claims form.
Please email the completed form to our friendly claims team at claims@bizcover.com.au.
We process all our claims online so you can lodge it anytime, 24/7.
Leave the rest with us. Once we receive the claim form, we then manage the claim directly with the insurer. We pride ourselves on handling claims promptly, keeping you up to date every step of the process.
Top tips to help speed up the claims process:
- Fill out the form correctly with all the required details, as accurately as possible.
- Include any relevant documents, photos, invoices etc.
- Check your policy excess. If the amount you are claiming for is less than the excess, then it may not be worth claiming.