Cheap Professional Indemnity Insurance For Contractors
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... Professional Indemnity (PI) insurance ... contractors, management consultants, real estate agents and other allied health professionals. Even professional photographers should consider holding Professional Indemnity insurance ...
read moreWhat is Professional Indemnity Insurance?
... awarded a contract Example professions: Health Professions , IT Contractors , Management Consultants , Accountants , Estate Agents etc. Professional Indemnity insurance provides a financial safeguard to help protect your ...
read moreDo I need Public Liability insurance?
... 's license. It may also be a requirement under a government or private client contract, or as part of a lease agreement for renting commercial property. Do I need Public Liability Insurance if I have a home-based ...
read moreDo I need Professional Indemnity insurance?
... your industry professional body or regulator requires you to hold Professional Indemnity (PI) cover. ... ignoring it won't go away. Don't despair. Professional Indemnity insurance is your best defence when faced with a claim. ...
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 ...
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... of skill, which is expected from them. Purpose of Professional Indemnity Insurance The primary purpose of professional insurance is to protect the professionals against any financial losses from lawsuits, which can be ...
read moreProfessional Indemnity Insurance
... : What's included & what's not? Professional Indemnity Insurance Cost Professional Indemnity insurance Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing ...
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... Professional Indemnity (PI) insurance policy is calculated and why one profession can often cost more than another? We look some of the key factors that that impact the cost of Professional Indemnity insurance. Insurance ...
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... that you have cover for any liability which attaches to you arising from the actions of the contractor or subcontractor. 7. Is Professional Indemnity Enough? Once you've had a look at your risk areas you may see a number ...
read moreMisconceptions Around Professional Indemnity Insurance
... terms of professional indemnity insurance, as this means that if anything happens that causes them a loss, your insurance will pay for it. Such an example may be that you area private consultant and the contractor made ...
read moreInsurance for Electricians
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... Some of the typical types of professions that take out Professional Indemnity insurance include: Health Professions, IT Contractors, Management Consultants, Accountants, Estate Agents etc. For some professions holding ...
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... can help ensure your policy is providing adequate cover. If you go with hiring an independent contractor, you may want to check what insurances they have in place as well as the level of cover. Be sure to also request ...
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... your business can benefit from some outside perspective from a consultant or a contractor. But one thing that your business will always need is business insurance*. But just because you need it doesn't mean that it needs ...
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... a safety net for yourself—just in case. There are different types of insurance that you might consider as a contractor, including: Professional Indemnity - Even a small mistake in your work can cause big problems on a ...
read moreUnderstanding Insurance Requirements for Electricians in QLD
... Products liability with the following specifics: a limit of indemnity of at least $5,000,000, and Consumer Protection insurance of at least $50,000. Consumer Protection insurance is not a different policy. It's usually ...
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read moreHow much does Public Liability Insurance cost for Tradesmen?
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read morePublic Liability Insurance In Brisbane
... purchase Professional Indemnity, Business Insurance . What does Public Liability Insurance ... you have clients or contractors come to your office, you should consider purchasing public liability insurance. In the event that ...
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read moreBusiness Insurance Guide for the Self-Employed – Part 1
... Market stall-holders – A minimum level of Public Liability insurance is often required when having a stall at a market. ... trainer who provides training services as a sub-contractor at a gym. A client attending an exercise ...
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... . If you're a sole trader or contractor and not covered by Workers Compensation, t hat's where Personal Accident and Illness (PA) insurance comes into play . Personal Accident insurance* can provide levels of cover if as ...
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read moreHow much does Professional Indemnity Insurance Cost for Accountants?
... over can have an impact on the cost of your Professional Indemnity policy. Generally, the higher the revenue your business generates, the higher your PI insurance premium will most likely be. For example, an accountant ...
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. How much Professional Indemnity insurance cover do I need? Each business is different with their own factors that can determine the amount of ...
read moreProfessional Indemnity Insurance 101 for Allied Health and Alternative Therapy Professionals
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... look at 7 facts about this important form of business insurance. What does Professional Indemnity insurance provide cover for? Professional Indemnity insurance is designed to respond to claims against your business for ...
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... Indemnity Insurance cost for IT Professionals? As an IT Professional, you are generally required to comply with specific professional standards and legislation which may require you have a minimum amount of PI ...
read moreHow much does Professional Indemnity Insurance Cost for Real Estate Agents?
How much does Professional Indemnity Insurance cost for Real Estate Agents? Professional Indemnity (PI) insurance is one of the most essential forms of cover for Real Estate Agents due to the potential for losses that ...
read moreThe benefits of Professional Indemnity insurance
... small business owners strive to achieve. Firstly, let's explain what Professional Indemnity insurance is Professional Indemnity (PI) insurance offers protection for businesses that provide specialist services or ...
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read moreSometimes Professional Indemnity Insurance is Needed
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read moreAdditional Cover for Professional Indemnity Insurance
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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 moreTop 5 Reasons for Having Professional Indemnity and Public Liability Insurance
... advice to clients in relation to their wellbeing or even for an allegation of professional misconduct. Professional Indemnity insurance provides protection for financial losses for any legal action against you. It covers ...
read moreProfessional Indemnity Claims: when should I notify my insurer?
Your Professional Indemnity (PI) insurance is no doubt one of the most vital covers you have for your business. If things don't quite go to plan it can provide much needed financial assistance for legal and compensation ...
read moreProfessional Attire Insurance
... member of the Village People? There's now a revolutionary solution; Professional Attire Insurance, that covers you for any damage to your professional uniform, offering a rapid replacement service for any stain, torn or ...
read moreHow much does Combined Liability Insurance Cost for Allied Health Professionals?
How much does Combined Liability Insurance cost for Allied Health Professionals? Professional Indemnity (PI) insurance is one of the most important types of cover for all allied health professionals due to the potential ...
read moreA Mumpreneurs Guide to Understanding Business Insurance
... think about Professional Indemnity insurance. Even the most experienced professionals can make accidental mistakes, and that’s where Professional Indemnity insurance can help. Professional Indemnity (PI) insurance* is a ...
read moreUnderstanding insurance for recruitment consultants
... Let's take a look at the importance of the different kinds of business insurances you need to think about. 1. Professional Indemnity insurance * As a recruitment consultant, you have the skills and expertise to match the ...
read moreA Guide to PI Insurance
... is to make Professional Indemnity Insurance simple (also known as errors and omissions insurance, PI or Professional Indemnity). What is Professional Indemnity Insurance? Professional Indemnity Insurance is a form of ...
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Fencing Contractor -
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Building Engineering Consulting Service (Except As Prime Contractor) -
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Building Engineering Consulting Service (Except As Prime Contractor) -
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Building Engineering Consulting Service (Except As Prime Contractor) -
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Building Engineering Consulting Service (Except As Prime Contractor) -
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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 [email protected].
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.