Graphic Designer Insurance

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Professional Indemnity Insurance cost

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Do I Need Public Liability insurance?

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How Does Professional Indemnity Insurance Benefit You?

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What is Professional Indemnity Insurance?

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Do I need Professional Indemnity insurance?

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What does Professional Indemnity Insurance cover?

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How the cost of Professional Indemnity insurance is calculated

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Professional Indemnity Insurance

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Understanding Insurance for Graphic Designers

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A sole traders and freelancers guide to business insurance

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Home Based Business Insurance

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Business Insurance

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Finding the right business insurance can be hard but BizCover makes it easy

Why do landscape designers need insurance?

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Understanding Insurance for Interior Designers

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Insurance for Mobile Food Vans

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How to obtain a builders licence in Queensland?

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6 marketing tips for your earthmoving business

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NEIS Change Awards 2016

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How to become a painter and decorator

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What is a Cabinet Maker?

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Public Liability Insurance Explained

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Cyber Liability Insurance: the safety net small businesses need

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Public Liability Insurance NSW

... ! The last thing you want to think about is paying for unexpected accidents - they do happen! Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a ...

BizCover smashes NPS industry benchmark as insurance sector lags

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Business Insurance Perth

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Business Insurance Melbourne

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Top tips to boost your small business insurance confidence

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Insurance for Tutors

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The benefits of Professional Indemnity insurance

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What you need to consider when purchasing Professional Indemnity insurance

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What is run-off insurance and who needs it?

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Public Liability Insurance WA

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Cyber Liability Insurance

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Insurance for pharmacy and pharmacists

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Insurance for Pet Professionals

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Information Technology Liability Insurance

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Insurance for Personal Trainers

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What does Public Liability Insurance cover?

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Public Liability Insurance NSW

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Personal Accident and Illness Insurance

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Insurance for Dog Grooming

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Insurance for Disability Workers

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Housekeeping your business insurance – A checklist guide

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What’s the difference between Public and Product Liability insurance?

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A sole traders guide to understanding Public Liability Insurance

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Who needs Professional Indemnity insurance?

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A practical guide to understanding business insurance

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Find out how these SMEs saved hundreds on their business insurance

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Debunking insurance myths – common insurance misconceptions

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QLD Electricians Licence and Insurance Requirements

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How to adapt your business insurance as your business grows

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5 reasons you should review your business insurance this Christmas

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4 reasons why restaurant insurance is important (and how to protect yours)

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5 things to consider when purchasing business insurance

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8 Facts About Professional Indemnity Insurance

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6 ways to save money on tradie insurance

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The 5 biggest mistakes tradies make with their insurance

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5 reasons to consider cyber liability insurance for your business

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A blue-collar workers guide to understanding Personal Accident and Illness insurance

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3 reasons your business insurance may no longer be right for your business

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Additional Cover for Professional Indemnity Insurance

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Professional Indemnity Insurance 101: For Allied Health Professionals

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Public Liability Insurance Scenario

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BizCover Disrupts Insurance by Commoditising it

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Michael Gottlieb Featured on the Insurance Business Hotlist for 2014

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Cyber Insurance: Is it worth it?

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Michael Gottlieb featured in Insurance Business

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Professional Indemnity Insurance 101 for Allied Health and Alternative Therapy Professionals

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Professional Indemnity Insurance for Consultants

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What Limit of Professional Indemnity Insurance Do I Need?

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Sometimes Professional Indemnity Insurance is Needed

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Misconceptions Around Professional Indemnity Insurance

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A Guide to PI Insurance

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Insurance for Convenience Stores

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Insurance for Civil Engineers

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Insurance for Cafes

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Workers Compensation Insurance

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Public Liability Insurance QLD

... last thing you want to think about is for unexpected accidents - but they do happen. Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member ...

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Business Insurance the Smart Way

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How much Public Liability insurance do I need?

... on this web page is general only and should not be relied upon as advice. *As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording. The information contained ...

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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 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

Professional Indemnity explained further…

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.

Professional Indemnity Fact Sheet

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Why choose BizCover for your Professional Indemnity insurance?

BizCover - Built for Small Businesses

Built for small business

We know insurance and what makes small businesses tick.

BizCover - Clear and Competitive Pricing

Clear and competitive pricing

You can compare and choose from a range of highly competitive prices right there on your screen. Seriously.

BizCover - Cover to match your needs

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!

BizCover - Real People

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

Who needs Professional Indemnity insurance in Australia?

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?

When is Professional Indemnity insurance compulsory in Australia?

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.

How much does Professional Indemnity insurance cost?

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.

What’s the difference between Public Liability insurance and Professional Indemnity insurance?

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. 

What’s the difference between Management Liability insurance and Professional Indemnity insurance?

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).

How do I lodge a claim?

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.

This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.