Professional Indemnity Insurance And Public Liability Insurance
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Professional Indemnity Insurance cost
... and do they have a previous history of claims? Your individual claims history Professional Indemnity (PI) insurance ... cost of Professional Indemnity insurance by industry? Similarly to Public Liability insurance , your ...
read moreWhat does Professional Indemnity Insurance cover?
... injury and property damage What types of professionals need Professional Indemnity insurance? Within Australia, it is compulsory for some professionals to hold and maintain Professional Indemnity insurance and these ...
read moreProfessional Indemnity Insurance
... 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 ...
read moreHow the cost of Professional Indemnity insurance is calculated
... 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 ...
read moreDo I need Professional Indemnity insurance?
... Professional Indemnity Insurance cover? Professional Indemnity insurance typically foots the bill for things like: Legal and ... the claimant Public Relations costs Related: What does Professional Indemnity Insurance Cover? ...
read moreWhat is Professional Indemnity Insurance?
... cover/ exclude and some of the types of events which may result in a Professional Indemnity insurance claim. Professional Indemnity Insurance defined Professional Indemnity insurance protects professionals against claims ...
read moreHow Does Professional Indemnity Insurance Benefit You?
If you are a professional and have your own company, then it is advisable that you have professional insurance, which can also be referred to as professional indemnity insurance . Professionals are expected to possess ...
read moreDo I Need Public Liability insurance?
... ' negligence Secure your reputation and protect your back pocket with Public Liability Insurance for your small business. Why Do I Need Public Liability insurance? Public Liability insurance may be essential for small ...
read morePublic Liability vs. Professional Indemnity insurance: What’s the difference?
... . Recommended reading: Do I need Professional Indemnity Insurance? Public Liability insurance: what is typically covered and excluded? Public Liability insurance provides compensation for: personal injury suffered ...
read more8 Facts About Professional Indemnity Insurance
... priced Professional Indemnity cover from selected leading Australian insurers. Even better, you can compare other types of policies—including Public Liability , Business Insurance Packs , Cyber Liability and Management ...
read moreHow much does Professional Indemnity Insurance Cost for Real Estate Agents?
... Real Estate Institute. The cost of PI insurance can vary greatly for Real Estate Agents ... Professional Indemnity & Public Liability insurance package? On average cost of an allied health combined Professional Liability ...
read moreWho needs Professional Indemnity insurance?
... We provide a range of competitive insurance options including Professional Indemnity, Public Liability insurance , Business Insurance , Cyber Liability , Management Liability insurance and many more. Jump online or give ...
read moreDoes Public Liability insurance cover employees?
... a client alleges that your advice or service caused them a loss. However, Professional Indemnity insurance (PI) may cover this. As stated above, PL does not cover injuries caused by your employees due to the work they do ...
read more7 things accountants need to consider when applying for Professional Indemnity Insurance
... 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 PI sorted ...
read moreHow much does Professional Indemnity Insurance Cost for IT professionals?
... and Public Liability cover from the same insurer. That way there will be no dispute between insurers as to which cover should respond to the claim. What is the average premium for Professional Indemnity insurance ...
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... 's the difference between Professional Indemnity insurance and Public Liability insurance? More than 10,000 plumbers, electricians, and carpenters currently sort out their business insurance through BizCover - many of ...
read moreProfessional Indemnity Insurance for Consultants
... loss based on your advice may turn around and file an insurance claim against you. The result is that ... insurance or public liability insurance for your own protection. When you buy a Professional Indemnity insurance ...
read moreAdditional Cover for Professional Indemnity Insurance
... professional indemnity insurance. Lynn purchased public and products liability (PPI) when she started her business selling natural and ... vulnerable to costly legal action. PI Insurance protects small businesses from this ...
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... a snapshot of what Professional Indemnity and Public and Products Liability insurance provide cover for. Professional Indemnity insurance Professional Indemnity insurance secures IT professionals and their businesses for ...
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... professions. Here's a snapshot of what Professional Indemnity and Public Liability insurance provide cover for. Professional Indemnity Insurance A Professional Indemnity claim could be enough to cripple your allied ...
read moreHow much does Combined Liability Insurance Cost for Allied Health Professionals?
... they are performing, and do they have a previous history of claims? Most Professional Indemnity polices for allied health professionals come as package combined with Public Liability (PL) insurance to provide a greater ...
read moreTop 5 reasons for having Professional Indemnity and Public Liability insurance
... top 5 reasons NHAA members should hold and maintain Professional Indemnity and Public Liability insurance . 1. Protection against claims of negligence, malpractice and professional misconduct Your service comes with an ...
read moreBusiness Insurance FAQs
... and Cafes? Buying Public liability insurance in NSW Buying Public liability insurance in QLD Buying Public liability insurance in WA What is Professional Indemnity Insurance? What does professional indemnity insurance ...
read moreWhy personal trainers should think about an Allied Health Combined Liability policy
... a dumbbell on your client's new phone. The relationship between Public Liability and Professional Indemnity Clearly, both PI insurance and PL insurance are important to the protection of personal trainers, but for ...
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... include tools of trade and items of stock. Public Liability and Professional Indemnity insurance are two fundamental forms ... legal and defence costs associated with a covered claim . Professional Indemnity (PI) insurance* ...
read moreUnderstanding insurance for recruitment consultants
... your Professional Indemnity insurance policy: Intentional damage Contractual liabilities Professional fees Known claims and circumstances Fraud and dishonesty 2. Public Liability insurance* Public Liability insurance is ...
read morePublic Liability Insurance VIC PPC
... visit your premises, or you going to visit them, providing your advice and services, then Public Liability and Professional Indemnity insurance may be two important forms of coverage your business needs to consider. Not ...
read morePublic Liability Insurance in QLD
... Public Liability cover: Professional Indemnity Business Insurance Cyber Liability Personal Accident & Illness Why choose BizCover for your QLD Public Liability insurance? Built for small business We know insurance and ...
read morePublic Liability Insurance In Brisbane
... . Many businesses in Brisbane and Queensland also purchase Professional Indemnity, Business Insurance . What does Public Liability Insurance Cover in Brisbane? Public Liability covers the property damage, litigation ...
read morePublic Liability Insurance NSW
... for small businesses by providing a stamp duty exemption on certain insurance products. The exemption applies to both Public Liability and Professional Indemnity policies. To be eligible (as that the time of publication ...
read morePublic Liability Insurance NSW
... for small businesses by providing a stamp duty exemption on certain insurance products. The exemption applies to both Public Liability and Professional Indemnity policies. To be eligible (as that the time of publication ...
read morePublic Liability
... visit your premises, or you going to visit them, providing your advice and services, then Public Liability and Professional Indemnity insurance may be two important forms of coverage your business needs to consider. Not ...
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... while you don't need to know the ins and outs of the intricacies between Professional Indemnity insurance and Public Liability insurance , it's good to consider analysing what risks you could get covered by. Thankfully ...
read moreBizCover named a 5-Star Insurance Innovator for 2022
... before. The scope currently includes the ability for certain occupations to buy Professional Indemnity insurance and Public Liability insurance with more slices of functionality to be added in the coming months. Justin ...
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... choose what kind of clients you work for, the frequency and how many projects that you may be working on at one ... Professional Indemnity insurance or Public Liability insurance * may be required. Having your own insurance ...
read more6 ways to prevent and reduce business risks
... . Common types of business insurance for small business owners include: Professional Indemnity insurance ; Public Liability insurance Cyber Liability insurance ; and Business insurance . 2. Diversify your services ...
read moreTop tips for buying Management Liability Insurance
... via business insurance such as Public Liability insurance and Professional Indemnity insurance may be something that you consider. 3. Don't confuse Management Liability and Professional Indemnity Insurance Although there ...
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 ...
read moreLegal requirements for Professional Indemnity insurance
... policy is amended. Find Professional Indemnity insurance with BizCover If you are looking for Professional Indemnity insurance for any reason, BizCover can help! We make it easy to compare and buy PI coverage in minutes ...
read moreHow much does Professional Indemnity Insurance Cost for Accountants?
... Accountants? Professional Indemnity (PI) insurance is an essential form of cover for all practicing accountants. In fact, accountants are generally required to comply with specific professional standards and legislation ...
read moreProfessional Indemnity claims: when should I notify my insurer?
... 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 ... admit liability or ...
read moreThe benefits of Professional Indemnity insurance
... and all it takes is for a claim to send it all crashing down. Avoid the drama by having your Professional Indemnity insurance there to cover the cost of the claim. With some policies the cost of related public relation ...
read moreProfessional Indemnity Insurance for Civil Engineers
... involved with work that involves the design and construction of structures typically used by the general public. What is Professional Indemnity insurance? Professional Indemnity (PI) insurance * is an important form of ...
read moreWhat you need to consider when purchasing Professional Indemnity insurance
... you to become a member of things like industry bodies and boards? At BizCover we take the drama out of shopping around for your Professional Indemnity insurance by doing the shopping around for you. We provide multiple ...
read moreAccountant saved from paying $200K with Professional Indemnity Insurance: A Case Study
... Office fined a client. The firm was insured with a Professional Indemnity Policy to the value of $2 million dollars with ... The tax returns were prepared by the Insured and in conjunction with the couple who reviewed the ...
read moreWhat are the potential risks if I cancel my Professional Indemnity cover?
... before cancelling your Professional Indemnity insurance, and this will need to be done through the provider of your Professional Indemnity insurance. If you are looking to cancel your Professional Indemnity cover to save ...
read moreHow to assess your professional indemnity exposure and risks
... or potential delays as early as possible. Manage risks with Professional Indemnity insurance Assessing indemnity risks could help your small business identify and mitigate potential issues. However, even the most careful ...
read moreProfessional Indemnity Insurance 101: For Allied Health Professionals
... 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 safe if they do face ...
read moreProfessional Indemnity Insurance 101 for Allied Health and Alternative Therapy Professionals
... of the claim - no matter whether it's proven or not. Professional indemnity insurance gives people in the health or alternative therapy professions, and their families, peace of mind that their assets are safe if they ...
read moreWhat Limit of Professional Indemnity Insurance Do I Need?
... Defence Costs in addition to the limit of Professional Indemnity insurance . You need to ensure your limit of Professional Indemnity Insurance is adequate to encompass both the claim and the costs in defending it. 4. The ...
read moreSometimes Professional Indemnity Insurance is Needed
... . This is why many people turn to a concept like professional indemnity insurance, which can cover and protect both parties where they need the coverage and protection most: Their bank account. In life, mistakes happen ...
read moreMisconceptions Around Professional Indemnity Insurance
... and age anyone can sue anyone else over almost anything and sometimes they even win. Even when they do not win, a certain portion of the public ... and community. This is where the value of professional indemnity insurance ...
read moreProfessional Indemnity for Real Estate Agents
... Stock and Business Agents Act 2002 hold a minimum of $1 million Professional Indemnity Insurance with ... the misrepresentation is plainly stated in the advertising material and liability on the real estate agent is easy to ...
read morePI Index: Premiums Decline 10 Straight Quarters
... that prices across the other product groups, Combined Professional Indemnity/ Public Liability and Public Liability/ Business Packs are not seeing the same reductions and are instead levelling out this quarter. Michael ...
read moreWhat are the Insurance Options for Land Surveyors?
... of your professional service or advice. The level of cover you may need is typically based on the size, scope, and type of land surveying projects your business uses. Public Liability Public Liability insurance is ...
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... and managing claims covered by your policy. Another benefit of Professional Indemnity insurance is that it can assist you if you are subject to disciplinary action as a result of your nursing activities. Public Liability ...
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... maintain an adequate level of insurance, including Public Liability insurance (PL) and Professional Indemnity insurance (PI). Find out more about insurance for disability workers and why it matters for your business ...
read moreSalon owners urged to consider combined cover
... English, please What is Combined Liability insurance, you ask? Well, this product includes two essential types of cover – Professional Indemnity (PI) insurance and Public Liability (PL) insurance . These two policies are ...
read moreInsurance for Registered Tax Agents
... 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 discrepancies on tax returns ...
read moreWhat real estate agents can do amid risky market conditions
... platform BizCover. “At BizCover, we've made some changes to our Professional Indemnity (PI), Public Liability and other real estate agent insurance cover, and there's a good chance you could be saving on your policy ...
read moreInsurance for Bookkeepers & BAS Agents
... From 1st July, 2011, the Tax Practitioners Board required Bookkeepers and BAS Agents to have Professional Indemnity (PI) insurance. Professional Indemnity insurance coverage helps to reduce the risk that an Agent will be ...
read moreInsurance for Architects
... Professional Indemnity insurance for your business for any claims arising from work you do before finishing up but which are notified to you after the doors have closed. Public Liability Insurance Do you need Public ...
read moreInsurance for Registered Migration Agents
... of your professional service or advice. PI Insurance also ... Professional Indemnity policies with BizCover. Contact Migration Alliance for your exclusive discount code. Public Liability Insurance* Public Liability insurance ...
read more7 Common Types of Small Business Insurance
... of business! Related: Public Liability Insurance explained 2. Professional Indemnity Insurance If your business or profession involves providing a service or advice, then Professional Indemnity (PI) Insurance is a must ...
read moreWhat are some types of insurance available for small businesses?
... for you and your business in the event a customer, supplier or a member of the public are injured or sustain property damage as a result of your negligent business activities. Professional Indemnity insurance If your ...
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... can be useful even if it's not required. Public Liability insurance helps you manage third-party claims of injury or ... equipment and more! Professional Indemnity insurance* Professional Indemnity (PI) insurance offers ...
read moreWhat risks do professional beauty businesses face?
... could go out and get a separate PL and PI policy, it's important to consider this first. What's unique for some occupations in the beauty industry is the way Professional Indemnity and Public Liability risks are closely ...
read more5 questions to ask yourself before buying Insurance for your small business
... of your professional service or advice. PI Insurance will also ... professional body and any contracts that you have. Often they will require you to have a minimum level of Public Liability or Professional Indemnity insurance ...
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... you get your Certificate of Public Practice there will be ongoing obligations like keeping your Professional Indemnity insurance * current and that you partake in continuing professional development. Your business set up ...
read moreA Broker Divided – Is BizCover’s Michael Gottlieb a Threat to Broking or its Future?
... opportunities in front of you. “We had created some relationships and what we started trying to do was sell insurance - whether it was D&O or professional indemnity - but really focusing on what we knew well, which was ...
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... short circuit your business. Protect it against liability claims and other unexpected events. With just a few ... a Public Liability policy! Professional Indemnity Insurance* Professional Indemnity (PI) insurance covers ...
read moreBusiness Insurance Guide for the Self-Employed – Part 2
... 2 of our guide , we explore the ins and outs of Professional Indemnity insurance. What is Professional Indemnity insurance*? Professional Indemnity insurance is an important form of protection for businesses that provide ...
read moreThe Remaining Risk: What Isn’t Covered and Why it Matters
... of your insurance. Read the below carefully: Public Liability – This protects ... Professional Indemnity (PI) insurance you should know that you're covered for any damages claims awarded against you, plus defence costs. And ...
read moreWho is Covered Under an IT Liability Policy?
... contracts between consultants and clients requiring these insurances in addition to professional indemnity. The benefit of having professional indemnity, products liability and public liability contained in the ...
read moreInsurance for Allied Health Professionals
... know? BizCover is the preferred insurance partner of the Naturopaths and Herbalists Association of Australia. If you're a NHAA member you'll save on your Professional Indemnity & Public Liability cover with our exclusive ...
read moreUnderstanding Insurance for Graphic Designers
... service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. Public Liability Insurance* Whether you are ...
read moreHow to set up your own sole trader contracting business
... of the public brings a claim against you due to their being injured or sustaining property damage as a result of your negligent business activities. Professional Indemnity insurance* Professional Indemnity (PI) insurance ...
read moreInsurance for Project Managers
... of your professional consulting service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by your policy. Public Liability Insurance Whether ...
read moreThe risks of growing your small business
... the primary insurances - public liability and professional indemnity - are ... liability! Public Liability (or 'PL') covers claims against personal injury or property damage to a third party and can include Product Liability ...
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... 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 ...
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... in the event of a costly claim. It is vital to know the difference between Professional Indemnity and Public Liability insurance, as these are two very different covers that offer protection for different types of risks ...
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... are covered by the policy. Professional Indemnity claims can arise from simple things like giving incorrect advice, a miscalculation, wrong diagnosis or treatment. Public Liability insurance* Another common coverage for ...
read moreUnderstanding Insurance for Interior Designers
... of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with managing claims which are covered by the policy. Public Liability insurance* Whether you ...
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... advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. Public Liability Insurance* Public Liability insurance is ...
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... have PL Professional Indemnity - protects against losses for any legal action taken against your business for advice or services you have provided. All businesses providing advice should have PI Business Insurance - ...
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... to risk. Professional Indemnity insurance Professional Indemnity (PI) insurance * could ... Public Liability insurance can help save the day and reduce the impact on your business. Public Liability insurance* protects you and ...
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... that when a claim arises a current policy must be in force It is an extension to your existing Professional Indemnity insurance policy and comes into effect when you stop trading, providing protection for your business ...
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... for you to have enormous liability exposure, which may affect your personal assets if things go wrong. What types of insurance do consultants often consider? Professional Indemnity* There are literally hundreds of ...
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... of your profession. Professional Indemnity insurance will also assist with the costs associated with responding to or managing claims which are covered by the policy. Public Liability Insurance* Considering you work ...
read moreUnderstanding business insurance for bookkeepers
... costs What is typically not covered?* Intentional damage Contractual liabilities Professional fees Known claims and circumstances Fraud and dishonesty Public Liability insurance* As a small business owner, you have a ...
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... does it cover? A Disability Support Worker's insurance package includes Professional Indemnity* and Public Liability* insurance. Professional Indemnity An important form of insurance that is designed to respond to claims ...
read moreA sole traders and freelancers guide to business insurance
... Contractual liabilities Your professional fees Known claims and circumstances Fraud and dishonesty Why do sole traders and freelancers need to consider Professional Indemnity insurance? Giving professional advice and ...
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... faced with include things like errors and omissions, miscalculations, and not being able to meet the ... Public Liability insurance covers you anywhere within Australia. Insurance for Civil Engineers* Professional Indemnity ...
read moreInsurance for Finance & Mortgage Brokers
... the policy. Professional Indemnity policies are available through BizCover that can meet the requirements of RG210. Public Liability* Public Liability insurance is a no-brainer for finance and mortgage brokers. Regular ...
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... advice. Your Professional Indemnity insurance will pay compensation to a third party together with your defence costs (which can include legal costs, investigator costs and expert fees). Public Liability Insurance Do you ...
read moreInsurance for Social Workers
... ? Your Public Liability policy covers you anywhere in Australia so you can work with clients from Hobart to Hamilton Island! Insurance for Social Workers Professional Indemnity* Providing professional advice and services ...
read moreSole Trader Insurance
... require that their tenants have Public Liability insurance. If you rent an office or other workspace, you'll probably be asked to show proof of insurance before signing a lease. Professional Indemnity If you provide your ...
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... as 10 minutes, you can compare cover and buy a Professional Indemnity policy that fits your unique needs. You can even sort other types of insurance—like Public Liability and Cyber Liability —at the same time, saving you ...
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... a result of your negligent business activities. Other Insurances for pharmacies Whilst Professional Indemnity and Public Liability insurance provides cover for legal liabilities arising from your practice as a pharmacist ...
read moreReviews related to Professional Indemnity Insurance And Public Liability Insurance
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Easy & intuitive website for generating multiple professional indemnity quotes. Good personal follow-up by friendly brokers.
Malindi M
Management Consulting Service
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.