How Does Professional Indemnity Insurance Benefit You?

If you are a professional and have your own company, ... have professional insurance, which can also be referred to as professional indemnity ... . How to choose professional insurance providers You should consider the following when choosing a professional insurance provider. • Check whether or not the insurance provider has enough experience. • Verify ...

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How the cost of Professional Indemnity insurance is calculated

... the cost of a Professional Indemnity (PI) insurance policy is calculated and ... that impact the cost of Professional Indemnity insurance ... 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 ...

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Top 5 Reasons for Having Professional Indemnity and Public Liability Insurance

... hold and maintain Professional Indemnity and Public Liability insurance. #1 Protection against ... claims of negligence, malpractice and professional ... the NHAA, which allows you to become a recognised Health insurance provider you must have Professional Indemnity insurance. #5 Maintain a professional standard and protect your reputation The image we portray ...

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A Guide to PI Insurance

... and omissions insurance, PI or Professional Indemnity). What is Professional Indemnity Insurance? Professional Indemnity Insurance ... under 2 minutes , and purchase in only a couple more. BizCover also allows business professionals to compare policies from leading insurance providers ( AIG , Dual and Vero ) to make sure that you're getting the cover ...

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What are the Insurance Options for Land Surveyors?

... yourself and your company with insurance is a smart investment. Land ... ... to defend their rights, Professional Indemnity Insurance can be crucial. PI insurance is designed to respond to ... leading insurance providers and provide quotes in minutes. *As with any insurance, cover ...

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Business Insurance Guide for the Self-Employed - Part 2

Navigating the world of business insurance can be confusing which is ... created a guide to business insurance for the self-employed that ... ins and ... reputation. Some Professional Indemnity insurance policies may even include coverage for PR related expenses, something that should be confirmed by your insurance provider. Claim example The ...

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Professional Indemnity Claims: when should I notify my insurer?

Your Professional Indemnity (PI) insurance is no doubt one of ... against your business. Like all insurance policies, there are several important ... So in other words, you must advise your insurance provider if any of the following occur: Any mistake, ... of Disclosure Another very important condition of Professional Indemnity policies involves your Duty of ...

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5 Tips for an Insurance Health Check

If your insurance is due for renewal or ... a health check of your insurance to ensure that if the ... ... you may want to increase your Professional Indemnity insurance. Also, consider any new ... payment options Check the payment options available as some providers offer a discount for paying annually which could ...

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Business Interruption Insurance: Your 'Get Out of Jail Free' Card

... 'lock up' operations. Business interruption insurance can provide both peace of ... ... Records – This will cover the clerical and professional costs involved in re-writing necessary business ' ... plan - a plan that should include both a broader insurance package and (crucially!) a clear guideline for how your ...

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The Risky Business of Insurance

What are the Real Costs to Australian Small Business? Small business owners tend to be juggling many balls - managing clients, cash flow, staff, stock and future planning ... to them. Every business should have PL Professional Indemnity - protects against losses for any ... providers online, and instantaneously buy one that suits you.” Gottlieb's top three tips to assessing your insurance ...

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Insurance for Furniture Manufacturers

... wrong. This is where business insurance comes into play and should ... . The process of arranging your insurance can feel overwhelming at times . ... . BizCover assists furniture manufacturers to find the right insurance options to protect their business. Working with some of Australia's leading insurance providers means we can provide a range of competitive ...

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Professional Indemnity Insurance for Civil Engineers

... your pearls of wisdom and professional services. Like any profession there ... your services. As a professional, considering Professional ... 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 ...

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Insurance for Civil Engineers- what you need to know

... about what kinds of business insurance coverage you may need to ... ... involved 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 ...

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The difference between Public Liability and Professional Indemnity insurance

... most common types of business insurance, but do you really know ... . What is Public Liability insurance*? Public Liability Insurance is designed ... th e n 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 ...

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What are some types of insurance available for small businesses?

... consideration is getting your business insurance sorted. There are many kinds ... it comes to getting your insurance sorted because no two businesses ... as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims ...

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BizInsure Capitalizes on the Paradigm Shift in Commercial Insurance!

... leading-edge online insurance model that connects independent professionals and small ... businesses to critical Professional Liability (E ... Woodruff-Sawyer & Co. (WS&Co.) and BizCover Pty Ltd (BizCover). This alliance combines experienced insurance professionals and cutting-edge technology to meet the specific needs of small to midsized businesses and ...

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What Limit of Professional Indemnity Insurance Do I Need?

... consumers is 'What limit of Professional Indemnity insurance do I need?' While ... . If you belong to a professional association, it is always ... 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 ...

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Understanding Insurance for Graphic Designers

... , that's when your business insurance comes into play. We've ... ... of an unhappy client making a claim. This is why Professional Indemnity insurance is an important coverage to consider. Professional Indemnity (PI) insurance is a form of protection for businesses that provide ...

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7 Types of Insurance Your Small Business Should Consider

... is Small Business Insurance. But what kind of insurance do you actually ... ... ), and could be enough to put a small business out of business! Public Liability Insurance explained. Professional Indemnity Insurance If your business or profession involves providing a service or advice, then ...

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7 Surprising ways business insurance can help your company

... of sorting out your business insurance may feel like an overwhelming ... ... 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 ...

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Keep calm and stretch on with Yoga Teacher insurance

... of arranging your yoga teacher insurance go. As a yogi or ... business. Let us centre your insurance chakra by exploring some of ... ... the 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 ...

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Understanding Insurance for Real Estate Agents

... without its risks. From providing professional advice to storing sensitive client ... consider the appropriate kinds of insurance you may require ... property journey , and no matter how much car e you may take mistakes can still occur. Professional Indemnity insurance  is designed to respond to claims against your business for losses as a result of actual ...

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Understanding Insurance for Mortgage Brokers

... the appropriate types of business insurance. [] ... as a result of your actual or alleged negligence from the delivery of your professional service.  Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing ...

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Understanding Insurance for Interior Designers

... where having the right business insurance in place is vital. Let ... and outs of how business insurance can protect your interior design ... ... down some of the main ones you may need to consider as an interior designer. Professional Indemnity insurance* Clients hire you for your expert interior design skills and advice and no matter how ...

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Professional Indemnity Insurance 101: For Allied Health Professionals

... to protect yourself is with professional indemnity insurance. This type of policy ... ... essential 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 ...

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Misconceptions Around Professional Indemnity Insurance

... misconception is that the claims professional indemnity insurance covers are only the ... ... the 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 ...

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5 Questions to ask yourself before buying Insurance for your Small Business

Know you need business insurance but aren't sure how ... while and looking to buy insurance for the first time; there ... ... property damage to 3 rd parties due to your business activities Professional Indemnity insurance protects businesses that provide a professional service or give specialist advice against financial losses for legal ...

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Sometimes Professional Indemnity Insurance is Needed

Professional indemnity insurance is handcrafted to provide coverage ... the policy holder due to professional carelessness or accusations. Sometimes ... that 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 ...

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Additional Cover for Professional Indemnity Insurance

... Fernando for his certificates of insurance - it's just part ... is not only insured with professional indemnity, but also with the ... ... 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 ...

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Professional Indemnity for Real Estate Agents

... In the Real Estate Industry Professional Indemnity Insurance provides essential financial protection against ... acts, errors and omissions from Professional Indemnity Insurance with a number of set policy inclusions. 1 Even with this requirement, it is worthwhile ...

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Small Business Insurance Index

... price increases in the business insurance market, SMEs are continuing to ... the cost of business insurance, the BizCover SME Insurance Price ... sectors saw no changes to the cost of their Public Liability insurance. SME Professionals have been seeing increases in their Public Liability insurance over the last few years, however this year the increases were ...

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Business Insurance Guide for the Self-Employed - Part 3

... in the world of business insurance, it can feel like you ... guide on all things Business Insurance for the self-employed. In ... back to basics ... , this is where Tax Audit insurance comes into play. What is typically included?* Accountants fees Tax agent fees Limited other professional's fees incurred to responding to a ...

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BizCover Disrupts Insurance by Commoditising it

... the BRW article. Self-proclaimed insurance industry disrupter BizCover is trying ... by letting newcomers to the insurance sector, such as Coles ... claims to have “broken the mould” by making commercial insurance a more commoditised product. It's a live experiment in whether labour-intensive professional services firms can develop a highly scalable, repeatable and ...

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BizCover SME Insurance Price Index Q1 FY21

... clients buck the trend of insurance price hikes. Whilst the Australian ... the availability and pricing of insurance for SMEs, BizCover can report ... were also able to capitalise on a 1.3% decrease in prices quarter on quarter for Professional Indemnity insurance. The one area that has seen ongoing fluctuations and an increase in prices this quarter is in ...

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Things you didn't know about small business insurance

Getting the insurance sorted for your small business ... , compare quotes and buy the insurance that suits your business. But ... not know about small ... a contract. For example if you are providing professional services for a large corporation or the government, ... business is on the move and changing and so your insurance needs will also be changing and you'll want to ...

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Small Business Insurance Price Index Q3

Insurers hold on to SME Insurance Premium Price Increases! Despite a ... BizCover Small Business Insurance Price Index has shown insurance rates ... have managed to hold the rates increases from last quarter in the retail sector. Insurance pricing to the professional sector saw no significant changes over the quarter. Michael Gottlieb, Managing Director of ...

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Small Business Insurance Index Q2: 5 point increase, largest in 10 quarters

The Quarterly BizCover Small Business Insurance Index has shown that Australian ... enjoyed the end of declining insurance premiums with an increase ... 2016, the first increase seen in 10 quarters. This brings the insurance rates back to the same level as Q4 2013/14 (6 ... is a hardening of rates in the non professional sector with Public Liability and Business Packs ( ...

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BizCover's SME Insurance Price Index has unveiled a ... the COVID-19 pandemic with insurance rates remaining flat for a ... acquired from BizCover's ... some notable declines across the Trades and Retail industry segments. Prices for insurance across its Professionals industry segment showed marginal increases largely attributed to seasonal fluctuations. BizCover ...

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iSelect partners with BizCover to launch business insurance comparison

... expanded their general insurance offering to include business insurance, through a partnership ... , Australia's leading small business insurance ... , through a partnership with BizCover, Australia's leading small business insurance service provider. Through the BizCover partnership, iSelect is now offering small to medium (SME) business owners a full end-to ...

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What Tradies Need to Know About Public Liability Insurance

... the most common types of insurances for tradies, but do you ... and outs of Public Liability insurance and what you need to ... . So what is Public ... does Public Liability insurance typically not cover? Injuries to your employees Damage to your own property Costs of rectifying faulty workmanship Professional negligence Contractual ...

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Business Insurance Guide for the Self-Employed - Part 4

... piece of our Business Insurance for the self-employed ... Accident and Illness insurance and Cyber Liability insurance. We share ... is Personal ... criminal or caused by you Alcohol or drugs Professional sports Motor sports Why do self-employed workers need to consider Personal Accident and Illness insurance? When you are working for yourself, your ...

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5 Surprising Things Business Insurance Can Cover

When looking for Business Insurance, most small business owners typically ... ... or Territory department, body or agency, including professional fees for bookkeepers, accountants, lawyers and other associated costs. Every business has different insurance needs depending on the industry you operate ...

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BizCover SME Insurance Price Index Q1 FY20

... and professionals have seen material price reductions on their Public Liability insurance ... ... across all products, driven by both a 5% (Retail) and 13% decrease (Professionals) in the price of their Public Liability insurance for the most recent quarter. This contradicts the steady industry increases we have seen ...

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Insurance Premiums for Retailers Continue to Climb

Insurance Premiums for Retailers Continue to ... The latest BizCover Small Business Insurance Price Index has been released ... an increase in small ... increase however is not universal. Graph 1 – BizCover Insurance Price Index (Financial Year 2017 2nd Quarter) There was no change in the Professional Indemnity sector, but the index for Public Liability and ...

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BizCover SME Insurance Price Index Q2 FY20

More larger businesses with simple insurance needs are using BizCover for ... their insurance, while smaller businesses benefit from ... this quarter ... revenue have benefited from stable, competitive prices overall. The BizCover SME Insurance Index is comprised of three industry groups, Professionals, Trades & Services and Retail & Hospitality. Whilst all three groups ...

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Legal Requirement for Public Liability Insurance

Public liability insurance covers your business for losses ... . Failure in obtaining public liability insurance policy can expose a business ... ... damage to a third party as a result of your business' activities. Failure in obtaining public liability insurance policy can expose a business to a range of risks. As a business, you will inevitably have interactions ...

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Dishing up the facts on food business insurance

... you have the right business insurance. When it comes to insuring ... ... can do to help prevent your business from crumbling if a disaster was to strike? Fortunately, there's an insurance policy for that! With a whole menu full of cover for your business, you can find protection for your ...

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Public Liability Insurance for Cabinet Makers

... the right kind of business insurances in place. Regardless [] ... ... contract or as a condition of entry to a worksite. If so, make sure you have your Public Liability insurance policy sorted before you pick up the tools and that you have the right level of cover required. What can ...

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Understanding Insurance for Retailers

... , and that's where business insurance can help save the day ... ... the finest frocks in town or an emporium of gifts, no retail business is immune from the risk of a n insurance claim occurring. We know how busy you are, so we've created this easy, go-to guide on understanding some ...

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A guide to Plasterer's insurance that won't leave you, board

... by not having the right insurance in place? Read on to ... ... victim and still be able to survive financially? Many contracts will require you to have your own Public Liability insurance before you even step foot on site. Make you sure you arrange your cover with the right limits ...

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Steady as she goes - still no increases in Insurance Premiums!

... The BizCover Small Business Insurance Price Index is indicating ... market for small business insurance continues to benefit from ... stability in ... in the index over the last 9 quarters. The Retail Sector is one of the few industries where insurances prices have increased. A trend driven by continued competition, as well as capacity in the market. This ...

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Common Small Business Insurance Claims and How to Prevent them.

... . Whilst you've got the insurance to help you out, you ... ... and have a big impact on the running of your business and your bottom line. Whilst you've got the insurance to help you out, you'd ultimately rather avoid the disruption to your business that these unexpected events can ...

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Small Business Continues to Win on Insurance Prices!

... ; however the BizCover Small Business Insurance Price Index for the first ... ... all indicate that the industry is long overdue for a price increase; however the BizCover Small Business Insurance Price Index for the first quarter of the financial year indicates that insurers have not been able to ...

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Michael Gottlieb Featured on the Insurance Business Hotlist for 2014

... successful in taking out the Insurance Business Brokerage of the Year ... ... the broking world, and not just because his Mega Capital business was successful in taking out the Insurance Business Brokerage of the Year award and featured in the Deloitte Technology Fast 50 Australia ranking for the ...

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Michael Gottlieb featured in Insurance Business

In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The In January, our Managing Director Michael Gottlieb was interviewed by Insurance Business magazine, giving his outlook on 2014. Insurance Business - The Year Ahead

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A Mumpreneurs Guide to Understanding Business Insurance

The art of juggling parenthood while running your own business is anything but an easy feat. Theres always something screaming for your attention, from managing client ... of actual or 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 ...

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Understanding Insurance for Physiotherapists

Your clients rely on your expert advice and services as a physiotherapist. You help ease their aches and pains from minor sprains to long-term rehabilitation programs ... of actual or 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 ...

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Professional Indemnity Insurance for Consultants

A large number of people that start businesses, in Australia have been experiencing a steady growth in business for the past few years. One area that is growing in magnitude ... a very safe option to assure you are covered in the event that someone files suit against you. Professional Indemnity Insurance works by insuring you the cost of a claim made that is equal to your client's monetary loss ...

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Beauty to go! What Mobile make-up artists need to know about insurance

There are some obvious pros to working as a mobile freelance make-up artist - you have control over the hours you work, you get to work with a wide range of clientele ... you're covered and it usually comes combined as a liability package with your Professional Liability insurance. Portable Equipment Insurance As a makeup artist, you need your makeup kit and crucial tools to ...

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Insurance for architects- the blueprint to success

The career of an architect is an exciting one, yet it's not one without risk. From the ground up, your responsibilities are skyscraper high. Beginning with the first ... territories, each with their own Architects Act and registration boards . And with that comes varying Professional Indemnity insurance requirements. It's important to make sure you have, at the very least, the minimum ...

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Insurance Considerations for Personal Trainers

Working as a personal trainer can be a rewarding career. Not only do you get to help your clients achieve their goals and transform their lifestyles, but it's also the ... 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 ...

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Small Business Insurance: Why you might want to ensure you're covered!

Running a business can be rewarding, challenging but also stressful. While you will are taking control of your earning potential and the upside can be great, there are ... ? In Australia for some business sectors you'll find certain types of insurance is required. For example you'll find Professional Indemnity is comp ulsory for finance and mortgage brokers, real estate agents ...

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How to Become a Professional Land Surveyor in Australia

Land surveying is the science, technique and profession that goes into a wide variety of tasks including planning and designing new or existing structures, construction ... you would have to do is complete an application, pay the set fees, and meet all the minimum requirements. Land Surveyor insurance should also be considered and this may include professional indemnity insurance .

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5 Common Beauty Insurance Claims

As much as we like to hope otherwise, unexpected events happen! Things can go dreadfully wrong despite the best efforts we take to prevent them and the simplest of ... , including defence costs which were paid under her Professional Indemnity policy. Back in business Have you ever ... against them by making sure you have the right insurance policies in place. It's also a wise idea ...

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Personal Accident and Illness Insurance for Tradies

Does the thought of being off work for three months due to a major mishap with a nail gun horrify you? As far-fetched some accident stories may sound, the reality is ... for, the waiting periods and the type of Personal Accident Insurance policy you want to have in place. You can even select ... Return to work assistance Reimbursement of professional or membership fees Let's face ...

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Cyber Insurance: Is it worth it?

Many businesses think their business is too small to attract cyber criminals. Yet, when it comes to cyber theft, size doesn't matter. Hackers are on the lookout for ... $155,000 for loss of income, a professional to handle the ransom, network restoration costs, notification costs as well as credit monitoring services Cyber insurance is available for first-and third-party losses ...

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6 Areas You May Not Have Thought Business Insurance Covers

Your business is your livelihood. So it's vital to protect your business assets and revenue against potential risks that may impact your business, such as fire, storms ... a policy to suit your needs and include other essential covers such as Public Liability and Professional Indemnity insurance to ensure you are not left financially responsible for the costs of a legal claim should ...

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Public Liability Insurance Scenario

Just imagine: A phone call out of the blue. The caller has a voice you don't recognise. He's telling you he is hurt - badly - and you're responsible. You hang up. He ... nothing could be worth that amount of anguish. “If I had been responsible and set my business up with the insurance I needed, it would have been a very different story for me,” Janine says from her new home in South ...

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The Reality of Retail- Real Life Claims and How Business Insurance can Help

The world of retail is fast-paced and varied, with no two days ever the same. With so much going on, it also creates a recipe of risks and opportunities for things to ... can cover your contents and stock from theft, attempted theft or armed hold up. It is not unusual for theft insurance to need the item stolen to have been securely stored before the theft and for there to be evidence of ...

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The bricks and mortar of building insurance cover- what you need to know

Your business property is like your home away from home and is the place where you work your magic. Whether you're in the business of providing expert advice to clients ... Building cover is generally only taken out if you are the owner of the business premises. As part of the insurance assessment process, an assessor may be brought in to conduct a valuation of the property. If you are a ...

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Insurance for Cabinet Makers- What You Need to Know

When it comes to building and creating quality pieces of craftsmanship, cabinet makers know a thing or two. This highly skilled trade involves having an eye for detail ... T he reality is cabinet makers are faced with risks every day. Having the right types of insurance in place to protect your cabinet making business is a solid investment, protecting not only your finances ...

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Cyber Liability Insurance: the safety net small businesses need

It may have taken some time for the reality to hit, but the wider public is now starting to realise that hackers aren't just fictional brooding movie villains - they ... them as often as you can and be vigilant with shutting down your PC or laptop when not in use. INSURANCE AS A FIREWALL While prevention is the simplest way to minimise the chance of a cyber-attack occurring, Cyber ...

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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 (PI) insurance* is an important form of protection for businesses that provide specialist services or professional advice.  It 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. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. 

Professional Indemnity claims can arise from simple things like giving incorrect advice, a miscalculation, incorrect diagnosis or treatment 

Professional Indemnity explained further…

Independent feedback from our customers rated our service at excellent.

What’s typically included?*

Depending on the Professional Indemnity policy selectedyour policy could cover: 

  • 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 

What is typically not covered? *

  • Intentional damage  
  • Contractual liabilities  
  • Professional fees  
  • Known claims and circumstances 
  • Fraud and dishonesty 

Download Professional Indemnity Fact Sheet

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:

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