What you need to consider when purchasing Professional Indemnity insurance

There are many different types of industry experts that fall into the professional’s category from real estate agents to architects, education consultants and allied health specialists.

It’s a major responsibility to provide professional advice and if it all goes pear shape you could find yourself in less than desirable position, potentially putting the future of your business at risk. That’s why it’s important to understand what key things you need to consider when purchasing Professional Indemnity insurance.

1. What risks are associated with my profession?

One thing which all professionals have in common is the role of giving advice and specialist services to your clients. It’s what your clientele seek you out for. They require your guidance and skills to help them achieve certain goals, finish a project or help with their own business needs.

While it may be easy to think that all Professional Indemnity insurances must be the same, the reality is there can be significant differences between various insurers and the policies which they offer. You need to check that the policy you select is the most suitable option for your profession and that you have adequate cover in place to cover your business’ specific activities.

2. Understand what your policy covers and excludes

Going over your policy from the start will ensure that you are clear and understand exactly what is covered and what is excluded. A little bit of research from the start can save a lot of confusion in the event that you may need to make a claim.

3. How much Professional Indemnity insurance cover do I need?

Each business is different with their own factors that can determine the amount of Professional Indemnity insurance required. These are some of the things to consider when trying to calculate how much Professional Indemnity insurance your business may need:

  • The size of your business
  • The size of the contracts and jobs that you work on
  • What minimum amounts of cover are required for 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 quotes from some of Australia’s leading insurers so you can get covered in minutes without the stress. Get a quote today and experience insurance made easy.

* 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. © 2022 BizCover Pty Limited, all rights reserved. ABN 68 127 707 975; AFSL 501769

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