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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:

Professional Errors and Misconduct

  • Giving incorrect advice
  • Incorrect diagnosis or treatment
  • A miscalculation
  • Inadvertently defaming someone

Breach of Professional Duty

  • An act, omission, or breach of duty
  • Engaging in misleading or deceptive conduct
  • Failing to meet a deadline

Client Service and Communication Issues

  • Loss of documentation
  • Not meeting your client's expectations

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Professional Indemnity insurance

Professional Indemnity insurance is designed for professionals who provide a specialist service or advice, providing protection for financial loss and legal costs in the event of a claim. This claim may be a result of an actual or alleged negligent act, error or omission whilst providing your professional service or advice.

What is 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
  • Confidentiality and other privacy breaches
  • Loss of or damage to documents
  • Reasonable legal costs incurred in defending or responding to the claim
  • Disciplinary proceeding costs
  • Claim investigation costs
  • An award of legal costs against you
  • Breaching your professional duty
  • Defamation, libel or slander
  • Payment of compensation as a result of a claim, including but not limited to Court awarded damages
  • Infringement of intellectual property
  • 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
Professional fees refunds
Known claims and circumstances that may have occurred prior to the period of insurance
Contractual liabilities
Acts of fraud and dishonesty
Accidental injury and property damage ( these kind of claims would typically be covered by Public Liability insurance)

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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
  • If you are renting your business premises, your landlord may require you to have your own Public Liability and in some instances Glass cover sorted
Professional Indemnity Fact Sheet Get Instant Quotes
fact sheet

Frequently Asked Questions

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 requirementIt 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 usOnce 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.

Why choose BizCover for
your Professional Indemnity insurance?

Built for Small Businesses

Built for Small Businesses

We know insurance and what makes small businesses tick

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.

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!

Real people adding real value

Real people adding real value

Our friendly service team is on hand and on a mission to make you smile!

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*For more information on how we calculated our awesome stat visit: https://www.bizcover.com.au/one-in-ten-small-businesses-use-bizcover/
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Professional Indemnity insurance

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.

How it works?

Get quotesin minutes

Get covered and protect your small business with BizCover

How it Works

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:

business-insurance
Professional Errors and Misconduct
  • Giving incorrect advice
  • Incorrect diagnosis or treatment
  • A miscalculation
  • Inadvertently defaming someone
Breach of Professional Duty
  • An act, omission, or breach of duty
  • Engaging in misleading or deceptive conduct
  • Failing to meet a deadline
Client Service and Communication Issues
  • Loss of documentation
  • Not meeting your client's expectations
Get quotesin minutes

What is typically included?

  • Providing your client with misleading or negligent advice
  • Confidentiality and other privacy breaches
  • Loss of or damage to documents
  • Reasonable legal costs incurred in defending or responding to the claim
  • Disciplinary proceeding costs
  • Claim investigation costs
  • An award of legal costs against you
  • Breaching your professional duty
  • Defamation, libel or slander
  • Payment of compensation as a result of a claim, including but not limited to Court awarded damages
  • Infringement of intellectual property
  • 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
What is typically not covered?
Get quotesin minutes

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

If you are renting your business premises, your landlord may require you to have your own Public Liability and in some instances Glass cover sorted

Industries that may require Professional Indemnity

Industries that may require business insurance

Across Australia there are many different types of small businesses that help the economy going, from personal trainers to IT wizards, coffee shop owners, cleaners and the trusty tradies. While your day to day operations as a business may be different, there is always an element of risk when your run your own business. This is a snap shop of some of the typical type of businesses that may require business insurance.

Need more help? Visit our Insurance by industry section to get the lowdown on what cover is available through our website for your profession.

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Frequently Asked Questions

Who needs Professional Indemnity insurance in Australia?
When is Professional Indemnity insurance compulsory in Australia?
How much does Professional Indemnity insurance cost?
What’s the difference between Public Liability insurance and Professional Indemnity insurance?
What’s the difference between Management Liability insurance and Professional Indemnity insurance?
How do I lodge a claim?

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