Who should consider it?
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advisors - with the requirements differing from state to state.
But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee - like, graphic designers, IT consultants and more. And regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.
What is Professional Indemnity Insurance?
Anyone can make a mistake - but if your business if found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard earned reputation may be damaged as a result.
That’s why professional indemnity insurance matters - help protecting you assets and brand if your advice or insurance cause a client to take legal action against you.
“If you own a business, you can be liable for damages or injuries to another person or property ... consider professional indemnity insurance for your business if the likelihood of legal action is high”
Did You Know?
27.7%
In 2014 alone, professional indemnity and public and product liability claims increased 27.7% (Insurancenews.com.au “Claims up, premium down for PI and PL”, 2015)
$1,362
$1362 million of gross premium during the 2016 underwriting year (APRA, National Claims Policy Database, 2017)
701,000
701,000 PI risks written in the 2016 underwriting year (APRA, National Claims Policy Database,2017)
Terms, conditions, limits and exclusions apply to the products referred to above. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 642 001 before deciding to acquire, or to continue to hold, this product.
Frequently Asked Questions
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This will depend on your personal circumstances. You should consider your fee income and your clients as well as any contractual obligations you may have. When we provide a quotation we can always provide a number of options for you to review.
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The cost of professional indemnity is based on a number of factors such as what services you provide, your fee income, prior claims and your industry to name a few. Some policies start from as little as $250 a year!
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Marketing Consultants, IT Consultants, Engineers, Surveyors, Real Estate Agency’s, Construction, and Financial Services to name just a few.
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This is the date from when the insurer will cover you for any past activities.
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Costs inclusive means that the excess is to be paid by you whenever your insurer investigates/defends a claim against you, regardless of its outcome.
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Costs exclusive means that the excess is only paid when your insurer settles the claim with the third party.
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Call us on 07 5438 8991 or click on the contact page on this website and we can do the rest.
Terms, conditions, limits and exclusions apply to the products referred to above. The information provided here is general advice only and has been prepared without taking into account your objectives, financial situation or needs. You should consider these, having regard to the appropriateness of this advice, and the relevant Product Disclosure Statement, available by calling us on 1300 642 001 before deciding to acquire, or to continue to hold, this product.
CALL 1300 642 001
