Professional indemnity insurance
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What is professional indemnity insurance ?
Professional Indemnity Insurance is important for many businesses, but it’s particularly beneficial for businesses and professionals who provide advice or services to their customers or clients.
Professional Indemnity Insurance protects businesses against legal claims for compensation as a result of providing negligent or incorrect professional advice or services. It covers the whole business against claims – from employees, contractors and partners to directors and related entities
Do I need professional indemnity insurance?
Regardless of your professional level or how skilled you are, anyone can make a legal claim against you and the professional advice or services your business provides. You could also be held liable for damages to third parties or properties caused by your business.
In the business world today, there is high potential for claims and litigation. No matter the size of your business or the industry you operate in, such claims can have devastating consequences for your financial assets and reputation if you don’t have Professional Indemnity Insurance to protect you. Professional Indemnity Insurance should be taken out by anyone who wants to safeguard their business, assets and reputation.
Here are some examples of claims that would be covered by Professional Indemnity Insurance:
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Omission or breach of professional duty
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Providing unprofessional or incorrect advise
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Failure to exercise the required level of skill or expertise
It’s worth noting that Professional Indemnity insurance is a ‘claims made’ type of policy, meaning that only an incident which occurs and is lodged within the policy period is covered. This means that every new policy has a retroactive date that picks up the previous years’ work. If there’s a gap in coverage, you can lose all coverage for previous work.
Depending on your occupation, you may also need to maintain a policy for an additional seven years after you finish work to ensure you’re covered for any claims that arise.
How much is professional indemnity insurance?
Professional Indemnity Insurance typically starts at a minimum of $1,000 to $2,000. Depending on the inclusions of the policy, e.g. building inspections and project management, policies can easily start at around $5,000 due to high claim rate.
Many industries now have a combined public liability and professional indemnity insurance policy to provide gap free coverage, e.g. for IT professionals and building design/engineering services.
Get your professional indemnity insurance quote with Insurance HQ
Our experienced team of brokers can advise you on all aspects of Professional Indemnity Insurance and the best options for your business. Get in touch today on 1300 815 344 for a friendly chat.