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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:
Omission or breach of professional duty
Providing unprofessional or incorrect advise
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.
Why choose Insurance HQ?
Insurance HQ is a friendly family-owned & run insurance brokerage.
We have been in the industry for over a decade and specialise in bringing our customers’ real service and insurance coverage they can count on.
How are we different?
We take all of the stress out of choosing cover as we know what policies offer genuine protection vs coverage that simply “sounds good”.
In the event of a claim, our multi-award winning team will take all the hassle and stress out of the process, handling the situation for you. With years of experience handling all forms of claims, there isn’t a scenario we haven’t heard or mastered the art of dealing with.
No one knows the industry better – we get our clients the best possible cover, for the best possible price and we fight for your best interest.
Beyond our customer service and our industry experience, we’ve spent many years building a strong rapport with insurers and negotiating competitive premiums.
With access to over 170 insurers and a friendly team who will take care of you, come and experience the Insurance HQ difference today.