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Professional Indemnity Insurance - Talk to a Professional

 

An insurance broker knows the types of covers needed and where to find them. This can save you time, money and worry.

When arranging insurance, many people take shortcuts without seeking proper advice, not understanding the fine print or considering whether they are getting value for money.

Often they are disappointed when their insurance doesn't come to the rescue.

Prefer to talk to a broker first, call 1300 881 779

To receive a quote, please select one of the following links:

 

There are four advantages if you can hold off purchasing your insurance until office hours:
  1. Automated rating systems use limited insurers. However, our brokers will ask you about your business and will get quotes based on your exact activities.

  2. We will make sure that the cover provided is right for your business and not contain unwanted exclusions.

  3. You can ask questions and be satisfied that you are getting what you need.

  4. Our access to the whole market (over 20 insurers), will usually result in better cover and more competitive premium

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If you need advice, please call Liability Brokers: 1300 881 779


 

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Reasons for Professional Indemnity Insurance

More clients require professionals they hire to carry Professional Indemnity insurance. You may risk losing the opportunity for a new project without it.

Contracts only go so far in protecting businesses from potential lawsuits, as contract provisions are routinely challenged in court and at a considerable expense.

The number of legal challenges continues to rise in this litigious society, as clients do not hesitate to take legal action if they feel the professional services performed were below their expectations

Defence costs, even in frivolous cases, can be costly in not only dollars but in lost work time.

A quality miscellaneous professional indemnity policy can be both cost effective and ensure that clients will be comfortable working with the professional firm.

How long should I have Professional Indemnity Insurance for?

Professional Indemnity Insurance is issued on a "Claims Made" basis

'Claims Made' is a term used to describe an insurance policy which provides cover for claims which are only notified during the term of the policy.

This is not necessarily the same time period when the actual incident or error causing the claim, occurred.

Professional indemnity policies provide a 'claims made' basis of cover because professional errors in construction, accounting, legal etc are often only discovered weeks, months or even years after the error was made.

Here's a simple example. If you made a costly mistake for a client in 2019 but your client does not discover their loss until 2020, it is your 2020 policy and insurer that deals with the ensuing negligence claim against you. Therefore a valid professional indemnity policy or 'run-off' policy must remain in force at all times for a claim to be met by an insurer.

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