Professional Indemnity Insurance
If your business offers a professional service and you give advice to your clients, you need to consider taking our Professional Indemnity Insurance.
As a professional there is nothing worse than that gut wrenching feeling that you have made a mistake or that you are being accused of giving incorrect information.
Professional Indemnity Insurance protects your business if you are sued by one of your clients who is unhappy with your services and blames you for a financial loss that has occurred. Not only does the policy cover the damages it will also cover the legal fees associated with defending the claim.
Do you need Professional Indemnity Insurance?
In todays business environment the threat of potential claims and litigation is very real. The cost of defence could be upwards of $100,000 which many businesses would struggle to fund.
You are likely to need a Professional Indemnity Insurance policy if:
You provide professional services or advice to your clients
You provide design work to your client
You want to protect your business against accusations of mistakes or negligent work you have undertaken for your client
Your client has requested that you arrange professional indemnity insurance cover in order to undertake a contract
Your industry association/regulatory body requires you to have it
Please see below some different types of Professional Indemnity Insurance policies that are available:
Accountants & Bookkeepers Insurance
Alarm Installers Insurance
Architects Insurance
Business Consultants Insurance
Consulting Civil Engineer Insurance
Designers Insurance
Energy Consultants Insurance
Environmental Consultant Insurance
Financial Planners Insurance
Finance Broker Insurance
Graphic Designers Insurance
Health & Safety Consultants Insurance
Healthcare Professionals Insurance
Horticultural Consultants Insurance
Human Resources Consultants Insurance
Interim Management Insurance
IT Consultants Insurance
Life Coach Insurance
Management Consultants Insurance
Market Research Company Insurance
Marketing Consultants Insurance -
Media Consultants Insurance
Mortgage Broker Insurance -
Pool Safety Inspector Insurance
Project Manager Insurance
Public Relations Insurance
Publishers Insurance
Real Estate Agents Insurance (including letting agents and property management)
Recruitment Agency Insurance
Setting Out Services Insurance
Solar Energy Consultant Insurance
Social Media Consultants Insurance
Software Developers Insurance
Solicitors Insurance
Surveyors Insurance
Tax Consultants Insurance
Telemarketing & Lead Generation Company Insurance
Telecommunications & Mobile Telecoms Consultants Insurance
Training Consultants Insurance
Website Designers Insurance (including website developers)
The above list is not exhaustive and if you cannot see your business noted, it does not mean that we can't assist.
Professional Indemnity Insurance – Important things to consider
Does the business description include all your business activities?
It is extremely important that the business description on your Professional Indemnity insurance is correct and upto date.
If the business description is incorrect and you are performing activities that are not declared to your insurer your policy may not respond in the event of a claim.
This is a big problem that we see with online quotations as you may just pick a drop-down occupation that does not include all of your activities and could cause issues for you at claim time.
At Insure Gold Coast we provide personal service and ensure that we fully understand your business and all of the activities that need to be covered.
Is the limit of indemnity adequate?
When setting a limit of indemnity on your Professional Indemnity Insurance policy it is important to consider the type of work you are doing and the clients that you work for.
You need to think about the maximum financial loss your client could suffer as a result of a negligent act of omission and also the legal fees applicable for your defense costs.
Sometimes a client may require that you have a certain level of cover and so it is important that you understand your contractual obligations.
At Insure Gold Coast we can work with you to set an appropriate limit for your business. We are also happy to provide quotes with different limits so that you can see how the cost compares.
Is the retroactive date correct?
A retroactive date on your Professional Indemnity Insurance policy is the start date of your business or the inception date of your first Professional Indemnity Insurance policy.
It is crucial that the retroactive date is accurate to ensure that your policy will respond in the event of a claim.
Most Professional Indemnity Insurance policies are written on a ‘clams-made’ basis. This means that the policy will only respond to claims first notified during the policy period. Its is therefore extremely important to notify your broker or insurer as soon as you are first aware of an incident.
Unlike Public Liability Insurance which is written on an ‘occurrence basis’ , if the policy is not active, you cannot lodge the claim.
Because of this, if you sell your business or cease trading, it’s important to consider run-off cover to protect you for any claims that may arise from previous work.
Do you understand the conditions and exclusions?
All insurance policies include terms and conditions that specify what is included and what is not, what the insurers obligations are and what your obligations are.
If you do not comply with the terms and conditions of the policy, you may be in breach of contract and the policy may not respond in the event of a claim.
Professional Indemnity insurance policies can be very complex and difficult to understand.
At Insure Gold Coast, we will discuss this with you to ensure that you fully understand the policy conditions and any obligations you may have.
The Insure Gold Coast Difference
It is important to make sure that you have the right Professional Indemnity Insurance cover at a competitive premium.
At Insure Gold Coast we understand Professional Indemnity Insurance and the issues you need to deal with.
We have access to many different insurance companies and will compare the market on your behalf.
We can help you get the best claims outcomes, because we work for you and not the insurers.
We are passionate about supporting local businesses and giving back to the community.
As more and more independent commercial insurance brokers around Australia get swallowed up by ever larger consolidating entities, you can start to feel like a number rather than a valued client. We are determined to stand out from the crowd, by offering you the personal touch and providing you with first class service and a single point of contact
We can save you money with a tailored insurance program, considering all of your activities rather than just selling you a one-size fits all product.
Insure Gold Coast have many years of experience in arranging Professional Indemnity Insurance.
