If you’re a business that provides a service or advice for a fee, then you run the risk of your customers making claims against you. If not insured, the legal costs of these claims could be damaging not just for your business, but also for your personal life.
Professional Indemnity (PI) Insurance protects your business by covering the legal costs of claims made against you.
Are you a Sunshine Coast business that provides advisory or services for a fee? If so, then you should consider investing in Professional Indemnity Insurance.
What types of businesses require professional indemnity insurance? The type of industries who require professional indemnity insurance is broad and can include (but is not limited to) consultants, accountants, IT specialists, real estate agents, bookkeepers, lawyers, architects, IT specialists, advertising agencies, media agencies, building surveyors and beauticians. Trades such as plumbers, roofers and electricians are increasingly requiring Professional Indemnity Insurance for provision of reports advising on the condition of a property.
Having a Professional Indemnity Insurance policy in place allows you to protect your business against the financial costs of claims.
It is crucial you protect your business against the financial cost of any claim and in particular the legal costs to defend any claim made against your business.
If you have Public Liability Insurance, do you still need Professional Indemnity Insurance?
A common misconception is that if you have a Public Liability Insurance, you are already covered for Professional Indemnity.
Although both important, Public Liability Insurance policies and Public Liability Insurance policies generally cover different types of claims. In essence, Public Liability insurance covers compensation claims against you for property damage and/or personal injuries arising from your business activities. On the other hand, Professional Indemnity Insurance covers you against claims for negligence or professional error.
Find out more about Public Liability Insurance here, or speak to a Crucial Insurance specialist to help you understand it more.
Professional Indemnity Insurance covers your business for your financial loss resulting from a professional liability claim. This can include claims for:
Professional Indemnity Insurance provides broad protection for your business in the event of a professional liability claim.
Professional Indemnity insurance does not cover:
With access to over 150 insurers, we help you filter through the jargon and marketing speak to find you the most suitable insurance options for your business. As Sunshine Coast business insurance brokers, we will do the hard paperwork on your behalf so you can focus running your Sunshine Coast business. We’re always here to answer your questions and pride ourselves in our integrity - we treat your business like it is our own, and as such, you are our priority. We prioritise ethics over profits.
As a Sunshine Coast business, we combine our local knowledge of the area with our national and international insurance expertise to go above and beyond for our clients. Whether you’re in Caloundra or Rainbow Beach or anywhere in between, we’re only a phone call, email or drive away.
Contact us today for your Sunshine Coast Professional Indemnity Insurance needs.
Professional Indemnity Insurance Sunshine Coast: get a quote today!