Mistakes happen. A simple error could result in a claim against you. That’s why it’s important that your company has invested in the right Professional Indemnity Insurance policy. We’ll work with you to find the most appropriate policy for your needs. Or if you already have insurance and are wondering if you’re over insured, we can help with that too.
If your Sydney-based business provides advice or delivers a service for a fee, you are at risk of claims being made against you by clients and customers. Mistakes happen on the daily, and that’s why it’s crucial that your company invests in the right Professional Indemnity Insurance policy.
Specialised professional indemnity policies are considered so important that some industry regulations require it. This comes as no surprise as recent statistics reveal a nearly 30% rise in Professional Indemnity, and Public Liability Insurance and Product Liability Insurance claims. The type of business professionals and organisations that require professional indemnity insurance include:
Basically, any Sydney business that provides advisory or services for a fee.
The type of industries who require Professional Indemnity Insurance is broad and can include (but is not limited to):
Trades such as plumbers, roofers and electricians are increasingly requiring Professional Indemnity Insurance for provision of reports advising on the condition of a property.
As stated earlier, Professional Indemnity Insurance is vital in insuring against possible financial consequences resulting from a professional liability claim. PI insurance can cover claims for:
Professional Indemnity insurance does not cover:
Note: Although both are important in protecting your business, having a Public Liability Insurance policy does not mean that you are also covered for Professional Indemnity. While Public Liability Insurance covers compensation claims against you for property damage and/or personal injuries arising from your business activities, Professional Indemnity Insurance covers you against claims for negligence or professional error.
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.
Crucial Insurance and Risk Advisors work for you, not the insurers. As fully licensed AFSL business insurance brokers, our mission is to provide honest and straightforward advisory that will help reduce the professional risks your Sydney business faces.
Our highly experienced team have access to over 150 insurers throughout Australia, and we are confident in our ability to deliver an exceptional level of service to all our clients. Our effort has won us various accolades including the NIBA Broker of the Year Award, and the ADVISR Top Insurance Broker Award.
Our proactive attitude and unparalleled dedication to our clients’ needs means that you can trust us to get you results. For more information, contact us today.
Need Professional Indemnity Insurance for your Sydney business? Speak to a dedicated, award-winning specialist today.