Professional Indemnity Insurance Sydney

Looking for sustainable Professional Indemnity Insurance options? As award-winning business insurance brokers, our specialists at Crucial Insurance and Risk Advisors will help you find the right policy at the right price for your Sydney business. Call us on 1300 400 707 or fill in the form to find out more today. 

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.

Professional Indemnity Insurance: Why is it important for your Sydney business?

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:

Who needs Professional Indemnity (PI) Insurance, exactly?

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):

Lawyers

Consultants

IT specialists (see IT Liability Insurance)

Accountants

Architects

Media agencies

Real estate agents

Advertising agencies

Bookkeepers

Building surveyors

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.

We award-winning Sydney Professional Indemnity Insurance specialists

business-insurance-broker---advisr-top-thought-leader-2022
niba award
2020 top insurance broker medal given by Advisr
QLD 2020 top insurance broker medal
2020 top thought leader medal from Advisr
2020 top specialist insurance broker
2020 top insurance broker rated by customers award medal

How can PI Insurance cover your Sydney business?

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:

Reputation repair, such as public relations / crisis management costs

Lost or damaged documents

Defamation

Claim investigation costs

Liability for damage as a result of negligent advice

Legal costs including any awarded against you

Unintentional infringement of intellectual property rights

Professional Indemnity Insurance: what's not covered?

Professional Indemnity insurance does not cover:

Claims arising from your digital network / data breach (see Cyber Insurance)

Accidental personal injury or property damage (see Public Liability)

Claims made against directors and officers (see Management Liability Insurance)

Incidents or claims known prior to the policy commencing

Damage from intentional acts

Your business becoming insolvent

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.

Sydney professional indemnity insurance

Is there a difference between Professional Indemnity Insurance and Public Liability 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.

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Why choose Crucial Insurance for your Professional Indemnity Insurance

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.