Do you or your business provide advice or service for a fee? If so, you are likely to have a Professional Indemnity exposure and need special cover.
Professional Indemnity (or PI as it is abbreviated to) is a form of liability insurance, which covers you and your business against claims for financial loss as a result of error, omission or breach of professional duty in the course of your business.
This type of policy generally covers you and your business for claims made against you by your clients, or other third parties who assert that your advice, service or design etc has caused them a financial loss. It includes legal defence costs and compensation amongst other additional policy benefits.
How do I know if I need Professional Indemnity Insurance?
This type of insurance is mandatory for some industries and occupations in Australia – think Accountants, Lawyers, Architects, Engineers, Financial Planners, Insurance Brokers, Consultants and so forth. Professional industries where a particular professional service, design or advice is provided for a fee.
Medical practitioners and other allied health (including some beauty therapy occupations) require a special version of Professional Indemnity called Medical Malpractice – read more on that here.
Professional Indemnity Insurance generally covers you and your business for claims made against you by your clients, or other third parties who assert that your advice, service or design etc has caused them a financial loss.
How much cover do I need?
This can depend on a variety of factors, so it is difficult to provide a standard answer. If you are working in the Private Sector, it is common to see minimum limits of $10mil as a requirement with some larger companies. Government contracts are sometimes a bit lower, with $2mil and $5mil limits as a minimum, again depending on your industry and even what State or Territory you are providing your services in.
Can I combine Professional Indemnity with Public Liability?
This is becoming a popular and smart option with a lot of insurers now offering a Public Liability cover that can be attached to your Professional Indemnity Insurance for office-based, low-risk consultative type occupations.
However, if your business has anything more than a standard office-based risk profile, you really need a tailored Public Liability cover which can be a stand-alone policy or combined with your Business Pack Insurance (depending on occupation).
If you provide any form of professional advice, service or design for a fee, chances are you will have a Professional Indemnity exposure and you should seek advice from your broker to determine what cover is most appropriate for your needs.
Leave some details in the form below and Laura will be in touch to organise your quotes asap.
Home and Contents Insurance doesn’t have to be complicated, but it pays to know the basics and make sure you understand that not all insurance companies and policies are the same, despite what some might tell you!
“Do I really need special insurance for my rental property, or will the usual home insurance do the job?”
Do you live on a property larger than 5 acres? You may need to consider a few extra aspects to your insurance than you would with a standard home and contents policy.
Disclaimer
The information provided by MeyerCo Pty Ltd T/as MeyerInsure on this website is for general information purposes only, and it is not a substitute for professional advice. You should always consider the PDS/Policy wording before making a decision. Coverage may differ based on specific clauses in individual policies. Refer to the FSG on this website or by requesting a copy for our services and remuneration details.
For complaints, please email [email protected]
Acknowledgement of Land
I acknowledge the Traditional Owners and Custodians of the lands throughout Australia on which I live, work, and travel. I recognise their continuing connection to land, waters, and culture, and pay my respects to their Elders past, present and emerging.
MeyerCo Pty Ltd T/As MeyerInsure ABN: 87 340 928 486 ACN: 644 066 704 Corporate Authorised Representative CAR: 1284199 and Laura Meyer AR:1284200 of Community Broker Network Pty Ltd | ABN 60 096 916 184 | AFSL 233750
Financial Services Guide (FSG) | Privacy Policy | Complaints & Disputes Handling Procedure | Insurance Brokers Code of Practice