Professional Indemnity Insurance Australia
Safeguard Your business AND professional REPUTATION
Owning, managing and running a business comes with a unique set of risks. If your business is found liable for negligence, the costs can be financially devastating. Having the right insurance cover can minimise or mitigate the financial risks that may come from having to defend yourself against claims (and allegations) made against your business by customers. Professional indemnity insurance protects businesses that provide advice or services to their customers.
Sometimes known as PI insurance, Professional Liability insurance or Errors & Omission cover, it can help protect your assets and brand against claims of negligence or breach of duty by a client if they decide that your advice or services have caused loss or damage to their business.
Who Should Consider Professional Indemnity Insurance In Australia?
In some industries such as medicine, accounting, law or financial services, professional indemnity insurance is mandatory with legal requirements differing from state to state.
However, even if you’re not legally required to have this insurance, there are often contractual requirements with suppliers and customers, and is recommended for anyone who provides professional services or advice (often there is an exchange for a fee, but sometimes it is not clear cut), such as graphic designers, IT consultants and more. Even with the best of intentions there is always a risk of a mistake being made or an allegation of an error of judgement. The costs to defend your business against such claims can be enormous, whether you are liable or not and that’s before the costs for compensation if you are found liable.
What Can Professional Indemnity Cover?*
Depending on the policy that you choose, professional indemnity insurance can cover anything from accidents to errors and omissions. This is a different cover from Products Liability but often these work hand in hand where advice is being provided to customers.
Get Support To Choose The Right Professional Indemnity Cover
At AIB our expert business insurance brokers can find professional indemnity cover perfectly suited to your needs. We can provide a range of options to comprehensively protect your business, your reputation and your livelihood.
The right cover for your business will depend on a number of factors including the industry you work in and the type of services and advice you deliver. At AIB we help organisations across a wide range of sectors including but not limited to:
- Beauty Therapy
- Construction Professionals (ie builders)
- Environmental Consultants
- IT Consultant
- Graphic Designers
- Management Consultants
- Marketing & Advertising Professionals
- Medical Professionals (medical and allied health practices, doctors)
- Residential Strata Unit Managers
- Real Estate Agent
- Research and Heritage Consultants
Talk to one of our team today to arrange a no-obligation professional indemnity insurance quote and get the peace of mind that you have the cover your business needs.
OTHER INSURANCE OPTIONS
There are a number of other business insurance options that it is worth business owners considering, depending on the type of business that you operate. These include:
- Business Interruption Insurance
- Management Liability Insurance
- Employment Practices Liability Insurance
- Product Liability Insurance
- Product Recall Insurance
- Directors and Officers Insurance
- Cyber Insurance
To ensure you have the right insurance cover for your business, talk to one of our expert business insurance brokers and get the peace of mind that you have the right insurance cover, tailored to your specific needs.
Our AIB Insurance Broker firm has vast experience in the complex field of Professional Indemnity Insurance and we can ensure you have the cover you need.