Professional Indemnity Insurance

Essential for covering the costs that your business may suffer as a result of negligent advice or services.

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Professional Indemnity Insurance

What is Professional Indemnity insurance

Businesses that provide services or advice can be held liable for any loss or damage that a client or third party may suffer as a result of the services provided or advice given.

Professional indemnity insurance cover will assist you in your covering the costs that your business may suffer as a result of negligent advice or services. 

A professional indemnity insurance policy protects professionals such as architects, engineers, and accountants from financial loss due to mistakes or errors made in the course of their work. The amount of cover will depend on your line of work , size of your business and the potential risk and exposure.

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Benefits of Professional Indemnity

Offers numerous benefits to professionals, including financial protection, reputational defense, and risk mitigation.

In case of professional negligence, the insurance covers the cost of compensating clients for losses incurred. It provides peace of mind to professionals when working at various business premises and will help you focus on your work without worrying about potential financial consequences of mistakes.

PI insurance may also be a requirement in certain fields, demonstrating to clients and regulators a commitment to professionalism and responsibility. Every business should consider this with other important cover like public liability insurance.

Professional Indemnity insurance can provide coverage for both actual and alleged mistakes

Why is Professional Indemnity Insurance Important?

PI is an essential insurance for professionals, which can provide coverage for claims made by clients, as well as regulatory bodies and government agencies.
Clients rely on professional advice from you to make informed business decisions and achieve their goals. It is important to maintain confidentiality while handling a client's financial documents and to protect your professional services against any potential intellectual property infringement.

Professional indemnity insurance provides financial protection to those providing professional services in case of claims arising from errors or mistakes made in the course of their work.

If you are found liable, this covers legal fees and helps to safeguard your financial security to ensure you can continue your business operations in what would otherwise be a damaging event to your business and cashflow.
This type of business insurance helps to protect the reputation of professionals. In case of a professional indemnity claims, the insurance covers the legal costs of defending the a claim due to your professional duties and compensating clients for losses incurred, thus minimising reputational damage.
Professional indemnity cover helps to mitigate the risks associated with the work of those providing professional advice, allowing you to focus on delivering quality services to your clients. It also provides peace of mind by removing responsibilities to you like investigation costs and settling claims.

Professional indemnity summary

Professionals giving advice

Are you an individual or business owner providing professional services or advice to your clients? If the answer is yes, then this is necessary if you want to cover claims made against your business. When working for clients, contractual obligations will often require you provide a copy of your current pi insurance policy paired with proof of public liability insurance. Protect your business with the right level of cover.

Comprehensive cover for your business

If a claim is made against work from your professional duty, you'll usually be covered by:
Legal representation and advice required for the defence of a claim made by a third party or client
Compensation that may need to be paid to the third party or client as a result of the claims process
Claims investigations costs
Public relations consultations

There for you, in time of need

Professional indemnity insurance is there to cover you in times of legal action or claims made against you.

If this is the case, get in touch with us to lodge your claim. We work with you to understand the details of the event, and will lodge and manage any claims on your behalf. If you are unsure if you need to lodge a claim, get in touch with us for assistance.
End-to-end claims management service for you
We lodge the claim and manage to resolution
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Frequently asked questions

What does public liability insurance cover?

Public liability insurance is an essential coverage for businesses, as it safeguards them against the financial consequences of third-party injury or property damage claims that may arise during business activities. These claims could occur in various situations, such as customer slips, accidents, or incidents caused by your products or services. Public liability insurance is particularly important for businesses that interact with customers or clients, either on their premises or at external locations.

Customers often secure public liability with Professional Indemnity offering. Public liability insurance provides financial protection by covering the legal and compensation expenses associated with these claims. This ensures that your business can continue to operate without the burden of unforeseen costs that could negatively impact your cash flow and reputation.

It is important to note that public liability insurance does not cover claims related to your employees or intentional damage. For employee-related claims, you may need to consider workers' compensation insurance. To ensure comprehensive protection, our team at will assess your unique financial situation and personal circumstances, helping you choose the most suitable insurance policy for your business.

How does my financial situation and personal circumstances affect the insurance policy?

Your financial situation and personal circumstances play a crucial role in determining the most suitable insurance policy for your business. As a business insurance expert, we consider these factors to create a tailored insurance plan that meets your specific needs and ensures adequate protection.

First, we assess your business's financial stability and size, which allows us to gauge the potential financial risks and liabilities you might face. Based on this information, we can recommend coverage limits and policy features that align with your business's risk profile.

Second, your personal circumstances, such as your professional experience, qualifications, and industry reputation, can impact the type and extent of coverage required. For example, a business owner with a proven track record and extensive industry knowledge may require different coverage than someone new to the field.

By understanding your unique situation, we can provide personalised advice and help you make informed decisions about your insurance needs. This ensures you have the appropriate coverage to safeguard your business while avoiding overpaying for insurance that may not be necessary.

What are reasonable and necessary fees?

Reasonable and necessary fees refer to the costs incurred in defending and settling claims made against your business. In the context of Professional Indemnity Insurance, these fees typically cover expenses related to legal defence, claims investigation, expert witness fees, and other associated costs. The goal of covering these fees is to ensure that your business can effectively manage claims without compromising its financial stability.

When assessing the reasonableness of fees, several factors are considered, including the complexity of the claim, the time and resources required to address the claim, and the prevailing rates for similar services in the industry. By covering these reasonable and necessary fees, Professional Indemnity Insurance helps businesses minimise the financial impact of defending against claims, allowing them to focus on their core operations.

It is important to note that not all fees and costs may be covered by your insurance policy. For example, fines, penalties, or damages resulting from intentional or illegal actions are typically excluded. To ensure you have a clear understanding of the fees covered by your policy, it is essential to review the product disclosure statement and consult with our team of experts.

Can PR consultants to personal trainers benefit from Professional Indemnity Insurance?

Yes, PR consultants, personal trainers, and other businesses providing professional services can greatly benefit from Professional Indemnity Insurance. This type of insurance is designed to protect professionals against the financial consequences of client claims arising from errors, omissions, or negligence in the services provided.

For PR consultants, the fast-paced nature of their work and the need to maintain client reputations make them vulnerable to potential claims. These claims could include allegations of incorrect advice, miscommunication, or failure to deliver the expected results. Similarly, personal trainers face risks of claims related to injury or harm caused to clients due to incorrect exercise guidance, inadequate supervision, or flawed program design.

Professional Indemnity Insurance covers the legal defence costs, claims investigation expenses, and any compensation awarded to clients, ensuring these professionals can continue their business activities without being burdened by the financial impact of such claims.

What is a product disclosure statement?

A product disclosure statement (PDS) is a comprehensive document that provides detailed information about an insurance product, allowing you to make informed decisions about your insurance needs. The PDS outlines the features, benefits, terms, conditions, and exclusions of an insurance policy, helping you understand the scope of coverage and any limitations that may apply.

When considering an insurance policy, it is essential to carefully review the product disclosure statement, as it serves as a valuable resource to compare policies and determine the most suitable coverage for your business. The PDS can also help you understand your rights and responsibilities as a policyholder, such as your duty to disclose relevant information to the insurer, the process for making claims, and the circumstances under which your coverage may be cancelled or modified.

We understand the importance of providing clear and transparent information about our insurance products. Our team of experts is available to guide you through the product disclosure statements, answer any questions you may have, and provide personalised advice based on your unique business needs and circumstances. This ensures that you choose the insurance policy that best aligns with your requirements, offering the protection and peace of mind your business deserves.

Does the policy cover tax advice and reputation repair costs?

Yes, a Professional Indemnity Insurance can cover costs related to tax advice and reputation repair, depending on the specific policy terms and your business activities.

Will the policy provide cover for intentional damage or illegal actions?

No, Professional Indemnity Insurance does not cover intentional damage or illegal actions. It is designed to cover reasonable and genuine errors or omissions in the course of providing professional services.

Can I get income protection along with Professional Indemnity Insurance?

Yes, we can obtain a range of insurance products, including income protection. We can help you combine these policies to ensure comprehensive coverage for your business.

How do I get advice on the best insurance policy for my business?

Our team of experts is ready to provide advice based on your existing circumstances and business needs. Reach out to us to start a conversation today.

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