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Do I need Professional Indemnity Insurance?
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Professionals like you spend years perfecting your work, especially if you run your own business. One client at a time, you build your business name, grow your portfolio, and expand your team. Everything runs smoothly until one of your clients shows up to complain about the damages they have to deal with because of your service. Is your company ready for it? Years of hard work can go down the drain if you are caught unprepared. Good thing, if you have sufficient insurance in place, then you may be able to count on your Professional Indemnity Insurance to protect your business.
What is Professional Indemnity Insurance?
Professional indemnity (PI) Insurance, or Errors and Omissions coverage, protects professionals against claims from clients suffering damages or losses brought about by alleged negligence or errors from your professional advice or service in exchange for payment.
For some industries in Australia, PI insurance is mandatory. By protecting your business from any unforeseen legal expenses, you provide increased comfort to your clients that they are in good hands. In addition, you have peace of mind that your business can bounce back from unforeseen events.
Depending on the industry you belong in, you need an insurance policy that best suits the kind of work that you do and the services that you provide. How can you determine if you need PI insurance?
Professions in need of PI Insurance
Do you provide professional advice to clients as your business service? Or maybe you offer services that require special skills and knowledge? If your answer is yes to both, you should consider having Professional indemnity insurance. Professionals like accountants, architects, bookkeepers, engineers, insurance brokers, real estate professionals, travel agents, and the like will find PI insurance an important part of protecting their livelihood.
What does Professional Indemnity Insurance cover?
Professional Indemnity insurance covers the advice or service that you provide, allowing you to focus on satisfying your clients and growing your business. Let's say one of your clients files a claim because of alleged losses or damages after getting your service. PI insurance may cover legal costs, settlements, and other expenses connected to the demand.
Management Liability insurance is designed to provide protection to both the business and its directors or officers for claims of wrongful acts in the management of the business.
A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.
Professional Indemnity insurance covers the advice or service that you provide, allowing you to focus on satisfying your clients and growing your business. Let's say one of your clients files a claim because of alleged losses or damages after getting your service. PI insurance may cover legal costs, settlements, and other expenses connected to the demand.
PI insurance may also cover investigation costs, including contractor and retroactive coverage, which covers claims filed against you for services you rendered before having insurance. To ensure that your insurance will protect you from any financial losses should you need to face legal claims, it is crucial to check the policy coverage meets your requirements.
Mistakes are inevitable when doing business, but don't let them take away your years of investment and hard work. Talk to an insurance broker and start protecting your business today.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
All information above has been provided by the author.
All information above has been provided by the author.
ADVISR, ABN 17 613 588 266
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