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Professional Indemnity Insurance How to protect your business if you provide advice

Does your business provide specialist services or professional advice to your clients? 
Professional Indemnity Insurance, or more simply known as PI insurance, can provide protection for your business and can enable your business to respond to claims that may arise against your business.
Professional Indemnity insurance is designed to cover your business for either actual or reported negligent acts or omissions when you’ve provided either advice or professional services.  
Depending on your Professional Indemnity policy, your insurance may provide coverage for legal costs associated with any claims that are covered by your PI insurance policy. 
How can Professional Indemnity Insurance protect your business?
Making sure you have good policies and procedures in place within your business can help to reduce your risk and any exposure that you may face as your business provides advice or professional services to your customers. 
However, professional indemnity insurance provides coverage when a claim arises in response to the specialist service or advice that you have provided
How can you reduce your professional indemnity insurance?
When you understand the components that make up the costs within your professional indemnity, focused on these areas and implementing good strategies and approaches can help to assist in reducing your professional indemnity premiums.
There are several factors that contribute to your professional indemnity premiums. Some key factors include:
  1. Your total business revenue and growth rates
  2. The size of your business
  3. Your businesses and key personnel insurance claims history
  4. The amount and size of insurance coverage being sought
  5. The entity seeking the insurance coverage
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.

Channelle Ricketts, Urban Insurance, AFSL 233750

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