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Professional Indemnity is often referred to as PI Insurance or professional risk indemnity and unlike Public Liability Insurance, PI Insurance is designed to cover professional advice that you provide to your clients that causes a financial loss.
Even if you are a small business you do not need to have a small business professional indemnity policy as you could be just as exposed as a larger business.
The financial loss caused to your client could be a direct result of the advice that you have or have not provided them and as such they are entitled to claim compensation costs from you.
If you hold some form of qualification and answer direct questions of your clients or provide a fee for providing your clients with advice than there is a good chance that you will require PI Insurance.
Professional Indemnity insurance providers are also seeing a large number of claims being processed for policyholders not providing advice to their clients and as such the “I am not providing advice so I don’t need insurance” is no longer suitable and should not be relied upon to prevent you from facing a law suit as a business or a professional.
PI Insurance is typically a very broad level of cover as there are a number of costs that could be incurred in direct response to advice that you have provided.
The losses that are incurred could also be incurred years down the track so if you are unsure of what a retroactive date, aggregate limit, excess excluding costs, or run-off cover is and how they affect you, then please take the time to receive advice from a qualified insurance broker.
Why should you use Priority Insurance Brokers to arrange your Professional Indemnity Insurance?
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An engineer who designs supporting foundations of a residential property made an error with the site calculations. This lead to the slab cracking which caused a loss to the property owner.
The company is liable for the loss which could be up to $150,000 or the full value of the house. The PI insurance covered this amount as well as the legal expenses associated with the claim.
Claim Source: Steadfast Insurance website
When a financial loss occurs people are quick to point the finger as to who was responsible for the damage.
A PI insurance policy will usually respond and defend allegations made against you for the advice that you have provided or failed to provide.
Unlike Public Liability insurance, Professional Indemnity insurance is triggered for any financial loss or threat of a loss occurring.
We understand that running a business takes a lot of work and as a business owner you’re expected to be across all of the different aspects of your business operation. We have tried to make our process as simple as possible and all of our Brokers work with each business owners to have a strong understanding of your business and whats required to be in place to ensure that there are no nasty surprises. We pride ourselves on not hiding behind the fine print.
Professional Indemnity insurance is a scalable cost depending on a number of factors with your business. The main components that affect your insurance premium is:
Some industries within Australia have specific requirements in place that a certain level of PI insurance must be in place as per your licensing requirements. Although not all industries have made this compulsory if you are providing advice, you should have a policy in place.
These are 2 completely different policies however, some people get these mixed up assuming that they are the same. They are not, they are very different. Professional Indemnity is designed to cover advice that you provide in relation to your profession. Public Liability insurance will usually cover the physical work component that you are doing in practising your business activities. PI insurance will cover any financial loss in a broad perspective where as Public Liability insurance will only cover personal injury or property damage.
This will depend on a number of factors in regards to your business. The factors to consider are:
A PI insurance policy will usually cover an individual providing professional services or the policy will be held by the company which will then cover employees. Please note that sub-contractors would need to be declared on your policy separately.
No, Directors Liability is typically covered under a Management Liability policy. Professional Indemnity insurance covers losses against your clients whereas Directors liability covers allegations against you in operating your business.
A PI insurance will usually have exclusions that are imposed on the policy. There is also usually a deductible with specific limits on cover. The policy is best described as only covering the advice that you provide and are liable for.
A retroactive date is the date on your policy to which an insurer agrees to extend cover to. A PI insurance policy is referred to as a ‘claims made policy’ which means the policy needs to be in place when a claim is bought against you. When one policy is transferred to another insurer the insurer that previously held the policy is no longer at risk of covering any claims even when they had the policy in place at that time. The new insurer will typically agree to extend the cover on their current policy back to the retroactive date. It is extremely important that this date is correct and is maintained as if a claim is outside of this date, you will not have any cover.
Engineer’s are typically the last person in a long chain of professionals to sign off and authorise mechanical and construction projects. They also typically work on high value projects so it is important that they have suitable professional indemnity insurance to protect themselves.
Personal Trainers are usually providing advice to their clients on how to perform certain exercises and planning diets for their clients. A lot of personal trainers don’t consider that they need a professional indemnity insurance because their clients have signed a waiver.
Builders are an interesting case for Professional Indemnity Insurance as the intention of a standard PI insurance policy is that your advice is to be provided to someone else to build or construct. Standard pi policies will have an exclusion in place for manual work to cover this and as such, if you are designing and constructing then you need a policy to reflect these activities.
We can provided tailored Professional Indemnity insurance for any medical practitioners or allied health workers. With multiple insurers that specialise in medical insurance, we can get you extremely competitive rates.
Marketing Consultants have a varying amount of risks that they could be exposed to. Marketing consultants don't need to be engaged for large 6 figure contracts to have a PI risk on their hands. If you are engaging in marketing activities then it is important that you declare all of your activities and are covered appropriately.
If you are providing clearance certificates or giving advice in relation to asbestos removal or other asbestos related services than this advice can lead to causing a financial loss to your client. Ensure that you are protected appropriately and speak with someone who is familiar with the industry and what cover is required.
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