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We Cover More Than 450 Professions
Tailored professional indemnity insurance for accountants, consultants, mortgage brokers, IT professionals, tax agents and many more.
Insurance For Professionals & Consultants
As a professional, you’re in the business of providing a service at a high level. However, this also involves accepting the risk of making a mistake that could lead to costly legal action and settlement payouts that have the potential to financially cripple your business.
In addition to the financial costs, a Professional Indemnity claim could do significant damage your business by harming its reputation in the community. Personally, the stress and worry involved in defending a claim can also take a real toll on your ability to function at the level your business needs.
Whether you’re an accountant, engineer, consultant, contractor, or IT professional, protecting yourself and your business from a potentially damaging claim should be a major part of your insurance plan.
Protect Your Business With Professional Indemnity (PI) Insurance
Professional Indemnity (or ‘PI’) insurance is specifically designed for businesses that provide professional services or advice, and protects professionals from the legal costs and claims for damages that may arise from an act, omission or breach of duty in the course of your business.
What this means is that if someone pays you for a service or advice and they decide that it wasn’t up to scratch, you could be faced with a claim equivalent to their losses, and a request for financial compensation.
Whether the claim is a valid one or not, you may need to fund a costly legal defence against the claim. PI insurance will cover the legal costs associated with this defence so that you can continue doing what you do best – running your business.
And if you are found to be liable, you can rest easy in the knowledge that your PI insurance policy will cover all claimant costs against you, including investigation costs and public relations expenses to restore your business reputation.
What Does PI Cover?
Professional Indemnity insurance covers:
- Damages and claimant costs awarded against you
- Legal and defence costs
- Claims investigation costs
- Court attendance costs
- Public relations costs
What Does PI Not Cover?
Professional Indemnity insurance does not cover:
- Intentional damage
- Known claims and circumstances
- Fraud and dishonesty
- Accidental injury
- Property damage
Why Do Professionals Need Professional Indemnity (PI) Insurance?
As a professional, the service you provide is your bread and butter. There’s always a chance, however, that you could make a minor mistake or omission that leads to real damage for a client. And even if you have great relationships with your clients, it only takes one exception for things to turn nasty.
Unfortunately, Professional Indemnity claims generally involve the kind of extensive legal costs and large financial settlements that can send businesses broke.
That’s why… when it comes to insurance, severity trumps probability; you don’t need to insure everything, but you need to cover the things your business can’t afford to replace or pay for.
Given the hefty settlement claims often involved, insuring your business for professional Indemnity is more of a necessity, than an option.
What Other Types of Insurance Should I Consider?
Whilst Professional Indemnity is possibly the most important insurance consideration for professionals, there are a few other important insurance types that you should be looking at to keep your business protected.
Public Liability Insurance
Protects your business against the financial risk of being found liable for causing injury, damage, loss or death to a third party. It can pay your legal and defence costs, as well as any compensation for personal injury or damage to property.
Covers your business premises and contents against loss, theft, or material damage caused by unexpected events. It can also include coverage for financial loss that arises from business interruption.
Management Liability Insurance
Protects your business and its directors from allegations of management, misconduct or legislative breaches. It covers damages and claimant costs, as well as legal defence costs and some civil penalties.
Cyber Liability Insurance
Covers the cost of data breaches or hacking, including the theft or loss of client information. Expenses include business interruption, data recovery and extortion, as well as mandatory notifications and other associated legal costs.
Tax Audit Insurance
Provides cover for professional fees associated with hiring accountants, lawyers, bookkeepers and extra staff, as well as any other expenses incurred in the event of an audit conducted by the Australian Tax Office.
Personal Accident Insurance
Provides you with a benefit of up to 85% of your income (up to $3,000 per week) if you are temporarily unable to work due to an accident. Personal Accident insurance is often bundled with illness and accidental death cover.
A claim was made against an insured accountant by a former client, who alleged that the accountant failed to properly include the capital gain in her annual tax return.
As a result, the client alleged that they suffered a loss of $221,211.26 (comprising capital gains plus tax and penalties paid), plus interest and costs. After a lengthy investigation it was determined that there was some exposure on the part of the insured accountant due to partial negligence, so the claim was settled on a commercial basis at mediation for the amount of $180,000, plus costs.
Fortunately, the accountant’s Professional Indemnity policy covered the mediation costs and the settlement payment, so the accountant was spared a significant financial burden and the client was compensated appropriately.