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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 the potential risk of making a mistake, that could lead to costly legal action against you and settlement payouts. Without the right Business insurance in place, the financial impact could cripple your business.
Not only is there the financial impact to your business, but a Professional Indemnity claim could significantly damage your business by harming its reputation. 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 requires to keep running at peak performance, something you could do without!
Whether you’re an accountant, engineer, consultant, contractor, or IT professional, your insurance plan can be tailored to protect you and your business from a potentially damaging claim.
Protect Your Business With Professional Indemnity (PI) Insurance*
Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice.
Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
What Does Professional Indemnity insurance Cover*?
Depending on the Professional Indemnity policy selected, your policy could cover:
- Payment of compensation as a result of a claim, including but not limited to Court awarded damages
- An award of legal costs against you
- Reasonable legal costs incurred in defending or responding to the claim
- Claim investigation costs
- Disciplinary proceeding costs
What Does Professional Indemnity insurance Typically Not Cover*?
- Intentional damage
- Contractual liabilities
- Your Professional fees
- Known claims and circumstances
- Fraud and dishonesty
Why should professionals consider 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 can involve the kind of extensive legal costs and large financial settlements that can send businesses broke.
That’s why when it comes to insurance, risk severity is important to consider as well as probability; you don’t need to insure everything, but it makes sense to cover the things your business can’t afford to replace or pay for.
What other types of insurance can I consider?
Whilst Professional Indemnity is the most common form of insurance taken out by professionals, there are a few other important insurance types that you can consider to keep your business protected.
Public Liability Insurance*
Public Liability insurance is designed to provide protection for you and your business in the event a customer, supplier or a member of the public is injured or sustains property damage as a result of your negligent business activities.
Business Insurance is an insurance package designed to provide cover for your business contents, stock, tools and commercial premises when an insured event occurs (such as fire, storm, theft or even accidental damage).
A Business Insurance package can also cover your portable equipment, glass and for loss of revenue due to business interruption in specified circumstances. In addition, cover is available for public liability, tax audit, employment practices liability, statutory liability risks, and more
Management Liability Insurance*
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. You can tailor your Management Liability policy to suit your businesses’ needs. Types of coverage you can take out include:
Directors & Officers Liability – protects directors and officers from losses due to claims of actual or alleged wrongful acts in their role as a director or officer. If the company indemnifies the director or officer for such liability, it will be entitled to cover under the Company Reimbursement section of the policy
Corporate Liability – protects your company against claims of alleged or actual wrongful acts by it (as opposed to claims being made against its directors or officers).
Employment Practices Liability – covers a company from claims made by employees in relation to their employment conditions or breaches of employment laws. This can include claims alleging unfair dismissal or discrimination.
Crime – covers you against direct financial loss as a result of theft or attempted theft from your business premises.
Statutory Liability – covers the company, senior management and employees for allegations of wrongful breaches of key legislation in the course of the Insured’s business. The policy will meet fines and penalties payable in specified circumstances and related legal expenses
Cyber Liability Insurance*
Cyber Liability insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack. Costs associated with defending a cyber claim are also covered. Examples of the types of risks Cyber Liability insurance can assist with are inadvertent loss or release of customer personal information, cyber-crime, cyber extortion/ransomware and business interruption due to a cyber event.
Tax Audit Insurance*
If you’re accounts are audited by the Australian Tax Office, you may need to hire external accountants to assist in the process. Tax Audit Insurance covers a business for specified costs in responding to an official tax audit.
Personal Accident Insurance*
Accidents can happen regardless of how careful you are at work or after hours. Should the unexpected happen, this product can cover your income and provide benefits for permanent disability and even death if you’re unable to work due to illness or injury.
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.
|*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document. The information contained on this webpage is general only and should not be relied upon as advice.|