Need For Professional Indemnity Insurance

1. The Undeniable Reasons Why You Need Professional Indemnity Insurance Regardless of your best efforts and good intentions, something can go wrong while you are performing your professional duties, potentially subjecting you and your employees to legal action. The claim may arise as a result of actual or alleged acts of negligence, errors, or omissions while performing your professional duties. Giving incorrect advice, breach of duty, loss of documentation, failing to meet a deadline, or inadvertently defaming someone are all examples of incidents that can result in a claim against you. If a claim is settled against you, you could face significant financial losses and even go out of business. If you own a small business, you will encounter numerous situations that may result in a claim being filed against you. The most common causes of such claims are slips, trips, and falls. These incidents can happen as a result of liquid spills, wet floors, or trips, which can injure your customers or damage third-party property. Defective products may also give rise to a liability claim. If you manufacture products, someone may be injured as a result of a defective product, or the product supplied by you may be defective. Falling objects, such as wall art on a loose nail, can also cause serious injury or property damage. People are injured as a result of building and construction-related activities. Even if you operate from rented premises, you must identify potential hazards and report them to the property owner. Protecting you in the worst-case scenarios

2. Accountants, architects, engineers, travel agents, healthcare providers, real estate agents, lawyers, and other professionals are covered by professional indemnity insurance (PI). Even if personal indemnity insurance is not required for your profession, many clients will request it to ensure that they receive claims if something unexpected occurs in the worst-case scenarios. Professional indemnity insurance will cover a variety of scenarios like: •Bodily injury and property damage claims •Civil liabilities claims •Breach of confidentiality •Lost or damaged documents •Intellectual property infringement •Defamation •Reputation repair •Claims investigation costs •Public relations expenses Which policy would be right for you? The policy is typically provided on a claims-made basis, which means you will be covered for any claims made against you during the policy’s term. If a claim is filed after the policy has expired for incidents that occurred while the policy was in effect, it will be denied. In such cases, you can obtain claims by purchasing a run-off policy, which will cover you after your insurance has expired. The policy will defend you against new claims for acts committed up to six years ago. Even if you have changed insurance providers, the run-off policy will protect you from incidents that occurred while you were under the previous insurer’s coverage. Alternatively, your new insurance provider may agree to cover you for incidents that occurred while you were with the previous provider.

3. However, professional indemnity insurance does not cover every act of omission and commission. Contractual liabilities, acts of fraud or dishonesty, intentional damage or misconduct, and known claims and circumstances that may have occurred prior to the commencement of the insurance policy are common exclusions. Professional indemnity insurance underwriters Public Liability Insurance brokers have dedicated professional indemnity insurance underwriters and claims teams who will advise you on the best professional indemnity insurance solutions for your needs. This Australia’s trusted brokerage firm can provide you with the best quote for your professional indemnity insurance from the country’s leading providers, including Metlife Insurance, AIA, MLC Limited, Tal Life, Allianz, Zurich, BT Financial Group, and more, due to its extensive industry exposure and network. The experts at Public Liability Insurance will assist you in selecting the appropriate cover, which can range from AUD 200,000 to AUD 20 million or more. Some of the points considered while deciding about coverage include the potential risks, the value of the project you work on, and the statutory requirement of your profession. Get instant online quotes from Australia’s leading insurance providers You simply need to fill out a short form on the website of Public Liability Insurance brokers with some basic information such as your contact information, profession, number of employees, estimated revenue, and so on. You will receive instant online quotes from the top Australian insurance providers. You can compare online quotes and select the one that best meets your needs. If you require personalised quotes, the insurance brokerage’s experts will gladly provide you with customised quotes for your specific needs.

4. Public Liability Insurance can also help you with many other insurances like personal insurance, work insurance, pay-by-the-month public liability, public & product liability insurance, tradesman public liability insurance, and more.