Professional Indemnity Insurance

Do You Need Professional Indemnity Insurance Cover?

However, just one unaddressed omission, oversight, or miscalculation could jeopardise your entire livelihood.

Consider:

• A bookkeeper undervalues their client’s tax obligations — leading to expensive fines for the client.
• A physiotherapist suggests exercises that cause more harm than good.
• An editor submits an abridged document for publication — with errors and misspellings still present.

Whatever your profession, breaches of duty or incorrect advice can easily occur. And a client, naturally disgruntled, can then make a claim. At PIB, we can deliver tailored personal indemnity insurance to shield you and your enterprise against litigation and compensation.

While not exhaustive, our most popular policies include:

• Indemnity insurance for nurses.
• Professional indemnity insurance for accountants.
• Professional indemnity insurance for consultants.
• Professional indemnity insurance contractors.
• Professional indemnity insurance for engineers.
• PI insurance for surveyors.
• Professional indemnity insurance psychologist.
• Professional indemnity insurance for occupational therapists.
• Architects professional indemnity insurance.
• Medical professional indemnity insurance.
• Sole trader professional indemnity insurance.
• Builders professional indemnity insurance.
• Professional indemnity insurance for nursing home staff.

Some specialised professions and association bodies require their members to have indemnity insurance as part of their enrolment agreement. However, it’s good practice — and reassuring for clients — to have suitable protection in place, even if not compulsory.

Our indemnity insurance safeguards you and your business from third-party claims for omissions or negligence — whether actual or alleged.

To ensure you receive the most competitive professional indemnity insurance cost, we will work with you to tailor the policy to suit your particular requirements and areas of risk.

• ✔ Legal fees.
• ✔ Compensation.
• ✔ Investigation costs.
• ✔ Breaches of duty — including fiduciary, professional, and confidentiality.
• ✔ Employee negligence or dishonesty.
• ✔ Non-adherence to fair trading policies and/or trade practices.
• ✔ Slander, defamation, and libel as a result of professional services and counsel.
• ✔ Reputation restoration through public relations.
• ✔ Bodily injury.
• ✔ Property damage.
• ✔ Estate protection — shielding heirs against claims in the event of your incapacity or death.
• ✔ Loss of documents.
• ✔ Intellectual property infringement.

What Isn’t Included in Professional Indemnity Insurance?

• Public liability claims.
• Acts that are illegal under Australian law.
• Asbestos claims.
• Claims for injury from products — consider product liability insurance.
• Exemplary and punitive damages — when a court finds the professional or business to be guilty of extreme negligence.
• Intentional damages — where the court finds that losses or injury caused were intentional and foreseen.
• Claims made before the commencement of the policy.
• Losses incurred by restrictions in trade — addressed by business interruption insurance.
• Employee injuries experienced in pursuit of business actions and activities — generally addressed by worker’s compensation cover.
• Acts of terrorism conducted by you or your employees.

With PIB, you’re partnering with a significant force in the risk-protection sector.

Part of Australasia’s largest general insurance broker network — the Steadfast Group — we leverage Steadfast’s substantial scale to ensure you have access to a wide range of insurance companies, a broad scope of products, exclusive policy options, and perhaps most importantly — bottom-line-friendly competitive pricing.

And, should the unexpected happen and you need to make a claim, you will have the powerhouse backing of Steadfast behind you.

Professional Insurance Brokers is a leading specialist in custom, tailored insurance policies for individuals and businesses. Through our subsidiaries, including Unicorn Risk Services, we also have extensive experience in brokering insurance policies for the massive range of community and not-for-profit organisations that operate throughout Australia.