WHAT IS PROFESSIONAL INDEMNITY INSURANCE?

Professional indemnity (“PI”) insurance can protect against you relating to the provision of professional advice or services.

You may need PI if you provide services where you are required to meet standards expected of your profession. You can be liable if loss or damage occurs as a result of failing to do so.

Professional Indemnity can provide cover for both Legal costs and any court penalties issued against you or your business.

NEW OR REVIEW?

We assess whether you need PI cover, or we can check what you may already have in place.  Delivering one of the following outcomes:

Keep your Existing Policy/Provider with the Existing Cover.
Keep your Existing Policy/Provider and Revise the Existing Cover.
Change your Existing Policy/Provider with the Existing Cover.
Change your Existing Policy/Provider and Revise the Existing Cover.

COST OF PROFESSIONAL INDEMNITY?

Here are some factors that may influence your Premiums:

  • Size – Of your Business and its Turnover.
  • Cover Required –  Typically SME’s seek a range between $1M – $20M.
  • Profession Type – Outcomes in your industry if things go wrong.
  • Recipient of Advice – Are large or Government entities relying on your advice?
  • Excess – What are your willing to contribute?

As a professional service firms ourselves, we empathise for the need for appropriate and clearly understood cover in this area. So talk to us.