Professional Indemnity (PI) Insurance helps protect individuals and businesses that provide advice and specialist services to their clients. This can include professional services firms, engineers and other consultants. We provide tailored PI Insurance policies to manage your unique risks to help ensure you’re adequately covered.
Professional Indemnity Insurance protects you and your business against claims of financial loss made by third-parties - usually your clients. This typically occurs due to alleged negligence, errors, or omissions in the advice or service you provide. Examples can include claims of incomplete or inadequate advice, errors in calculation or specification, or breaches of certain regulations (e.g. ATO breach).
Substandard work, faulty advice, failure to meet professional standards or providing inaccurate information.
Failing to fulfill contractual obligations or breaching agreed-upon terms.
The loss or misuse of client data as well as unauthorised use of copyrighted material.
To ensure your PI insurance provides the best possible protection, some of the key factors we assess when making our recommendations include:
With claims-made insurance, the policy in place at the time of a claim or complaint must respond, not the policy from when the advice or service was provided. This impacts how the policy must be structured and when claims need to be notified to insurers.
Many industry associations require their members to meet minimum standards relating to PI insurance. If you’re a member of an industry body, we’ll make sure your insurance reflects these requirements.
If you require a license to operate (e.g. AFSL), you may also need adequate PI insurance as a condition of your license. This can include the amount and scope of cover as well as the nature of your services and client profile.
