ProfessionalIndemnityInsurance

Professional Indemnity Insurance

Professional Indemnity Insurance

Professional Indemnity (PI) insurance is designed for businesses that provide professional services to their clients. It is essential for risk management and protects you and your employees from any legal costs or damage claims that may arise from negligent acts, errors and omissions or breaches of professional duty.

If a claim is lodged against your business for a slip up in your professional capacity, PI insurance will provide protection for defence costs and claims investigation costs.


What does professional indemnity insurance cover?

PI insurance aims to protect your business in the event of a claim and ensure that you can carry on operating your business. It also protects against the financial consequences of any mistakes as well as safeguarding your personal and business reputation.

It will help ensure you don’t end up spending a large amount of money in legal costs should a claim arise – even if it is a false claim.

Examples of professional indemnity claims include:

  • Failure to deliver services
  • Negligence in rendering professional services
  • Providing poor, incomplete, or incorrect work
  • Mistakes or oversights
  • Omissions

What can be covered?

Cover options:

  • Damages and claimant costs
  • Legal and defence costs
  • Claims investigation costs
  • Court attendance costs
  • Public Relations costs

What is not covered:

  • Intentional damage
  • Known claims and circumstances
  • Fraud and dishonesty
  • Bodily injury / Property damage

Cover options:

  • Damages and claimant costs
  • Legal and defence costs
  • Claims investigation costs
  • Court attendance costs
  • Public Relations costs

What is not covered:

  • Intentional damage
  • Known claims and circumstances
  • Fraud and dishonesty
  • Bodily injury / Property damage

Who should consider this type of insurance?

Any business getting paid for their professional advice, services or opinion

Contractors looking for contracts with organisations that require existing PI cover to be in place

Example professions:

  • Health professionals
  • IT contractors
  • Management consultants
  • Accountants
  • Architects
  • Marketing consultants
  • Real estate agents

Which level of cover is right for your business?

With Live insure you can choose cover between $250k to $10m.

When considering how much cover you need it’s worth thinking about:

  • The potential risks your business faces and what the costs could be to rectify these.
  • The value of the work that you perform.
  • Any legal requirements for your profession.
  • Any requirements for membership from your professional body ? E.g. The CPA requires accountants to have a minimum of $2 million of cover to join.
  • The costs of any legal and investigation action taken against you.

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Live insure is committed to offering you the best possible price for your insurance cover. If you’ve purchased a policy from us and have received a cheaper quote for comparable coverage, let us know and we’ll fix it.

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