Professional Indemnity (PI) is designed to protect and defend the insured should a third party allege they have suffered a financial loss from relying on professional services and advice provide by the insured.
It is critical that that your professional services are listed accurately in the business description on your policy schedule, as this is what the relied upon in the event of a Claim.
Some examples of Traditional Professional Services providers are Accountants, Real Estate Agents, Insurance Brokers, and Engineers who all charge a fee for service.
However there are also many non-traditional professionals such as Agricultural Consultants, Migration Agents, Landscape Designers and many more, who also provide advice and should consider PI insurance.
Provide Cover against:
- Investigation
- Defence Costs
- Settlement
There can be many variations in the coverage offered through differnet insurers and some common exclusions include:
- Prior Know Claims or Circumstances
- Fraud & Dishonesty
- Any physical work such as Infrastructure & Manufacturng,
- Construction, Assembly, Installation
- Products Liability
- War or Terrorism
Always check your policy wording (PDS) or speak with your broker to become familiar with the terms and conditions of cover.
There are many considerations to take into account when choosing a policy to suit your business, and it is diffuclut to list everything in a post since it would take up several pages.
However if you would like further information please get in contact by calling or emailing Reliant Business Insurance.
Email: info@reliantbusinessinsurance.com.au
Phone: 0492 333 593