If you are looking for where to buy professional indemnity insurance in Australia, this post will provide enough insight on what you should do as I have outlined some of the best professional indemnity insurance companies in Australia.
In this post, we will be looking at what professional indemnity insurance covers in Australia, the cost of professional indemnity insurance, and the best professional indemnity insurance companies to get the insurance cover from.
To begin with, let’s examine what this kind of insurance cover is about and who needs it.
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Professional Indemnity Insurance in Australia
Professional indemnity is an insurance cover that protects businesses and their owners when dissatisfied customers and clients file claims as a result of supposed flaws in the services of the business. It covers businesses when their services are blamed for the losses suffered by customers.
This is a peculiar event in the business world. As a business owner, you can render services to someone and based on the services rendered the customer suffers some form of loss. If the customer decides to take it further by filing a claim against you, you would be under compulsion to pay for the losses.
In most cases, this insurance policy is also called professional liability insurance and serves as security for both a business and its customer. When an expensive mistake is made, the insurance policy will account for the losses the both parties are bound to suffer.
There is no gainsaying that one very important policy every business ought to have is the professional liability insurance. In the next section, I have highlighted some of the businesses that needs professional liability insurance in Australia.
Who Needs Professional Indemnity Insurance in Australia?
Majorly, any business that offers consultancy services requires professional liability insurance. As long as the line of your business requires that you offer the general public consultancy services and provide advice and tips then you need to get this insurance cover.
In summary, the following are businesses that need professional indemnity insurance in Australia:
- Legal Institutions and Practitioners
- Small and Medium-scale Enterprises (SMEs)
- Manufacturing Companies
- Medical Practitioners
- Building Construction Firms
If your business falls within the business categories I have listed above, professional liability insurance is a must have.
This insurance cover saves your reputation and that of your company when faced with scandals. It covers for errors and omission in your business dealings and possible negligence on the path of your company.
It is important to note that an error can come as a result of your negligence or the inaccuracy of the counsel you provided. Whether the loss or damage suffered by the client is as a result of your undoing or a flaw caused by your client, you can be protected by professional liability insurance.
Furthermore, persons would want to transact with you once they know you have an insurance policy that covers any damage they may suffer when transacting with you. A sense of assurance overwhelms a customer when he or she finds out that you have got professional liability insurance and gives them the drive and motivation to work with you.
Let me show you where to buy professional indemnity insurance in Australia.
Professional Indemnity Insurance Companies in Australia
The following are companies we recommend when you want to buy professional indemnity insurance in Australia:
- NRMA Insurance
- QBE Insurance
- CGU Insurance
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The National Roads and Motorists’ Association (NRMA) is well-known in Australia as providers of car insurance, boat insurance, travel insurance, life insurance, caravan insurance, home insurance, motorcycle insurance, business insurance, and income protection.
At NRMA Insurance, professional indemnity insurance is provided under their business insurance policy. You can get a quote, make a payment, and file a claim with NRMA Insurance by visiting the company’s official website.
QBE Insurance is ranked among the top 20 reinsurance and insurance companies in the world. They have presence in over 30 countries of the world and serve business insurance to Australians.
Listed as the largest ASX Insurer by gross written and market capitalization, QBE Insurance is one company to get your professional liability insurance from.
Founded in 2008, BizCover is an Australian online brokerage that focuses on providing insurance solutions for small businesses. The vision behind the establishment of BizCover is to see how small businesses in Australia could get the right insurance coverage.
At BizCover, small business owners can compare business insurance policies and buy from about eight (8) leading insurance companies in Australia. As a small business owner in need of professional liability insurance, then BizCover is an option you should consider.
CGU Insurance has a special interest in the provision of business insurance in Australia. They are ranked among top 3 providers of workers’ compensation insurance and have consistently supported businesses for over 150 years.
Along with their business insurance policy, CGU Insurance provides car, home, trades insurance, and public liability insurance. The company boast of 24/7 claims approach and unique flexibility in choosing the perfect insurance cover just for you.
How Much Does Professional Indemnity Insurance Cost in Australia
The cost of professional indemnity insurance in Australia varies from company to company and it is dependent on the kind of add-ons it comes with. Notwithstanding, the average cost of professional indemnity insurance in Australia begins from $350 per month.
This cost is also dependent on the kind of business that is seeking PII. For IT Consultants, the cost begins from $600 while the cost for environmental consultants begin from $800.
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I believe you have figured out where to buy professional indemnity insurance in Australia and how much it costs. If you are a business owner in Australia, it is lawful to have PII, and the companies I have listed will be perfect picks for your cover.