Professional reputation counts
If you provide advice or consultancy services to clients, professional indemnity a critical consideration. It protects you against legal costs and damage claims resulting from alleged malpractice or professional misconduct, and any brach of duty in providing a professional service. Gallagher can tailor a Professional Indemnity Insurance solution to meet the specific needs of your business.
There are many moving parts to Professional Indemnity Insurance (PI) - from public relations costs, through to civil liability and claims investigation, to name but a few - and the key is to have the best advice, relevant to your particular situation.
As at end of March 2017, gross incurred claims for Professional Indemnity stood at $1.137bn*.
The cost of not having Professional Indemnity cover
Each state has different requirements for PI cover, with some states applying a mandatory requirement before an operating license is granted. Premiums vary depending on the level of cover required and it is important that you fully understand your risk exposure to ensure the insurance solution you purchase protects your business and your reputation.
Every policy has its own set of exclusions which we would advise all clients to fully understand when they discuss their levels of insurance cover to ensure it meets their specific needs.
Who needs this insurance:
Some of the professional services disciplines where Professional Indemnity cover is relevant:
- Estate agents
- Financial advisors
- IT consultants
- Legal counsel
- Recruitment companies
This list is not exhaustive and if you are unsure whether you need cover, we would recommend speaking with a member of our team.
If you are involved in the construction industry, we have prepared a guide to assist you in determining whether or not you need professional indemnity insurance. Download you FREE guide here.
What does PI cover?
Amongst others, professional indemnity insurance covers the following:
- Professional misconduct, including negligent and/or dishonest actions of employees
- Copyright infringement and breach of the conditions set out in the Trade Practice Act
- Breach of consumer, competition and fair trading
- Breach of duty, including privacy infringement, confidentiality and other privacy related issues
- Violation of intellectual property rights
- Defamation, libel or slander - resulting in public relations and reputation management costs
- Damages or loss of important documents
If you have any concerns about your business in relation to PI cover, call us today on 1800 240 432 or complete the form opposite for an obligation free conversation.
How we can help
The first step is always to get a deep understanding of the structure of your business, where the key risks exist and identifying gaps in coverage. This includes meeting key stakeholders and understanding their concerns. From there we develop a robust risk management and insurance response to the specific nature of your business and seek the best available cover.
For an obligation-free consultation and to speak with one of our Professional Indemnity specialists, call 1800 240 432 or complete the form opposite along with your preferred time for a call. We would be delighted to work with your team to support the business going forward.
Find out more about our professional indemnity insurance solutions
Talk to a local Gallagher broker about tailoring a PI insurance solution for you and your business. Find your local branch.
*Source: Quarterly General Insurance Performance Statstics - APRA