Protect yourself and your business against allegations of misconduct or wrongdoing.
The backbone of all PI policies, including fiduciary duty
Australian Privacy laws are increasingly complex & hugely important
One of the most common & frequent types of lawsuit
Have your insurer foot the bill for the legal fees when investigating a claim
Cover for the onerous cost of litigation and court proceedings
Protection against dishonest and/or fradulent employees that can damage your business
In short, PI protects against financial implications following allegations of incorrect advice, whether substantiated or not.
In a country where many of us are chasing the opportunity to earn a living from utilising an education or skill, consumers will inevitably seek to take legal action if they feel they have been wronged or suffered an unfair loss.
The main costs associated with most PI claims are in defending the insured party and investigating whether the claim is a valid one, or whether it is simply an unfair attempt to receive damages.
Some of the obvious industries that require PI insurance are medical, financial service, legal, real estate, and all forms of white-collar business. However, many other industries provide advice and information that their clients rely on every day, for example, a mechanic who performs roadworthy certificates.
It can be surprising to many people how quickly they can be faced with a serious financial burden because of a simple mistake, or a serious claim. These can also have serious implications on your reputation, which is why every business owner should seek advice on having the right protections in place.
Some industries and specific business will only require one of the other. For example, a restaurant will typically only need Public & Products Liability, and not Professional Indemnity. Similarly, a financial controller who only works from home and does not see clients in person will typically only need Professional Indemnity, and not Public & Products Liability.
However, it’s very common that an industry or business will require some combination of both. For example, a solicitor will require Professional Indemnity, but will also require Public Liability because of the clients that come in and out of the practice.
Regardless of your particular profession or industry, our experienced Advisers will talk to you about the best way to structure your insurances so that your bases are covered, and find you a program that suits your exposures.