As with most forms of business insurance, the higher the level of cover required, the higher the premiums will be. Whilst increasing the level of cover will increase the public liability cost , it is always more important to ensure that you have the right amount of cover in place for your business needs.
As you have probably picked up from this article, there is no magic number for how much insurance coverage you should have in place. If you apply for, or hold a contractor licence in any of the following licence classes, and you meet the relevant conditions, you can provide evidence of your current PI Insurance and a completed Estimated Maximum Revenue PDF , instead of providing financial information: Builder project management services Building design — low rise Building design — medium rise Building design — open Hydraulic services design Hydraulic services design excluding design of on-site domestic waste water management Site classifier Site classifier excluding on-site domestic waste management Fire protection — water-based fire system stream - design Fire protection — electrical stream - design - fire alarm systems You are not eligible for this exemption if you already hold, or are applying for, a contractor licence in a class other than those mentioned directly above e.
What if I have not been granted a PI exemption? Changing or cancelling insurance. Queensland Home Warranty Scheme Review. Website feedback. Talk to our specialists. Prefer to discuss before you buy? Our team of insurance specialists are here to answer all your questions over the phone. Why Aon for Professional Indemnity Insurance? Don't just insure, be sure. Right type of cover Quotes online or over the phone on Options to take out premium funding loans to pay monthly.
Fees and charges will apply Adjust your policy any time. Terms and conditions may apply Easy renewal management Online requests for certificates of insurance.
Specialist support A team of experienced insurance specialists to help you at every step We help you make claims and advocate on your behalf Australian based teams. Easy to manage Manage your renewals easily Adjust your policy anytime Request certificates of insurance quickly and easily Assistance in complex claims. What does Professional Indemnity Insurance typically cover?
Claims investigation costs. Includes cover for the costs of investigating, defending and settling claims made against your business. Public relations costs.
Includes cover for the cost of a public relations consultant to help reduce damage to your reputation following a claim against your business. Cover for contractors. PI policies can provide cover for claims relating to the performance of professional services by your consultants, contractors, subcontractors or agents, which you are legally liable for.
Public and products cover. Professional Indemnity Insurance can also include Public and Products Liability cover, which can help you to pay for costs or loss which you are required to pay where a third party suffers personal injury or property damage or loss caused by products that are sold or supplied through your business.
Retroactive and run off cover. PI Insurance can include cover for claims arising from acts, errors or omissions that are alleged to have happened before your insurance start date and can include cover which survives after you retire or leave the profession for acts, errors or omissions occurring before you retired or left the profession. Frequently Asked Questions.
Here are some questions commonly asked by clients. What is the difference between Professional Indemnity insurance and Public Liability insurance?
Professional Indemnity insurance provides cover for claims made against your business by third parties claiming that your professional services or advice caused them loss. Who needs Professional Indemnity insurance in Australia? Professional Indemnity insurance is a mandatory requirement for some professions in Australia, including some registered professions or as part of a professional membership. The level of PI insurance required varies by profession.
Even if PI insurance is not mandatory for your profession, your clients may require it. Before some clients hire you, they may want to see proof of your PI insurance. This helps assure them that your business will be strong enough financially, to deal with a worst-case scenario.
Private sector organisations have different requirements when it comes to business insurances. Getting appropriate insurance cover can provide more than just financial protection but also peace of mind. Even the best of the best people and organisations may need to defend themselves against a vexatious client even if they are in the right.
Your best defence: the right professional indemnity and public liability cover.
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