Do You Need A Professional Indemnity Insurance In Australia?
Professional indemnity insurance is a protection plan for those who offer professional advice or services to their clients. Many people living with the wrong thought that professional indemnity insurance is only for engineers, architects, accountants, doctors, or lawyers only, but this is not a complete truth. Some people believe that if you are having a small business then you are not required with professional indemnity in Australia, but if you are a contractor, sole trader, consultant, or freelance professional, you should consider professional indemnity insurance.
Now, the question is how you will decide that you need a professional indemnity or not so in that case you need to ask yourself these 3 important questions.
- Are you a skilled worker?
- Do you require a study period or in a search of formal training or education?
- Do you associate with any organization having set standards or requirements set of code for professional behavior?
If one or more answers to the questions are yes, then you need Professional Indemnity Insurance.
Why Do You Need Professional Indemnity Insurance?
Professional indemnity insurance as the name suggests is helpful to safeguard the reputation of your business. Not just this, it also tries to handle the dispute before it reaches court. The insurance offers the legal and defense cost for your reputation. The advantages of having PI insurance are not restricted to this because you will get many more and some of them are listed below:
Access To Best Legal Team
To ask for a professional indemnity claim you need to appoint a legal firm, which means when you ask for the PI then it will give you access to Australia’s top legal firms. This will give you peace of mind that when you will require, the no need to run after for appointment of a lawyer who will defend you and your case. The top insurance company in Australia has a panel of legal firms. They are experienced in handling professional indemnity claims and with their experience in the field, they will manage to handle your case quicker.
No Compromise with Your Reputation
Some professional indemnity insurance policies have extended protection for Public Relations Expenses. This is a helpful idea to not keep your reputation at stake. It is important to have coverage for Public relations Expenses, reason, which will cover the cost for a public relations fund. This will cut down the effects of the negative publicity that affects the claims. Even some of the professional indemnity insurers have the Public Relation Expenses limit to $50,000.
The Sole Motive To Make Your Business
When you have a protection plan for the business, then you are not worried about failure and keep your focus placed only to make your business reach new heights. In case, a claim is asked against you for unprofessional advice, failure of skills, or breach of professional duty, then this can be financially leaving a negative impact. Not just financial costs leave a burden to you but can be stressful and the administration needed extra attention for lengthy court cases. On the other hand, if you are going with the court process with the support of the lawyers, then they will handle the entire process and not impact your business operations though. Professional indemnity insurance is an idea to get the freedom to do the best you can do for the business’s success.
There May Be Major Risks For Not Having PI
If you are in a business to offer services or advice to the people or businesses, then you must have professional indemnity insurance cover to protect you as this will keep you safe from serious business risk.
When you are considering the PI claim then you need not only care about the claims to be done right or financial burden but an expert can be there to save your time, energy, and efforts, so get your cover today. If you are still not convinced or not able to decide whether you should have the professional indemnity or not then you need to check with Integrity Insurance Solutions, one of the best insurance company Brisbane. We have a team of insurance experts who will guide you with what is best for you on the business front and financial basis as well. You can get a free online professional indemnity quote today.
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