PROFESSIONAL INDEMNITY INSURANCE

Professional Indemnity Insurance protects you and your business against claims for alleged negligence or breach of professional duties from an error or omission in the course of your business.

If you make a mistake or omission causes a financial loss to a third party (typically a customer), there is a chance that they may take legal action against for their loss.

Why is Professional Indemnity needed?

Buying Professional Indemnity is becoming standard practice for all businesses that provide professional services and advice as it is an easy way to transfer the risk so you can manage your business with confidence that your assets are protected.

A Professional Indemnity Insurance policy typically protects you against:

  • Damages awarded to claimants
  • Legal costs incurred by you and, possibly, the claimants
  • Claims investigation costs
  • Public relation costs
  • Other expenses associated with the claim

Professional Indemnity insurance is sometimes a contractual requirement or compulsory insurance, such as the ASIC requirement to comply with RG 126 for Australian Financial Service Licensees (AFSL) who deal with retail clients.

What Professions Do We Insure?

  • Geologists/Geoscientists
  • Laboratories
  • Consultants
  • Labour Hire
  • Recruitment Agencies
  • Real Estate Agencies
  • Accountants & Tax Agents
  • Law Firms
  • Financial Planners
  • Corporate Advisors
  • Stockbrokers
  • Private Equity
  • Fund Managers
  • Corporate Secretaries
  • Engineers
  • Design & Construct
  • Property Consultants
  • Mining Consultants
  • Oil & Gas Consultants
  • IT Consultants
  • Technology Firms
  • Allied Health
  • Architects
  • Public Relations

What is the cost of an average policy?

The cost of an average Professional Indemnity Insurance policy can vary widely.

Key considerations in the price paid include:

  • Profession/occupation
  • Scope of advice being given
  • Turnover
  • The number of employees
  • Limit chosen
  • Claims history

Why should I contact KBI?

KBI has a dedicated team that focuses on Professional Indemnity. We provide advice to some of the largest professional service firms in Australia and have our finger on the pulse of all Australian and Lloyd’s Professional Indemnity insurers.

As experts in this area of insurance, we work closely with your management and board to understand your unique needs. We then approach insurance companies on your behalf, getting a range of coverage and pricing options. Next, we compare these options and present them in an easy to read comparison with our recommendations to you to help you make an informed decision. Finally, we secure the insurance that you select and review it with you when required, depending on the growth and changes applicable to your organisation.

Our Key Professional Indemnity Insurers

What our clients have to say

"Working with the team at KBI to arrange our cover has been a hassle free and straight forward process. KBI took the time to understand our professional duty in the provision of professional services.

Whether or not you provide professional services in-house or engage external consultants, we would confidently recommend KBI to other professional services and consultants."

Sarah Bocking General Manager - Registered Standards International (RSI)

<< Prev
Next >>

Contact us now

For more information and on Professional Indemnity Insurance, please contact:

Travis Kenzle
Travis.kenzle@kbigroup.com.au
08 6467 7999