Professional Indemnity Insurance
Biima
What is Professional Indemnity Insurance – Why Do You Need One?
YOU can work with the utmost efficiency and prioritise client/customer satisfaction, but there’s always a possibility that something may go wrong. Just one service error or incorrect advice resulting in loss (Loss may be material, financial or physical) for the client can lead to a legal battle. Exposure to costly, time-consuming litigation from un-happy clients is a real threat. Be prepared against such risks with Professional Indemnity insurance.
Professional Indemnity Insurance covers the policyholder (business owner) against charges related to negligence, errors, etc. It covers everything from legal costs associated with such charges to any compensation or damages awarded to the client. Businesses specialising in law, consulting, architecture, or engineering, where YOUR advice or services significantly impact the client’s property, life, reputation or resources, should consider Professional Indemnity Insurance in Australia. In certain industries in Australia, getting one is also a legal requirement.
A Professional Indemnity insurance (PII) covers –
- Claims of negligence or breach of duty
- Legal costs cost incurred in defending against claims
- Defamation charges (unintentional)
- Loss of documents (that belongs to a client)
- Claims for misrepresentation
- Confidentiality breach claims
- Intellectual property breaches (copyright or trademark infringement)
YOU could be 100% confident in YOUR service delivery, YOU may still fall prey to false claims. Mitigate these potential risks and secure yourself against any associated financial losses by getting insured. With years of experience helping clients find and secure the right insurance coverage, YOU can trust us to bring YOU the most suitable PI Insurance in Australia.
Professional Indemnity Insurance
Insurances
Insurances We Provide
At BIIMA, we bring YOU a full spectrum of insurance policies from leading market players to protect YOU, YOUR assets and YOUR business – manage risks and live with added peace of mind.
Why Choose Us as YOUR Professional Indemnity Insurance Broker in Australia?
01
Tailored Solutions
Providing personalised insurance support for businesses and individuals since 2015.
02
Diverse Portfolio
A rich insurance portfolio – 85% commercial and 15% personal insurance.
03
Customer-First
We keep YOUR interest, YOUR need, and YOUR satisfaction at the CORE of our Insurance Solutions.
04
Multilingual Experts
We have a multilingual team, so language would never be a barrier to us.
Connect with us to secure a top-tier Pi Insurance for YOUR business.
Insurance by Industry
Industries We Cater
We assess risks and vulnerabilities inherent to YOUR industry and ensure YOU are covered where it matters the most. Whether YOU are a small enterprise or a large-scale business, access tailored insurance solutions with us. Diverse industries, ONE Insurance Broker firm!
Simplify and Streamline the Insurance Process with Our Pi Insurance Brokers
Here are a few factors which determine the right PI insurance for YOU –
- Risk factor – Some businesses have a higher risk potential.
- Business size – The larger the business, the more exposure to claims.
- Contractual requirement – Some contracts may demand a certain level of PI coverage.
- Claim history – A business with a previous PI claim might need a higher coverage.
- Coverage limit – YOUR coverage should match YOUR potential exposure.
- Extent of third-party interactions – More public interaction means higher third-party claims risks.
- Government regulations – Specific industries and professionals must have PI insurance as a regulatory requirement.
There are hundreds of PI Insurances available in the market. Navigating the competitive insurance market and finding the right insurance policy can be tough, but not with our experts by YOUR side. YOU can secure the most suitable insurance policy with zero hassles with us. Whether YOU are a –
Here’s how it works:
- Large-scale business
- Medium enterprise or
- Start-up
YOU can count on us for complete insurance assistance. We have been working with various businesses since 2015 and specialise in offering tailored assistance. All our insurance brokers bring in –
- Expertise and knowledge
- Strong communication skills
- Proactive approach
- Negotiation skills
- Customer-centric approach
Connect with us at BIIMA and find complete assistance with our multilingual team.
Most Asked Queries
Frequently Asked Questions
What doesn’t a Professional Indemnity Insurance cover?
A Professional Indemnity Insurance doesn’t cover the following –
- Fines, penalties and exemplary damages
- Circumstances known but not declared to Insurance companies
- Territorial or jurisdictional restrictions
- Duties NOT within the scope of the declared professional activities
- Intentional acts or any deliberate wrongdoing
- Physical damage to property or assets
- Claims related to workplace injuries
- Damage or injury caused by faulty products
- Data breaches or cyberattacks
- Incidents occurred before the data breaches or cyberattacks
Study the coverage closely before opting for a Professional Indemnity Insurance cover. At BIIMA, our PI Insurance brokers are versed in all aspects of insurance, and we will ensure YOU are versed in the same, too. Connect with us and find 360-degree assistance.
Who is Professional Indemnity Insurance for?
Any professional or business offering advice, expertise, or services to clients should get Pi Insurance to secure themselves against unforeseen client claims. Here are some key professions/industries that require this insurance –
- Consultants and Advisors
- Medical and Healthcare Professionals
- Legal Professionals
- Accountants and Financial Professionals
- Architects and Engineers
- IT and Technology Professionals
- Real Estate Agents
- Education and Training Providers
- Mortgage Broker
If YOU belong to any of these professions, contact our Pi Insurance brokers today to secure the right policy and mitigate the potential risks relating to any claims.
How do I get Professional Indemnity Insurance with YOU?
- Call us and share YOUR insurance requirements with us. Based on YOUR needs, we will email YOU a form to complete, or YOU can provide us all the information over the phone. If YOU have provided us the information over the phone, we will send YOU the completed form to Docu sign. We might ask YOU to provide YOUR Resume/CV along with the completed form.
- Once completed form received, we will obtain the-alternate quotes, coverage, extraordinary conditions/exclusions, premium payment methods, etc.
- We will help YOU select an insurance company from the list that we will provide. Once YOU decide, and are happy with the terms, YOU will reply to the email with YOUR instructions to commence the policy with policy commencement date and how YOU would like to pay the premium.
- We will start with the application process.
- Once all processes are completed and finalised, we will share the policy documents with YOU.
Is Professional Indemnity Insurance a mandatory requirement in Australia?
Professional Indemnity Insurance is compulsory for not all but certain professions/businesses in Australia. It includes –
- Healthcare professionals
- Conveyancers, Lawyers, and solicitors
- Accountants and financial advisors
- Architects and engineers
- Real estate agents
- Insurance brokers
- IT consultants and tech professionals
- Mortgage brokers
Each industry has different requirements. So, it is always better to thoroughly understand the governing regulations before proceeding with insurance. At BIIMA, we are versed in the insurance requirements for most of the industries and deliver personalised insurance assistance. Trust us to walk YOU through all the specifics and provide complete guidance and support in obtaining Professional Indemnity Insurance.
How much does a Professional Indemnity Insurance in Australia cost?
The cost of getting Professional Indemnity Insurance in Australia can vary depending on diverse factors like –
- The industry YOU belong to
- The risk factors involved
- The level of coverage required
- Any previous claims history
- Where YOU are located, etc.
YOU can always compare different options and settle for the optimal one. Contact us to discuss YOUR options and pay for a cost-effective insurance option. Based on YOUR financial condition and policy expectations, we will secure the most appropriate option for YOU.