Professional indemnity insurance is a form of insurance that covers professionals against claims of negligence arising from an alleged act, omission or breach of professional duty on their part.
A typical professional indemnity insurance policy will cover for things such as:
What is covered by a professional indemnity insurance policy for accountants will vary from insurer to insurer, but when comparing policies, there are certain areas you should pay special attention to. These include, but are not limited to:
Be sure to read a policy's PDS for a more complete picture of what is and isn't included with the insurance.
Finder ran some business insurance quotes for a NSW-based events management company with 5 employees. We found a professional indemnity policy may cost $191.81 per month. This was the average of 3 indicative quotes and was correct as of 29 June 2023.
But because professional indemnity insurance for accountants is industry-specific, you would be wise to look for an insurer or broker who specialises in accountancy insurance, or at least knows the specific requirements of your industry in detail.
When taking out professional indemnity insurance, it is normally advisable to take out public liability insurance as well. This is standard practice for any business that has clients who visit their premises or who visit clients at their own homes or premises.
Public liability insurance covers accountants against claims of personal injury to others or property damage incurred during the course of normal business activities.
A public liability insurance policy will normally cover your business, including any subsidiary companies you might own and your employees, as long as they are acting within the scope of their duties at the time of any incident.
Like all insurance, it has certain exclusions and will not cover events such as unlawful activity on the part of the insured, deliberate acts to cause damage or injury or personal injuries or property damage suffered by the insured.
Finder ran some quotes and found a public liability policy with Vero may cost $40.75 per month (with a $500 policy excess) for a small NSW-based company. This indicative quote was correct as of 29 June 2023.
However, keep in mind that cost will vary due to multiple factors. Premiums are influenced by the nature of your business and its size, which is measured by revenue or number of employees. Again, a broker may be a smart next step.
Want a professional indemnity insurance policy that also covers you for past projects and services? Find out more about run-off insurance.
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Finding the right professional indemnity insurance policy for your business is an important task to make sure your company is protected.
Nursing is a vital profession in hospitals and nursing homes around Australia, but the people who work as nurses are exposed to a unique range of risks. If a nurse were to make a mistake or an error of judgement — for example administer the wrong medication, fail to follow a doctor’s instructions or give incorrect advice to a patient — they could find themselves the subject of a lawsuit for a breach of their professional duty.
This is where professional indemnity insurance shows its worth. This type of cover offers much-needed financial protection for nurses against claims of negligence or malpractice. It covers the cost of your legal defence as well as any compensation you may be legally required to pay to a third party. Public relations costs to repair your professional image are also covered by professional indemnity policies.
In order to find the right professional indemnity insurance policy for you, compare policies at finder.com.au and seek advice from colleagues. Compare quotes from a number of insurers and seek help from an insurance consultant if required.
Want protection against liability and negligence claims? Find out why these two forms of cover are essential for many businesses.