The best way to find the right professional indemnity insurance is to compare a number of policies from different insurers. Some of the things you should look for when comparing include:
| Response | 75+ yrs | 65-74 yrs | 55-64 yrs | 45-54 yrs | 35-44 yrs | 25-34 yrs | 18-24 yrs |
|---|---|---|---|---|---|---|---|
| once a year | 2.33% | 1.86% | 0.58% | 0.97% | 1.18% | 1.46% | 1.43% |
| I never compare or switch | 2.48% | 2.92% | 0.48% | 0.79% | 2.43% | 1.43% | |
| once every 3+ yrs | 1.24% | 0.58% | 0.97% | 1.18% | 2.91% | 2.86% | |
| every 2 yrs | 1.17% | 0.97% | 0.39% | 0.97% | 4.29% | ||
| more than once a year | 0.48% | 0.49% | 1.43% |
Public liability insurance is usually offered at the time of taking out professional indemnity insurance. Why would a travel agent need it? The same reason as any professional who deals with the public, to protect themselves from claims of personal injury or property damage.
As a travel agent, you undoubtedly have a place of business and when clients visit you there, you are exposed to the possibility of them slipping, falling, tripping or any manner of accidents that could occur on your premises.
It will usually cover your business, including subsidiary companies and your employees, provided they are performing their normal duties at the time of an incident.
It will not cover any unlawful activity on your part or deliberate acts of damage or injury. Public liability insurance is usually very affordable and is a must-have for any business that has dealings with the general public, including travel agents.
Find out more about public liability insurance
The Travel Compensation Fund (TCF) was a regulatory framework for travel agents introduced back in 1986 to compensate customers who suffered losses when travel agents went bankrupt and failed to provide refunds or equivalent travel arrangements.
It was replaced in 2013 by the Travel Industry Transition Plan, which aimed to phase out by July 2014 both the Travel Compensation Fund and compulsory licensing for travel agents.
The growth in online travel agents and direct bookings was seen to have reduced the relevance of the TCF and was unfairly disadvantaging local travel agents, whose online competitors were not subject to the same regulations.
The old system has now been replaced with a voluntary industry-operated and accredited system for travel agents and a consumer advocacy body to deal with consumer issues.
Given that the TCF no longer exists, professional indemnity insurance has never been more important for travel agents, as clients who suffer financial losses will now be seeking compensation through any means at their disposal.
IMPORTANT: Travel agents no longer need to be licensed or be member of the Travel Compensation Fund (TCF). If something does go wrong, only consumers who purchased products before 01/06/2014 will be eligible for compensation for their losses from the TCF.
Want a professional indemnity insurance policy that also covers you for past projects and services? Find out more about run-off insurance.
Are you a practising physio or an owner of a clinic? Make sure you have professional indemnity cover.
Lawyers are often instrumental in pursuing claims for others, but ironically, they too can be sued for breaching their duty of care.
Receive quotes for Professional Indemnity Insurance for Psychologists from Australian Business Insurance providers.
Why do accountants need professional indemnity insurance? Why do they need public liability insurance? This article looks at the many risks that accountants are exposed to in the course of doing business and will hopefully convince every accountant who reads it that PI Insurance is not something they can afford to be without.
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.
Hi, I am looking for a quote on getting Travel Agent indemnity insurance. My business partner and myself both work independently from home. Would like to speak with an advisor please.
Hello Greg,
Thank you for your inquiry.
You can fill out the form “Compare Travel Agent Professional Indemnity Cover” and click “Enquire Now” green button to have your details forwarded to a licensed insurance advisor.
Hope this helps.
Cheers,
Jonathan