Profit First Professionals Australia and Insurance Made Easy have teamed up together to provide you with a specially tailored Professional Indemnity Insurance and Public Liability Insurance program. Please read on for information about the covers and the premiums that apply for your daily duties as a Profit First Professionals.
Policy Coverage: Professional Indemnity Insurance
How does Professional Indemnity Insurance work?
Professional Indemnity Insurance is a form of liability insurance that helps protect professionals when providing professional advice and service. The insurance has the provision for the cost of defending a negligence claim made against you and any damages awarded in such a civil lawsuit.
The cover is provided for alleged failure to provide services either by error or omission resulting in a client suffering a financial loss.
Professional Indemnity Insurance also provides for the defence costs, including when the legal action turns out to be frivolous.
Example: You did some advisory work for your client in 2020, however it is not until 2021 that your client realises the work and advice you provided has now caused them losses and as such, they lodge a formal complaint against you.
This is when you need to have Professional Indemnity cover in place even though the work was undertaken a year previously.
It is important to have on-going Professional Indemnity Insurance in place for future possible notifications even though the work was completed in previous years.
Further, should you decide to sell your business or cease trading, you need cover for an additional 7 years, IME can arrange this insurance for you.
Professional Indemnity Insurance Cover and Premiums
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Cover is readily available for Sum Insured limits of $1m and $2m
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Premiums range from as low as $990 Inclusive of all fees and charges.
Policy Coverage: Public and Products Liability Insurance
What is Public and Products Liability Insurance?
Public Liability Insurance protects your business for any negligence which results in someone being injured or their property being damaged.
With society becoming more litigious, it is important that you can go about your day to day business activities with the security provided by this cover. You will need your own Public Liability Insurance that covers the cost of the claim due to your actual or alleged negligence. Defence costs are often the largest expense of such claims.
Some Examples of why you might need Public Liability Insurance:
• Client consultation their office, your office, café
• Promotions such as shopping centres
• Networking events
• A-board type signage outside your office
• Hosting Business events run by your company such as breakfasts, seminars, conferences etc
• Playing golf at corporate event
• Attendance and presenting at overseas conferences
Public and Product Liability Insurance Cover and Premiums
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Cover is readily available for Sum Insured limits of $5m, $10m or $20m
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Premiums range from as low as $280 Inclusive of all fees and charges.
We have also arranged a tailored package solution for Profit First members that includes Professional Indemnity, Public Liability and Cyber cover for your whole business
And furthermore... We understand that some Profit First Professionals are also qualified Accountants, Bookkeepers, Business Coaches, etc. We can therefore request* as part of organising your Professional Indemnity and Public Liability Insurance for you, to add these professions to your Profit First Insurances. *Subject to insurer review and approval