Stay Ahead Of Personal Risk With Professional Indemnity Insurance

Get tailored insurance designed to protect those who give professional advice.

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Supporting Individuals From Financial And Reputational Harm 

Everyone makes mistakes, but for some, these mistakes can be costly. Any individuals who offer professional advice are at risk of being found liable for negligence. Not only does it lead to an expensive lawsuit, but it also damages their hard-earned reputation and business.

CIA’s range of professional indemnity insurance helps protect your assets and brand in the event of legal action - ensuring your business and name aren’t affected.

What Is Professional Indemnity Insurance?

Professional indemnity insurance, otherwise known as PI insurance, is a popular form of insurance cover that protects professionals against claims for errors, negligence, and errors in their services. This cover's main function is to minimise the financial impact of professionals in the event of a client lawsuit and its legal costs.
PI insurance is mandatory in some Australian industries, such as medicine, accounting, law and financial advisory – with each state having its own requirements. However, it is recommended for anyone offering professional services or advice, even in cases where it’s not required by law.
Other known professions that should get PI insurance are:
  •  Mining contractors
  •  Architects
  •  Structural engineers, surveyors
  •  Geotechnical engineers, soil testers
  •  Estate agents
  •  Financial advisors
  •  IT consultants



  


What Does Professional Indemnity Insurance Cover?  


Professional negligence and
its following lawsuits


Libel and slander cause
by other parties


The costs of defending a claim 
and inquiry by a regulatory body


Direct financial losses faced
by the business as a result 
of dishonest or fraudulent 
employee conduct


Any additional costs and
expenses incurred during 
a claim

Statistics To Consider 



  Around $1.1million worth of 
PI claims were recorded 
in 2019 in Australia





Over 18,000 PI claims 
were paid in 2019 in 
Australia




Over 768,000 professional 
indemnity risks were  
underwritten in Australia 
in 2021




Around 40% of professionals have faced a claim or complaint related to their work at some point in their careers






Case study: Why A Professional Indemnity 
Cover Makes All The Difference



Scenario

Michael is an engineer and owner of his own company that designs the supporting foundations of residential properties. One day, he makes an error with one of his site’s calculations, resulting in the property’s slab cracking and damage to the property. The property owner decides to sue his company for damages. Now, Michael and his company is liable for this loss, which could be anywhere between $150,000 to $1 million.

With Professional Indemnity Insurance 

Thanks to his professional indemnity insurance, Michael is covered for the amount he has to pay to the property owner. He’s also covered for any legal expenses if the matter goes to court.

Without Professional Indemnity Insurance

Unfortunately, Michael will have to pay for the legal damages out of pocket, or use this business revenue. He will also not be able to recoup the legal cost associated with the affair.

Don’t Leave Your Career To Chance

Many professionals often shy away from risk for fear of being personally liable. This limits their business growth and prevents them from moving forward with their career. With tailored professional indemnity insurance, you can approach risk with confidence and expand your career.    

CIA’s range of PI insurance can protect your business and reputation in the face of legal proceedings, ensuring you can carry on without stress. We can also find policies that ensure your business’ principals, partners, and employees are covered in case of any potential claims brought against you.

Besides sourcing for the right insurance, our team will help you negotiate a better price for your policy and support you during a claims process. We’re here to help.


Why Choose Consolidated Insurance Agencies?

With a deep understanding of businesses across a range of industries, our brokers can effectively determine your company’s specific risk profile and tailor the right insurance policy - saving you valuable time researching and comparing cover options. 

As part of the Steadfast network, our brokers have the power to negotiate better prices and policy terms for you. You can also gain access to exclusive Steadfast policy terms that offer broader and more comprehensive coverage. No matter your needs, we can ensure your risks are covered by arranging customised policy options. This means better business protection at competitive prices.

Enjoy the backing of Australia’s largest general insurance broker network, which manages more than 3.2 million policies for small to medium businesses. As part of the Steadfast network, CIA gives you access to policies across local and international markets - helping you find the coverage you need.  

Looking For Professional Indemnity Insurance Or Want To Review An Existing Cover? 

Contact us to discuss your needs  

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