Do you provide your clients with Professional Advice? Do you offer consultative services for a fee? Do your clients consider your word as ‘gospel’? Are you involved in any Design and/ or Construction work?
If you can answer YES to any of these questions, then it’s highly likely you need Professional Indemnity (PI) Insurance! Read on to find out how you could manage your professional risks with PI insurance and get the best policy for the best price.
As a service-based business owner you are subjected to many risks that can be offset with the right insurance. From fire and theft to personal injury matters, cyber crime, business interruption resulting in cash flow problems, employee related issues and more.
However, there is one professional exposure you might be carrying that has far-reaching consequences for those who do not insure against it, and that is the responsibility you have to your clients to complete error-free work and provide accurate advice in a professional manner.
What are the risks?
Professional indemnity insurance protects you when Errors or Omissions in your work lead to your clients suffering financial loss. Claims can arise from something as simple as forgetting to book a venue for your client’s event or accidentally omitting a digit from your client’s phone number on their website. If a claim is lodged against you or your business as a result of a slip up in your work, it can cause irreversible damage to your reputation and massive financial losses.
What is Professional Indemnity Insurance?
Professional Indemnity (PI) Insurance is designed for professionals and business owners who provide services or advice to their clients. It can help you cover the cost of any damages claimed against your business if an error occurs in your work results in financial loss or injury to your client.
In a nutshell, PI insurance will ensure that your assets are protected and that you’re not forking out heaps of cash to pay for business-breaking legal bills. It will safeguard your livelihood and protect you from unforeseen events.
Who can benefit from PI Insurance?
Some of the professional businesses Professional Indemnity Insurance can protect include:
- Advertising agents
- Public relations
- Real estate agents
- Dental clinics
- Personal trainers
- Tour guides
- Management consultants
- Child care centres
Does your profession sit outside these industries? Don’t worry! Professional Indemnity Insurance is not limited to this list — in fact, there are so many businesses that come under the PI umbrella that we would be here all day if we were to list them.
To find out if PI insurance is the right insurance for your business, get in touch with one of our friendly consultants today!
Why choose Western Insurance Brokers?
At Western Insurance Brokers, we’re experts at finding the policies for the best price, that are best for your particular needs. We’re knowledgeable, experienced, and very passionate about minimising risk for businesses and their owners. Our consultative process means we get to know your business on a personal level and recommend solutions that are tailored to your unique industry, offering you unparalleled protection and peace of mind.
Do you have a question about business insurance? Get in touch to find out how we can help you!