Choosing the Right Professional Indemnity Insurance Policy for You and Your Business

Professional Indemnity Insurance Explained

At your place of business you want everything to go smoothly. You want to your clients to get the most out of your company and in return you want repeat business. Occasionally there are situations that arise where a client of yours may hold you liable for a piece of advice you have given that have caused them financial loss. Professional Indemnity (PI) insurance protects you and your company against instances like that.

Professional indemnity insurance protects professionals like yourself against claims made against you by your past or present clients. Professional Indemnity covers the costs and legal defence costs, as well as any damages payable.

Professional Indemnity insurance provides you with comprehensive protection from claims for financial loss, arising from an act, error or omission in the performance of the professional services.

Professional Indemnity Insurance can be a complex subject for you to figure out on your own. It is sometimes difficult to choose the right policy that meets your needs. Working with a specialist Insurance Broker (not an insurance company) like Midas can make that process much smoother, as we will work with you as part of your team to tailor the right policy for you and your business.

If you are looking for comparative Professional Indemnity insurance quotes, you have come to the right place.

Who is Professional Indemnity Insurance For?

The definition of professional' has expanded in recent years. Due to this, professional indemnity insurance is now held by workers across a wide range of industries. Any professional person who charges a fee for their service/advice/consultancy is regarded by their client asan expert and is therefore open to a claim being made against them.

Professional indemnity insurance was only considered by accountants, solicitors, medical workers and engineers but this has since changed as it now provides protection for advice and treatment provided by professionals in many industries, including architects and designers, education workers, real estate agents, health workers and consultants.

Professional indemnity insurance is required by certain professionals, including insurance brokers, legal professionals, medical practitioners and some accountants. Professional contractors sometimes need to have professional indemnity insurance.

Professional indemnity insurance policies and conditions will vary depending on your industry.

Additional insurance products that we find other professional indemnity insurance clients take out in this area

Business insurance is an extra safety net that you can utilize in the event of a claim as it will provide extra legal cover.

Public liability insurance will also cover you in the event of an injury to a member of the public at your place of business resulting from negligence. This may be very useful if you have a great number of employees or numerous work premises you cannot specifically monitor on a day-to-day basis.

Directors and Officers insurance is there to protect the personal assets of directors and officers by providing indemnity for any loss arising from a claim as a result of a 'wrongful act' committed by them in the course of performing their duties.

This area of where these types of insurance policies can be complication if you are not dealing with it every day. This is our area of expertise, so we can help you to choose the right policy combination mix for your protection and piece of mind.

Contact Midas Insurance on 1300 664 272 today to have a member of our expert team assist you to choose the right Professional Indemnity Insurance policy that meets your needs.

Alternatively complete the form below and we will contact you promptly to discuss your insurance requirements.

7 Reasons to Choose Midas Insurance as Your Professional Indemnity Insurance Broker

It makes good business sense to use a specialist broker such as Midas Insurance when choosing Professional Indemnity Insurance. Listed below are 7 main reasons to choose Midas Insurance as your Insurance Broker:

1. Midas Insurance is a specialist insurance broker with over 35 years of experience that they will bring to the table when offering you tailored advice for your business
2. Midas is a broker not an insurance company. Many people use brokers for Professional Indemnity Insurance because we are more experienced with the dreaded fine print', ie policy exclusions, related policies, and terms & conditions.
3. With Professional Indemnity Insurance it's not one product fits all. That's why we work with you as your partner to tailor the policy to suit your industry, your business and you.
4. We work for you the client NOT the insurance company
5. It's Efficient You will experience responsive, prompt and knowledgeable service from the initial quote to the policy and even the claim.
6. It's Easy - Our consultants understand business and insurance so we make choosing the cover you need easy.
7. Affordability Midas Insurance is a brokerage, so we can source competitive pricing from multiple insurers with multiple payment options for you.

What this all equates to is reducing your risk for you and your business.

Getting You Comprehensive Insurance Protection at Highly Competitive Rates

In addition to having a wide knowledge of General Insurance Midas Insurance have access to all the leading Australian Insurance Companies but can also facilitate International Insurance Markets, such as Lloyd's of London and the International Underwriting Association of London.

We are thus in a position to obtain the most favourable rates and coverage for our clients.

We can help you no matter how you decide to structure your finances, as we cater for both monthly and annual payments.

Next Steps

Contact Midas Insurance on 1300 664 272 today to have a member of our expert team assist you to choose the right Professional Indemnity Insurance policy that meets your needs.

Alternatively complete the form below and we will contact you promptly to discuss your insurance requirements.