Professional Indemnity Insurance

FAQs

What isn't covered in a Professional Indemnity policy?

Depending on the policy, coverage exclusions will be detailed in the PDS, policy wording and schedule. Policies generally won’t include cover for:

• Contractual or commercial liabilities.
• Liability which results from fraud and dishonesty.
• Pollution.
• Depending on your occupation, third party bodily injury/property damage.
• Unpaid fees.

Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. It’s important to discuss the exclusions of the policy with your insurance broker before making your decision.

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How do I know which policy is right for me?

If you are in an occupation where Professional Indemnity is legally required, it can be tempting to find the cheapest cover available. However not all policies are the same and having the right cover in place will depend on the industry you work in and the type of advice and service you provide. Talking with an insurance broker can give you the expert advice needed to get the right cover, suited to your needs.

Will I pay more to use an insurance broker?

Insurance brokers are qualified professionals who can accurately asses your risks and make recommendations on insurance cover. Although there can be fees for the service, a brokers knowledge of the industry and ability to search the market for you, will not necessarily cost you extra, but could save you money and provide more suitable cover for your particular circumstances.