Professional Indemnity & Public Liability Insurance
Comprehensive Professional Indemnity & Public Liability Insurance Protection For Your Business
No matter how successful you are you always need protection against potential claims exposure and expensive litigation – a real threat in today’s business environment. In response to these issues, insurers have provided a combined Professional Indemnity and Public Liability policy to provide comprehensive protection for your professional business.
Professional Indemnity insurance provides comprehensive protection from claims for financial loss, bodily injury or property damage arising from the performance of your professional services. The policy will also advance defence costs to your business fund the defence of the claim protecting both your reputation and the cash flow of the business.
Public and Products Liability covers payouts, awards, legal fees and other expenses made against you by a third party as a result of a negligent action, resulting in personal injury or property damage to their property caused by you or your business.
Personal Injury cover includes:
- Death, bodily injury, disease, disability and mental anguish
- False arrest, wrongful detention and malicious prosecution
- Wrongful evection
- Assault or battery
- Libel, slander, defamation of character or invasion to the right of privacy
Property Damage includes:
- Actual physical damage to tangible property,
- The loss of use of tangible property which has not been damaged but cannot be used due to Damage to other tangible property.
Your Professional Risks Experts
McKenzie Ross employs experienced professional liability practitioners who will provide you with a comprehensive review of your Professional Liability exposure and provide a tailored insurance solution to suit your practice’s needs.
Local Knowledge, Global Reach
McKenzie Ross has the local knowledge to transact business with all of the major Australian professional liability insurers and underwriting agencies. However, if adequate policy terms and conditions cannot be sourced in Australia then we can utilise our subsidiary company Prime Underwriting Australia Pty Ltd to approach the Lloyds of London insurance Market on your behalf.
Professional Indemnity & Public Liability Insurance FAQ’s
What is the difference between public liability and professional indemnity insurance?
Professional Indemnity insurance provides protection from claims for financial loss, bodily injury or property damage arising from the performance of your professional services. Public and Products Liability covers payouts and other expenses from claims made against you as a result of negligent action from you or your business, which resulted in personal injury or property damage.
Who needs professional indemnity?
Professional Indemnity is particularly important for businesses or individuals that provide professional advice or services, such as accountants, lawyers, architects, bookkeepers, engineers or marketing specialists. Manual professions are less likely to need Professional Indemnity, but it can still apply in select cases such as agricultural consultants, event managers and life coaches.
Do I need public liability and professional indemnity insurance?
You’re not required by law to have public liability and professional indemnity insurance, however, if you own a business or are an individual that provides professional advice or services it is best to have it. If you’re not covered and someone makes a claim, the unexpected legal costs could lead your business to bankruptcy.
How much does public liability and professional indemnity insurance cost?
The cost of public liability and professional indemnity insurance will depend on factors such as the type of business and its size, the amount of turnover the business makes, the type of industry, minimum industry requirements for coverage, the actual amount of cover chosen and the risks associated with your business.
Need guidance on public liability and professional indemnity insurance? The expert business insurance brokers at McKenzie Ross can help. With our comprehensive combined public liability and professional indemnity insurance policy, you can be confident you have the coverage you need. Talk to one of our brokers today – Call us on (03) 9691 2222
Key Benefits Of Using McKenzie Ross
High level assurance that risks are transferred where intended.
A greater understanding of the risks retained in your organisation, some of which may require alternative management methods.
A formal process of risk identification that demonstrates good corporate governance to stakeholders.
Linkage between insurance and your organisation’s overall process for risk management.
Enhanced ability for ‘insurable’ risk to be transferred to insurance markets in the best possible light by demonstrating sophistication in identification and analysis.