Professional indemnity insurance

Professional Liability insurance or Errors and Omissions Cover is an insurance policy that protects the insured business or individual who offers services to their clients. This insurance policy covers the organization or individual from claims made against them, allegations of negligence, or breach of duty arising due to any errors or omissions while performing a professional service.

A Professional Indemnity Insurance covers the following categories:

1. Civil liabilities claims
2. Bodily injury and property damage claims
3. Legal Costs and expenses
4. Public Relations expenses 
5. Estates and legal representatives

However,  the limits of a cover are dependent on the Professional Indemnity Insurance Cost and policy that you avail, along with various other factors which will be discussed here.
Industries That Generally avail PI Insurance

Traditionally, Professional Indemnity insurance was only seen as a necessity for occupations such as doctors, lawyers, and accountants. However, today it is often mandated for many professionals.
Following professional do avail professional indemnity insurance from Sure Insure:

• Accountants
• Agronomist and agricultural consultants
• Architecture and engineering consulting professionals
• Building energy consultants
• General insurance agents
• Human Resources professionals
• Interior designer
• Loss assessors or loss adjusters
• Management consultants
• Marketing media and publishing industry
• Real estate agents
• Registered BAS agents and bookkeepers
• Risk management professionals
• Swimming pool inspectors
• Training organizations
• Travel agents
• Veterinarians
• Work health and safety consultants.

Professional indemnity insurance is not always mandated. However, for certain professions, it can be a contractual or a legal necessity.

Do You Need Professional Indemnity Insurance? 

• Yes you might need professional indemnity insurance if you provide professional advice or professional services to your clients, which includes consulting and contracting, such as Providing designs to your clients as an architect or structural or design engineer
• To protect yourself against any allegations supposedly resulting from mistakes or negligence in work you have done for your client.
• If you work as a contractor, consultant, freelancer, or self-employed professional, and your client has requested you to insure yourself with professional indemnity insurance to undertake a contract
• Your industry association/regulatory body requires you to have it

What A PI Insurance Does Not Cover?

A few things that the Professional Indemnity Insurance would not cover are:

• Bodily injuries which have no direct relation to a breach of your business’s professional responsibilities
• Claims made before the period of insurance
• Terrorism claims made against you.
• Bankruptcy

Pros Of Having Professional Indemnity Insurance

• A sense of ease and peace of mind.
• Saving your valuable time in the incidence of any allegation.
• Reducing the probability of any operational interruption to your business.
• Reducing the probability of any financial loss arising from an interruption to your business by providing time that would be required to defend an allegation without Professional Indemnity insurance. 
• Knowing that there are legal professionals in the claims department waiting to assist you through any allegation made against you

Factors That Affect Professional Indemnity Insurance Cost

Generally, factors that affect Professional Indemnity Insurance Cost is the type of service or occupation in which the PI insurance provides a cover, the riskier the service or occupation involved the higher the cost.
But, other varying factors influence the professional indemnity insurance cos

• Turnover and size of business
• The amount required as insurance cover
• The competence of individuals covered in their respective professions
• individual claim history

When it comes to professional indemnity insurance cost The occupation type is considered a significant influencing factor. As we mentioned earlier the higher the associated risk of service or advice provided, or the higher a potential claim could end up costing, the higher the insurance premium will most likely be.
Cost-Effective PI Insurance at Sure Insure
Once you initiate the process by applying for PI Insurance Sure Insure will analyze your business operations and engagements, based on which the potential for loss or damage will be determined which could result from any unfortunate negligence.
When calculating your professional indemnity insurance cost sure insure also considers various parameters to deliver the most cost-effective policy such as:

• The requirement is mandated by legislative and/or by associations of respective industries.
• Certain occupations are required to have the cover of minimum amount 
• The scale of the contracts made by the business
• Customer with the specific cover requirement
• The assessment of a probable worst-case scenario 

Final Thoughts

So it is clear how Sure Insure determines professional indemnity insurance cost by the size of your business, the minimum amount of cover you need to work with your clients, and various other integral parameters that have significant effects on your business and occupation.

Professional indemnity insurance is considered a substantial form of protection for businesses that provide expertise in services or advice. As it ensures protection from any legal action against the business arising from a client suffering injuries or loss as a result of the service or advice availed from the insured business.
Professional Indemnity Insurance by Sure Insure offers exclusive covers that are cost-effective and customized for reliable outcomes. Also, it will provide security against any such claims made against you or your company because of the professional advice/ services you imparted to your clients.