Professional Indemnity Insurance Qld

Posted 9 May 2013

If you or your business provides professional services in Queensland you could find yourself open to legal action if one of your clients suffers a loss.

Whilst this can sound like a scary prospect, the good news is that professional indemnity insurance can protect you from such action.

In this guide we will take a closer look at professional indemnity insurance for Queensland businesses.

It is a form of business insurance that is designed to protect you and your business in the event that a client suffers a loss which they believe you are responsible for.

Professional indemnity insurance will cover claims for alleged negligence or breach of duty arising from an act, error or omission in the performance of your professional services.

In simple terms, if you do something (or fail to do something) and as a result your client suffers a loss, your professional indemnity insurance should be there to cover the costs.

For more information please visit our 'what is professional indemnity insurance' guide.

There was a time when only professionals such as doctors and accountants required this form of cover, but in today's litigious society virtually anyone providing their services can be exposed to legal action.

If your business provides services or advice to clients in Qld or elsewhere in Australia, and those services (or advice) could be considered as professional, skilled or expert, then you need to consider this form of insurance.

Some common examples of occupations and business types requiring professional indemnity insurance include consultants, engineers, doctors, financial planners, bookkeepers, real estate agents and many more.

If you are unsure whether or not your business should have professional indemnity cover in place it is best to speak with an insurance broker who specialises in business insurance.

Although professional indemnity insurance and the requirements for businesses to hold it are generally no different in Qld to the rest of Australia, there are some exceptions.

One such exception is licensed pool inspectors. In some states there are no insurance requirements, but here in Qld they must hold professional indemnity cover as part of their licence conditions.

The professional indemnity cost for a Qld business will vary greatly depending on the activities and the size of the business.

For a business consultant working as a sole trader the cost starts from around $500 per year, whilst for a larger business it can range anywhere from a few thousand to tens of thousands.

The best source for information and quotes on professional indemnity cover is via an insurance broker who specialises in business insurance.

For a Qld based business it is generally preferable to use a Qld based insurance broker, however it is completely up to you as the business owner to decide who you wish to deal with.

To request a professional indemnity insurance quote please visit our online quote form and follow the prompts.