July 24, 2019
Before we help answer the question ‘how much Public Liability insurance cover do I need?’, let’s confirm if you actually need Public Liability (PL) insurance. PL should apply to you if your business involves the public visiting your premises. Or, if you’re providing a service of any kind. Perhaps your […]
July 18, 2019
To answer the question of ‘what are some of the things Public Liability doesn’t cover’, let’s first recap what it would cover. First, legal costs in the defence or settlement. Second, loss or damage of property. Third, compensation for injury. If you are still a little unclear, take a quick […]
July 15, 2019
As a business owner, you know there can be a lot of responsibility. This can range from cleaning the office work space to paying employees. However, there’s more to think about. For example, what if a client of yours suffers an accident on your premises? Are you financially prepared? Well, […]
July 10, 2019
Basically, Public or Product Liability Insurance is your first line of defence from financial loss. It should protect you against negligence that may injure a person or damage their property. Although, there is a key question that many ask. Is Public Liability different from Product Liability? Yes and no. Both […]
July 4, 2019
Who needs Public Liability (PL) Insurance? Good question. Well, it’s recommended if you are self-employed, a contractor or own a business that requires customer or public interaction. Basically, any business which incurs risk in your business. What do we mean by risks? Example 1: Let’s say you’re a plumber You […]
June 12, 2019
How much Professional Indemnity does a consultant or freelance professional need? Well, many consultants or contractors make the common mistake of thinking they are automatically covered under the principal’s professional indemnity policy. When we use the term ‘principal’, we’re referring to the company who engages the consultant to do the […]
June 6, 2019
When looking for professional indemnity insurance companies, you’ll notice some quotes reference the insurer as being ‘Certain Underwriters at Lloyds’. That’s because these quotes are issued by underwriting agencies who are Lloyd’s of London Cover holders. What is an underwriting agency and Cover holder, I hear you ask? In simple […]
May 31, 2019
What’s run-off insurance, I hear you ask? Well, you may recall in our previous blog, ‘short term professional indemnity insurance’ we highlighted some pitfalls when purchasing pi insurance. Specifically, the risk of only buying pi cover for a short-term contract. In this blog, we explained how professional indemnity works, particularly […]
May 22, 2019
So, let’s explain short term professional indemnity insurance. You’re a freelance Contractor. You have just won a 6 month project tender. Now, the contract for this tender requires you to have a $2m professional indemnity insurance policy in place. Do you only need to buy a short term pi policy? […]
May 13, 2019
What Exclusions do Professional Indemnity Policies have? You see, many people think that their professional indemnity policy will cover all of their liabilities. A word of warning, it won’t because all policies contain exclusions. Furthermore, on average professional indemnity policies contain about 20 standard exclusions. To help understand these exclusions, […]
May 3, 2019
How much does professional indemnity insurance cost? Simply, go to FD Beck’s online calculator. All you need to do, is answer a handful of questions to get your obligation free professional indemnity quote. However, we are often asked – “How do the answers to these questions determine my professional indemnity […]
April 30, 2019
I would love a dollar for every time I have been asked, “what is the difference between Public Liability & professional indemnity insurance”? Put simply, Professional Indemnity Insurance (also known as PI Insurance) covers losses arising from you providing professional services or advice to a client. If you are asking […]
April 26, 2019
Many business owners fall into the dangerous trap of only comparing Professional Indemnity Insurance purely on a ‘price’ basis. Typically, people will look for a ‘compare the Professional Indemnity market’ type website. After all, often businesses are only purchasing PI Insurance because they’re entering into a contract that requires them […]
April 17, 2019
Many people ask, “why do I need professional indemnity insurance”? Well, Professional indemnity insurance protects your business’ reputation. In fact, it does this, well before a dispute reaches court. In this way, it is providing legal and reputational defence costs. In fact, there are many advantages in having PI insurance. […]
April 10, 2019
For many businesses, professional indemnity is not a legal requirement. In fact, in Australia quite often the only insurance that is required at law is workers compensation insurance. That’s only for those companies with employees. However, for some industries professional bodies or regulators make professional indemnity mandatory. For example, if […]
April 3, 2019
You may believe that Professional Indemnity Insurance is only for certain of ‘high-risk’ professionals. In our experience, many people mistakenly believe that PI insurance only applies to architects, accountants, engineers, lawyers or doctors. However, that’s simply not true. Furthermore, some people incorrectly believe that because they are only a small business they don’t […]
July 3, 2018
Being a financial adviser is all about giving advice. Working in this industry requires a high level of honesty and integrity. Also, you must operate professionally with complete transparency. However, the provision of financial advice can be a legal and regulatory minefield. This means, you need Professional Indemnity Insurance. You […]
June 7, 2018
Cyber Liability insurance. What is it? Well, it’s for the coverage or the risk mitigation of cyber breaches in which valuable company or person specific data; information or insight is stolen through a digital medium. The risk of your business being victim to cyber-attack is no longer just a fringe […]
May 7, 2018
Are you an owner builder? If you are, one of the most important things you can do before the construction of your new home or renovation commences is to invest in an appropriate Owner Builder Insurance policy. But, what is owner builder insurance? More importantly, what are the benefits of owner builder […]
March 23, 2018
On February 22 a new Data Breach Reporting regime was introduced in Australia. Under the Privacy Act, businesses are now required to notify their customers of any data breaches that could cause them serious harm. What’s Considered a Notifiable Data Breach? First off, a data breach is considered notifiable if […]
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