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 you’re a member of a professional accounting body such as the CPA, it’s compulsory. Members must have a minimum level of $2 million professional indemnity insurance cover to be registered with the CPA. Another example is in Queensland, where legislation requires compulsory pool inspections. These inspections must be done by a registered certifier for properties being sold or leased with a pool. Before a pool inspector can be registered, it is mandatory that they have professional indemnity insurance.
When trying to determine if professional indemnity is mandatory or optional for your business, we suggest the following:
In summary, if you provide any service that is relied upon by other people or businesses, you may need PI insurance to protect you. In fact, not having PI Insurance often represent a serious business risk.
To get your Professional Indemnity quote instantly online go to FD Beck’s online quick quote. Answer a few simple questions to generate your online quote. Almost 150 professional occupations are covered.
For over 100 years, FD Beck has protected Australians. Rest assured, we have the knowledge and expertise to handle every aspect of your insurance needs.