This post brought to you by Richard Coloretti, Express Insurance
If you have a small business, you may or may not have thought about insurance for your business. Find out more about professional indemnity and public liability insurance for your business, and whether or not you need to consider it for your business.
You should consider purchasing Professional Indemnity Insurance if you:
- Provide advice of any kind (e.g. Management Consultant giving a company incorrect strategic advice)
- Could be found to be negligent in delivering your services (e.g. Tax Agent not filing a clients tax returns on time)
- Could potentially make an error or omission in delivering your services (e.g. Graphic Designer making an error in a design that was specified by the client)
This type of insurance is available to most professionals and in many professions the person is required to carry a minimum level of Professional Indemnity Insurance by law (e.g. Accountants). In many other instances consultants or contractors are requested by clients to carry a minimum level of Professional Indemnity (and in some cases Public Liability) as part of a service contract.
Professional Indemnity Insurance covers the Insured person or Business for both any civil damages payable and importantly the costs incurred (e.g. Legal costs) in defending a claim.
Public Liability Insurance
You should consider purchasing Public Liability Insurance if you:
Could cause injury or property damage to a third party in the course of providing your services. Similarly Products Liability Insurance will cover you in the event that any Product you provide causes a third party injury or damage to their property.
If you run a business from a home office and have clients coming to your home, it is more than likely that your normal Home & Contents policy will not cover a claim as a result of the person being injured whilst visiting you. You will therefore need a separate Public Liability Policy in order to cover your exposure.
Richard Coloretti, Chief Executive Officer, Express Insurance
Richard has over 20 years in the insurance industry the majority of which was spent with global broker Willis Group, where he worked in a number of senior operational and management positions both in Australia, the UK and USA.
Edgewise is an Australian owned and operated professional services organisation, specialising in the provision of insurance broking services to businesses of all sizes across all industries.
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