Safeguarding Your Reputation

In today’s litigious environment, providing professional services comes with inherent risks. Even a simple mistake or oversight can lead to costly claims of negligence, errors, or omissions. Professional Indemnity insurance from iO2 Insurance Group is designed to protect your business and your reputation from the financial consequences of such claims.

Whether you’re a consultant, designer, architect, or any other professional service provider, we offer tailored coverage to safeguard your business against the unexpected, allowing you to focus on delivering your expertise with confidence.

Discover how iO2 can help you manage your professional risks and protect your livelihood.

Professional Indemnity Insurance

What does Professional Indemnity Insurance cover?

Professional Indemnity insurance (PI insurance) protects your business from the financial consequences of claims arising from professional negligence, errors, or omissions in the services you provide.

Negligent Advice or Services

Incorrect advice or services that cause your client financial loss, resulting in damages.

Errors and Omissions

Covers mistakes or oversights in your work that lead to financial harm for your client.

Breach of Contract

Protection against claims alleging breach of contract related to the professional services you provide.

Defamation (Libel and Slander)

Covers false or defamatory statements made about your client in the course of your services.

IP Infringement

Protection against claims alleging copyright or trademark infringement in your work.

Legal Defence Costs

Covers the costs of hiring lawyers and defending your business against claims, even if they are unsuccessful.

What is typically not covered by Professional Indemnity Insurance?

While Professional Indemnity insurance offers valuable protection for professional services providers, it’s essential to understand its limitations. Certain situations and events are typically excluded from standard policies. Here are some common exclusions:

  • Illegal Activities: Claims arising from illegal acts or fraudulent conduct are typically excluded.
  • Intentional Breach of Contract: Breach of contract where the breach was deliberate is usually not covered.
  • Property Damage or Bodily Injury: These types of claims are covered by Public Liability insurance, not Professional Indemnity insurance.
  • Fines and Penalties: Regulatory fines or penalties imposed on your business are typically not covered.
  • Prior Acts: Claims arising from incidents that occurred before the policy’s retroactive date are generally excluded. A retroactive date is a specified date in the past before which any incidents or claims are not covered.
  • Unpaid Fees: Claims for unpaid fees owed to you by clients are not covered.

See What Our Happy Customers Say About Our Service

You’ll receive not only the best coverage but also the best service from our dedicated team. Here are just some recent testimonials.

I recommend John to others!

We had a major flood in the shop. John took full control, we were able to relocate our business overnight and continue trading next day.

Peter Wynn

Peter Wynn’s Score

The team is very approachable

As a local business owner, I’ve found iO2 to be professional and thorough. Our business and family area always well looked after.

Shame Tromp

Noosa Optical

Exceeded our expectations

We changed to Insurance policies to iO2 this year and their attention to detail is a breath of fresh air. A happy balance between cover and price.

Hinternoosa Realty

Sunshine Coast

Great savings!

A shout out to iO2 Insurance for their excellent service. We’ve now saved more on our Insurances, peace of mind and savings to boot!

Triona & Anthony Vitagliano

Salt Property Services

They’re true professionals

When we really needed them to come through for us, they went over and above. They provided exceptional cover and care.

Matt Wilson

Australian Cycling Academy

Absolute first class service

When my apartment flooded, I got to see first hand the benefit of not only having the right cover, but also having iO2 handle the entire process.

Adam Khoury

Wealthbridge Property Group

Frequently Asked Questions

While not mandatory for all professions in Australia, Professional Indemnity insurance is strongly recommended for anyone providing professional advice or services. Certain professions, such as lawyers, accountants, and financial advisors, may have mandatory PI insurance requirements regulated by professional bodies or legislation. Even if not legally required, many contracts or tenders will stipulate a minimum level of PI cover. Operating without this insurance can expose your business to substantial financial risk if a client makes a claim against you.

A retroactive date is a key feature of PI insurance policies in Australia. It’s a specified date in the past before which any incidents or claims are not covered by the policy. This means that if a claim arises from an incident that occurred before your retroactive date, even if the claim is made during the current policy period, it won’t be covered. When securing PI insurance, it’s important to consider your past work and choose a retroactive date that provides adequate coverage for potential claims arising from previous projects or engagements.

The appropriate level of PI cover depends on several factors specific to your business and profession in Australia, including: the nature of the services you provide, the size and complexity of your projects, your annual revenue, the level of risk associated with your work, and any contractual obligations you may have. For example, a consultant working on large-scale projects will likely require a higher level of cover than a freelance writer. It’s crucial to discuss your specific needs and circumstances with an experienced insurance broker like iO2 Insurance Group. We can help you determine the appropriate level of coverage to ensure you’re adequately protected without unnecessary expense.