allinsure partner Tate Harris, one of Canberra’s most recommended insurance brokers. Photo: Michelle Kroll.
As a business providing professional advice or specialist services your operations inherently carry an element of risk. Despite your all your best efforts and the right intentions mistakes or omissions can occur, opening your business to significant liabilities.
Whether you are a management and business consultant, architect, accountant, IT specialist, engineer or even a builder, the costs associated with defending these allegations can be hefty. Should you be found liable, add the cost of compensation, and your business may teeter on the brink of financial ruin.
Professional indemnity insurance sets out to protect your business from this type of scenario. It can help cover costs that come with managing a client claim of loss due to your services or advice. Depending on your policy, this can include payable compensation along with coverage on some legal costs.
What you may not know is that professional indemnity insurance is actually one of the most complex forms of insurance available for businesses today. Each insurers coverage varies greatly from the next and understanding these differences – or consulting someone who does – is critical.
Though you are probably juggling an assortment of hats throughout your business day, you cannot do it all. You are after all only human! Sourcing a professional indemnity insurance policy is something that you can call on assistance for. Professional indemnity insurance brokers are valuable members of your services entourage.
As specialists in business insurance, they gain an understanding of your operation along with potential risks. Taking this knowledge they approach their industry contacts to source comprehensive and competitive policies tailored to your needs. And, they ensure you fully understand each policy option, the extent of coverage, and what it will mean for your business.
And, when then the time comes to renew or claim, they are right there beside you. If you are looking for a reputable insurance broker with a flair for professional indemnity cover read on below to find out more.
What makes a great professional indemnity insurance broker?
The best professional indemnity insurance brokers work hand in hand to protect your business as if it were theirs. We think the best professional indemnity insurance brokers have a mixture of the following:
- Clear credentials. As with all financial services, qualifications and experience are key. All insurance brokers must hold an Australian Financial Services Licence and be either a Qualified Practicing Insurance Broker (QPIB) or Certified Insurance Professional (CIP). Ideally, your broker should also be diploma or degree qualified. Moreover, look for memberships with professional bodies, such as peak industry body the National Insurance Brokers Association.
- Industry knowledge. Professional indemnity requirements vary by industry and occupation and region. Some areas state it as a regulatory requirement, while for others it comes recommended. Coverage also varies, typically dependent on business size and specialisation. For instance, if you are a sole trading fitness instructor your needs will differ to those of a small design business. The best professional indemnity insurance brokers extract a firm understanding of each business, it’s nature of work and industry. They also advise on appropriate levels of cover, along with optional extras worth considering. Given the implications of a single incident, seek a broker adept in your business field.
- Buying power. When it comes to professional indemnity insurance there are literally hundreds of insurers offering a multitude of policies and extras. Indeed, any one insurance policy can have several variations dependant on the channel of purchase. So, to keep your options option look for a broker with buying power specific to your needs. Consider those with access to national and international networks, along with those who can deliver solutions to challenging scenarios. Enquire with brokers who have access to exclusive rates as this increases chances of securing cost-effective policies.
- Masterful negotiators. Handling claims of incorrect advice, miscalculation, improper treatment can take its toll. In times of heightened stress, a technically sound broker with masterful negotiation skills can work to reduce this pressure. With numerous procedures to follow a negotiating powerhouse can help to push proceedings along. Indeed, their role in managing insurance claims is invaluable. As advocates for your cause, they will save you precious time and money, while ensuring your interests are protected.
- Claims experts. Competitive sourcing of a policy is one thing; knowing what to do in the event of a claim is another. Resolving via insurance is no mean feat, and it takes tenacity, serious negotiating prowess, and industry know now to execute. That is why finding a broker that does the heavy lifting for you is vital. When the time comes to call on a policy, the best professional indemnity insurance brokers will do the heavy lifting. While reviewing brokers, ensure you have a thorough understanding of the claims management services offered.
The best professional indemnity insurance brokers in Canberra
Riotact’s editorial team has combed through 20 years of on-site comments to compile a list of the most recommended businesses according to you.
To be listed in our Best of Canberra series, each business needs to have consistently received positive feedback on Riotact and Facebook as well as maintaining a minimum average of 4/5 stars on Google.
allinsure
For comprehensive professional insurance and considered advice that mitigates risk look no further than allinsure. Since their establishment in 2007, allinsure have focussed on delivering superior client service and fostering strong, long-term relationships. Their client-first culture has propelled them to the forefront of the industry, gaining recognition on a national scale.
In the 2021 Insurance Business Awards, allinsure were the proud recipients of four category awards and three excellence awards; including Australian Brokerage of the Year and Broker of the Year awards. Director, Peter Chamberlain, was also featured in Insurance Business Magazines 2021 Hot List.
As a corporate authorised representative of Insurance Advisernet, allinsure maintain their local ownership and presence, whilst leveraging buying power and product access. The team have also orchestrated favourable relationships with the industry’s major insurers, resulting in competitively priced tailored cover.
Boasting years of experience with business great and small; allinsure have considerable expertise in the management of business risk. Their partnership approach fosters innovative and strategic risk management solutions, providing business owners with real peace of mind.
allinsure’s professional indemnity insurance solutions address alleged mistakes, provision of inadequate or inaccurate advice, or breaches of duty. Such policies can cover the legal costs associated in defending business activities, through to claims for damages that may arise. For comprehensive professional indemnity insurance, allinsure are pick of the bunch.
Bede Riley shared this wonderful review on Google, “allinsure have been my Insurance Brokers for the 6 years I have been in business, and I couldn’t be happier with the service they provide. Very helpful, friendly and professional personnel always willing to answer questions and go the extra mile for their clients. Wouldn't hesitate to refer them onto my clients or family and friends.”
Mitchell Insurance Management
Mitchell Insurance Management are specialists in business insurance, supporting a range of varied industries and activities. For business clients, they offer a one-stop insurance solution that protects both activities and assets.
The team at Mitchell Insurance Management work to tailor each insurance program with leading providers specific to client industry and needs. With a range of services from professional indemnity through to workers compensation they are well placed to assist.
Aye Review shared this great sentiment on Google, “The team at Mitchell Insurance Management show the genuine care for clients that you would be hard done by to find elsewhere in the ACT region.”
Mezzanine Insurance
As a locally based licensed general insurance brokerage, Mezzanine Insurance specialise in the commercial sector. Their clients include businesses from all sectors and industries, from construction and trades, through to retail, informatics, hospitality and more.
The experienced team at Mezzanine Insurance focus on creating long standing mutually beneficial client relationships. Insurance services include professional indemnity, public and products liability, workers compensation, and director liability to name but a few. For tailored advice from commercial specialists look to Mezzanine Insurance.
Misty Annabel shared this recommendation on Google, “The team at Mezzanine are truly passionate about what they do. I highly recommend them for all your insurance needs.”
MGA Insurance Group
With a brokerage history that spans four decades, the MGA Insurance Group have built an enviable reputation across Australia. Here in Canberra, their team offers solutions that cover loss or damage to businesses large and small from public liability, to people, through to assets and management.
MGA believe claim outcomes are invariably tied to the quality of the products offered, subsequently placing emphasis on product selection. Whether you are a sole trader, small or medium sized business, MGA can provide insurance advice, recommendations, and options to protect your interests.
Damien Samios shared this review on Google, “We approached MGA about reducing the cost of our PI, PL and workers compensation insurance as we felt like we were being charged too much with another broker…. Their service and support have been outstanding. Highly recommended.”
Financial Integrity Group
Operating in both financial planning and general insurer arenas, the Financial Integrity Group have been servicing Canberra for over twenty-five years. They pride themselves on providing holistic and accurate advice that works together with their clients’ accountants, lawyers, and professional services.
With experience working across businesses from a wide range of industries, they are experienced in identifying risks specific to your business and finding policy options to match. Financial Integrity Group offers professional indemnity insurance, public and products liability, workers compensation and more.
Cameron Wright shared this feedback on Google, “Great environment, very professional team.”
While on the topic of insurance brokers, you might also like our articles on the best insurance brokers and the best business insurance brokers in Canberra.
For related financial services see our articles on the best law firms, the best mortgage brokers, and the best chartered accountants in the region. And, for other professional services for your business perhaps our articles on the best management consulting services, the best business advisors, and the best managed IT support services may help.
Your experience with professional indemnity insurance brokers in Canberra
Thanks to our commenters who have provided insightful feedback. If you believe we have got it wrong, please let us know.
Have you had experience with any of the professional indemnity insurance brokers listed above? If so, share your feedback in the comments below.
Frequently Asked Questions
What is professional indemnity insurance?
Professional indemnity insurance works in a similar way to other third-party insurance products in that it can cover claims made against your business by others. The core difference is that professional indemnity insurance is designed to protect businesses that provide professional advice or services to clients. It can cover third-party claims against your business linked to breaches of professional duty resulting in loss or damage. Professional indemnity policies typically cover things like legal fees, damages, and costs associated with investigations. The extent of this however does depend on the level of coverage taken, so be sure to read through the fine print.
What does professional indemnity cover?
Generally, professional indemnity policies will cover claims for breach of duty or contract, defamation, slander, damages for dishonest and negligent actions of employees, and breach of consumer law. That said, there are also incidents which are excluded from cover such as illegal conduct or intentional damage. As such, carefully review each policy to ensure it provides ample coverage. For extra assistance, an insurance broker is a great starting point.
Who needs professional indemnity insurance?
Professional indemnity insurance is generally advisable for all businesses that provide advice or services to clients, including those working on a consulting or contractual basis. Indeed, professional indemnity insurance is even mandatory for some professions, such as legal or medical practitioners to name a few, due to the nature of risk in their operation. Moreover, some registered professions such as accountants, may also call for this insurance. Do bear in mind that coverage can differ by profession or industry, with legal obligations also varying by state.
Is professional indemnity insurance the same as medical indemnity?
While there may be some similarities between professional and medical indemnity insurance policies; there are key differences. The core difference is that each are designed to cover different professions. Medical indemnity insurance is designed specifically for healthcare practitioners, while professional indemnity is generally designed for those in non-medical professions.
What information needs to be supplied to obtain a policy quote?
As business type and associated services typically determine the nature of coverage needed, this type of information is usually required when applying for a professional indemnity insurance quote. Requested information may include contact details; business details such as industry or number of employees; financial information such as annual revenue; and information on previous claims. Quotes can be obtained directly, or with the assistance of a local insurance broker.
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