Consultant Professional Indemnity Insurance: Even with the best of intentions, it is not always possible to advise customers. A mistake in a client’s work, an office accident, or a computer theft can put a serious financial strain on your business. Consultant Professional Indemnity Insurance can cover you against such unforeseen events, so you can rest assured that if something unexpected happens, you are covered.
Management Consultant Professional Indemnity Insurance
Professional liability insurance covers the professional for the legal costs associated with defending claims and any damages awarded.
This type of insurance is available to most professionals and in many cases, it is required by law to have a minimum level of professional indemnity insurance.
Why do management consultants need professional liability insurance?
Management consultants advise their clients to improve their business processes and/or practices. This can range from redesigning processes to providing strategic/organizational/quality management advice for a company.
If a claim is made against the Management Consultant, the Professional Indemnity Insurance will indemnify the Consultant against claims made for negligence, error, or negligence.
Management consultants should purchase professional indemnity insurance, as potential claims can be expensive to litigate and jeopardize the viability of the consultant’s business, especially if they are found to be negligent.
Why should management consultants take out their professional liability insurance through Express Insurance?
Using Express Insurance takes the hassle out of buying your insurance. We partner with QBE, one of Australia’s leading insurers, to provide comprehensive coverage at an affordable price.
You can receive a professional indemnity in seconds and then save the quote to your email account to purchase later or continue purchasing your insurance and produce your certificate in minutes.
And all online products are backed by professional liability specialists who have years of experience helping clients of all sizes from all industries.
Together with leading Australian insurer QBE, we have created comprehensive and competitive professional indemnity insurance for management consultants engaged in one or more of the following business activities:
- Strategic planning
- Organization design and development
- Quality Management and Assurance
- Business process improvement/re-engineering
- Consultancy in the field of production systems
- Human Resources Advice
- Marketing advice
- System analysis
- Outsourcing and facility management
- Project management outside of the construction
- Health and Safety Training
- Training not related to health and safety
Consultant Professional Indemnity Insurance Policy Functions
PI premiums are determined by your business volume and PL premiums by the number of employees you employ. All insurers charge a minimum premium on both points.
We believe that we have negotiated very competitive premiums for both classes of insurance and will continue to monitor defined premium levels in the market to ensure this remains the case.
Premiums vary from state to state due to different stamp tax rates, but our minimum total professional indemnity premiums ($1 million coverage) start at $776 (including GST).
For your protection, you must have at least professional liability insurance (PI). If the services you provide to a client give rise to a claim against that client, then they will generally consider claiming the contractor. PI insurance will protect you if this happens.
Also, most of the jobs you’ve been hired for and most of the offers you respond to will require proof that you have a minimum level of IP and liability coverage… You generally don’t qualify for a job! the!
We’ve designed the insurance application process to take only 5 minutes on average to complete your application. In most cases, your application will be immediately approved online and you can print your insurance confirmation to prove you have the required coverage… It’s that simple! All other documentation, such as your tax bill, policy schedule, and wording, will be emailed directly to you for your records.
If the policy cannot be issued immediately because we need more information, we will usually contact you the same day.
Approximately one month before your policy renewal, you will receive a renewal reminder email with a link to view previous years’ coverage and renew your policy even faster.
* We have minimized the number of referral situations so that most requests are automatically accepted. However, if you have previous claims, for example, we will contact you to facilitate the handling of your application personally with the insurer.
Your insurance policy is administered by Express Insurance acting as an agent for QBE Insurance (Australia) Limited (ABN 78003 191035).
QBE has an Australian Financial Services License (AFSL 280193).
QBE has a Standard & Poor rating of ‘A+’ and has provided peace of mind to Australian and overseas customers for over 120 years.
QBE Australia is a member of the QBE Insurance Group, Australia’s largest international insurance and reinsurance group and one of the top 25 in the world. They are active in all major insurance markets with offices in 45 countries with approximately 13,000 team members.
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