How much is Professional Indemnity insurance and why you need it
You may be wondering how much is it going to cost to take out the right Professional Indemnity insurance policy? You may expect a simple answer to that question, but the reality is that it depends on a number of factors. However, whilst it might be the case that you need to dig a little bit deeper than simple headline rates to find the policy that is best suited to you, it’s also a fact that in most cases you should be able to find it at a highly competitive rate.
Assessing your Professional Indemnity insurance cost
We often get asked, “How much is Professional Indemnity insurance going to cost?”. As the Professional Indemnity insurance experts in Australia, our team at will firstly look at your actual profession. Professional Indemnity insurers need to be quite clear about what it is that you actually do in order to determine the level of risk that they are underwriting.
The amount of cover you opt for and the policy limit that we supply you with will be reflected in the cost of your Professional Indemnity insurance. Again, you need to consider what it is that you do and the types of customers or clients that you work for. Professionals who work on large, multi-million dollar projects may well need a far higher level of cover than those who work primarily for small, local businesses. The reason being that the amount of any claim made against professionals in the former group is likely to be far greater than it is for the latter. As you would expect, the more cover you need, the greater the Professional Indemnity insurance will cost.
Policy exclusions and excesses
Policy exclusions and excesses can also have a significant bearing on your Professional Indemnity insurance cost. Not surprisingly, the more extensive the cover you require (in other words, the more risks that you want to be insured against) and the less you want to pay out of your own resources in the event of a claim, the more expensive the insurance is likely to be.
So, as you can see, there are a number of factors that need to be considered by Isure in answering the question: How much should Professional Indemnity insurance cost? All of the above factors are considered and taken into account when you enquire about Professional Indemnity insurance with us.
To find how much it is going to cost to take out Professional Indemnity insurance in Australia, talk to our team today. We can provide you with a quote in 30 seconds!