PI PL Insurance Faq
Professional Indemnity & Public Liability Insurance Benefit
Professional Indemnity & Public Liability Insurance Benefit
Why this change of insurance providers?
The insurance industry has been rapidly changing and we needed to find a partner who would be flexible in providing more options to cover ILP members.
Do I have to do anything?
You can simply wait until your current policy expires and then transition over to ILP’s exclusive insurance provider, Insurance Advisernet. Or transition over now by contacting our Insurance Manager – Amanda on 0415 105 671 [email protected]
What are the benefits of the new insurance provider?
Is the premium going to change?
Premiums may actually be less depending on your state or territory.
What happens when I switch, if there is a claim from last year?
You will have unlimited retroactive (backdated) cover so your activities since you started business will be covered.
What does my professional indemnity policy cover?
It provides you with indemnity for:
Civil Liability Claims– arising from breach of duty, unintentional defamations, unintentional infringement of intellectual property, loss of or damage to documents
Legal Costs and Expenses – costs of investigating, attending to court, defending and settling claims
Legal representation at inquiries– legal costs and representation at inquiries
Defamation – claims arising from unintentional defamation by ty the insured in the conduct of providing their professional services
Intellectual Property Infringement – claims arising from unintentional intellectual property infringements by ty the insured in the conduct of providing their professional services
Los of Documents– losses arising from damage to or destruction of documents for which the insured is legally responsible for
Public Relations Expenses– costs of engaging a public relations consultant to protect your reputation
Unlimited Retroactive Date– A retroactive (backdated) date sets the date from which the insurer will cover the insured for claims arising from your professional business advice or service. Any advice or service provided before that date is not covered, anything after that date is covered by the policy.
7 Years Run Off Cover – When any professional practice comes to an end, it is essential that it continues to benefit from Professional Indemnity cover for claims which may be made after the practice has ceased to trade, in respect of the work which was carried out. Because of the claims made nature of a policy it is essential that “run-off” cover is purchased. Cover is extended under this policy wording to automatically provide run-off cover for 7 years at no cost.
Continuous Cover – Professional indemnity policies are written on a Claims Made basis which generally excludes claims arising from circumstances known to the insured before the start of a new policy period. If, when then the notification is investigated and its shown that the insured did not disclose their knowledge of any potential claim this could lead to denial of the claim.
Continuous cover is there to extend cover under the policy to a claim arising out of a circumstance which could have been notified under a previous Professional Indemnity insurance policy but the insured, for whatever reason, did not. Note that for a continuous cover clause to apply, the insured must have been insured under a Professional Indemnity insurance policy with the same insurer, at the time they first became aware of the circumstance that eventually gives rise to the claim.
Estates and Legal Representatives– in the event of your death or incapacity, cover for your estate, heirs and legal representatives for claims arising from the professional services provided.
Principals Previous Business– cover extends to claims arising from Principal’s previous businesses provided they are the same type and nature as the business insured under this policy
Joint Venture Liability – you are covered for your activities when participating in a joint venture
Cyber and Privacy Infringement Liability– cover is provided for unintentional claims for cyber and Privacy Infringement liability arising from the insured’s internet content; the insured’s infringement of any right to privacy or the insured’s breach of confidence or misuse of confidential information held on its computer systems; or the insured’s failure to prevent an unauthorised party from access, use or tampering with computer systems
What does my public liability cover?
Public Liability protects your business for claims or losses from property damage or bodily injuring arising from your business.
Will the excess fees increase?
No, your PI excess has decreased to nil, and your PL insurance has remained the same.
Do I still need to have ILP membership to get the benefit from ILP Membership?
Yes, this is an exclusive benefit to ILP members only and you will need to supply your membership number.
How do I make a claim?
Making a claim can be a daunting task, especially as it typically occurs at an already difficult time. With this in mind Insurance Advisornet see it as one of the most important times in the relationship with you. Insurance Advisornet will do everything they can to make the process as smooth and easy as possible, providing you with personal and locally-based claims advocacy and support.
This includes:
Contact our Insurance Manager – Amanda on 0415 105 671 [email protected]
I am an RTO? Do I have the same premium if my turnover is $250K?
Yes, provided the external classroom activities are under 5%.
Amanda Croasdale has over 25 years experience in the insurance industry. Specialising in Professional Indemnity Insurance for professionals and Small Business Owners, Amanda is dedicated to understanding and assisting the unique insurance needs for ILP Members just like you.
If you have any further questions please contact on 0475 732 093, [email protected], or ILP on 1300 768 660.