Do you run a small business in Perth? Whether you’re a freelance writer, a consultant or even a medical professional, there are some insurances you must consider.

One of these is Professional Indemnity Insurance. What is it and why do some business owners need it? Frans Du Plessis Director of Grace Insurance Brokers in Landsdale, tells us why.

What is Professional Indemnity Insurance?

Professional Indemnity Insurance is insurance designed to protect professionals who provide advice or specialist services to their customers against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty, in the course of their business.

“But why would I need to be protected from this?” you may ask.

Well, whether you mean to or not, things happen in business. And if you do something (or neglect to do something) and a customer suffers financial loss as a result of your service or advice, they may take legal action against you.

With the right policy, you can defend your business against the claim, and do so without worrying about where you’ll find the funds to cover your legal fees and expenses.

Does my business need Professional Indemnity Insurance?

If you run a business that provides a specialised service or advice to your customers and don’t have a few extra thousand dollars lying around for legal costs, then your business may need Professional Indemnity Insurance.

So, don’t leave it to chance, at least take the time to find out more about Professional Indemnity Insurance for your business, before it’s too late.

How much does Professional Indemnity Insurance cost?

The price depends on your business type, structure, level of cover required and any other specific needs, so you will need to obtain a personalised quotation to know how much it will cost you and your business.

One of our insurer’s research indicates that around 47.5% of small businesses pay between $51-$100 per month for their Professional Indemnity Insurance policy.

Other key factors that play a part in determining the cost are:

  • Your businesses turnover and size
  • The amount of insurance cover you require
  • The individuals being covered – Are they qualified for the job they are performing? Do they have a previous history of claims?
  • Your individual claims history

Grace insurance can provide you with a personalised quotation and help you choose the right Professional Indemnity Insurance policy for you, no matter where you are in Perth and which industry, you’re in. And if you don’t need it, we’ll let you know!

Want to find out more and get some peace of mind for your business before it’s too late? Contact Grace Insurance in Landsdale, Perth for assistance today.