Professional Indemnity FAQ

You may need Professional Indemnity

You may need Professional Indemnity Insurance

For people who give advice to those that depend on this advice, a duty of care is owed. Generally these are people who charge for their services rather than sell products or perform manual work.

 

These can be the traditional “white collar” professionals such as Accountants, Architects, Solicitors and Financial Advisors through to Medical Professionals such as Surgeons and General Practitioners. Then there are the myriad of consultants who have expertise in specific areas that are engaged on short or long term contracts to Business or Government departments.

 

These professionals can be held accountable for the advice that they give. If their advice is incorrect or they have missed providing information and as a result it leads to their client’s suffering a financial loss, it is likely that they will seek compensation.

 

This means, they will be sued!

 

Professional Indemnity Insuranceor PI Insurance will protect you against the cost of defending claims where it is alleged that a client has suffered financial loss as a result of your error, omission or negligence. If you provide advice for a fee, we strongly recommend you have this cover.

 

It is important to note that Professional Indemnity is a “claims made” cover. That means you claim from the policy in force at the time someone brings a claim against you. Not the date within the policy period the advice was provided.  

 

The standard PI Insurance policy will cover you for work carried out after a retroactive date specified.  This is often set at the inception date when cover is first taken. So it will not cover any work performed prior to that retroactive date. However it is possible for the policy to be extended to include work you carried out in the past for a small additional premium which suits those who have been in business for a while before taking cover.

 

So even when care and skill is exercised, there is still the potential for a professional to make a mistake that causes financial loss to a client or for a client to allege that a mistake has been made, even if not.  Whilst such disputes are rare, if they do occur they can be costly. Professional Indemnity Insurance will, for a reasonable  premium, provide peace of mind against these risks. 

 

In addition, having PI Insurance will bolster the credibility that you are in business on your own account. It will give your clients the reassurance that there are sufficient resources to handle any recourse in the unlikely event of an alleged breach of duty, adding value to any contract.

  

Latest News

Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

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