Professional Indemnity

The Importance of Good Business Practices and Professional Indemnity Insurance

In the world of professional services, maintaining good business practices is not only essential for client satisfaction and reputation management but also for protecting your business through Professional Indemnity Insurance. Understanding the consequences of poor business practices and implementing robust procedures can save your business from financial and operational risks.

Everything You Need to Know About Professional Liability Insurance

Learn about the importance of professional liability insurance (also known as professional indemnity insurance) and how it protects businesses from claims of negligence or errors in service provision. Understand the difference between professional indemnity and public liability insurance and why securing the right coverage is essential for business protection.

In the dynamic world of business, the term "professional liability insurance" often surfaces, but its significance may not always be clear. Let's delve into this crucial aspect of risk management and understand why it's essential for businesses of all sizes and industries.

How to ensure you're getting full value out of your insurance broker or adviser

SMEs can optimise their risk management, earn discounts by policy packaging, save on claim time & more by using the expertise of a qualified insurance broker or adviser. Learn how your business could benefit.

Safeguarding Your Career: The Foundation of Your Professional Indemnity Insurance

When it comes to preserving your career and maintaining peace of mind as a building designer, there's no room for compromise.

That's why selecting the right Limit of Indemnity Sum Insured on your Professional Insurance Policy is paramount.

Tools to Help Your Business Prepare for the Bushfire Season

There are many useful and official resources to help businesses prepare for summer bushfire season and other risks.

Let's look at some of the resources you can access to help manage your natural disaster risks and why you might need them.

The Importance of Run-Off Cover for Public & Products Liability

In the world of insurance, 'run-off coverage' is a vital but often overlooked term for businesses. This post delves into its importance, especially in products and public liability insurance.

Risk Management Tips for Australian Service-Based Businesses

SMBs offering services or advice can benefit from professional indemnity insurance to boost their risk management.

Having the right policy helps protect against a possible suite of claims.

5 Important Facts About Professional Indemnity Cover

There's much more to professional indemnity insurance (PI) than meets the eye.

The article unpacks five common misconceptions about the protection PI offers (or not, as is often the case).

Changes ahead: getting and maintaining registration for Design and Building Practitioners working on Class 2 buildings in NSW.

Changes are coming for the building and design sector as part of the NSW Government’s response to the Shergold Weir Building Confidence Report.  Aimed at strengthening compliance in the building sector, the changes have come about following a string of construction disasters and failures in high-rise apartment buildings.

Changes to the residential building industry in NSW: Class 2 building industry reforms

Long awaited changes are coming to the residential building industry. 

In the wake of construction disasters and significant failures in building standards in high-rise apartments in recent years, the initial changes focus on Class 2 buildings.            

NSW Draft Design and Building Practitioners Regulation: are you ready to declare?

The NSW Government's draft Design and Building Practitioners Regulation 2020 outlines rigorous reforms that will affect design practitioners and builders who work on multi-storey residential building projects.

In order to provide you with up-to-date information to help you understand the upcoming changes in NSW we have sourced the following article from leading Australian law firm Clayton Utz.

Building Designer Registration in NSW: Everything you need to know

Over the coming months, we will be producing a number of articles to fully brief you on the upcoming introduction of Registration of Building Designers (and other symbiotic Building Professionals) in New South Wales (NSW), and the national push for consistent Australia wide Registration of Building Professionals.

Understanding claims made polices and run off cover

These days, anyone running or operating a business may need several different types of insurance policies to help manage the risks connected with their business. While different types of policies may seem similar, the trigger for a policy to become active may differ.

If you have Professional Indemnity (PI) Insurance - which covers you for claims by others for negligence, errors and omissions in the delivery of your professional services - you may not be aware they are what is referred to as a ‘claims made’ policy as opposed to ‘claims occurring’.

What this means is that your policy is triggered by a claim being made against you during the period of insurance. To ensure you are covered, you must have a policy in force on the date on which the claim is being made.

Professional Indemnity Insurance at a glance

Anyone can make a mistake - but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business's hard-earned reputation may be damaged as a result.

Understanding copyright for architects and building designers

There’s a common saying imitation is the sincerest form of flattery. But when it comes to building design, where considerable time and effort has been put in, the last thing you want to see is a replica of your work produced by someone else.

That’s why copyright is so important to the building industry. It ensures your rights are protected.

How can you ensure that your designs, drawings and plans are protected? And what can you do to avoid infringing on someone else’s designs? We take a look at what you should know when it comes to copyright for architects and building designers.

When to provide your Professional Indemnity Insurance Policy

Professional Indemnity Insurance provides protection for a legal liability to defend yourself against an actual or alleged error or omission in your work.

It can protect your business and reputation against a range of claims including errors in council submissions, lost documentation, inadequate advice, and acting without proper instructions from your client.

While it’s an important insurance for building designers, architects and other types of building professionals and consultants to have, at times it can be confusing when you should or shouldn't provide evidence of having this insurance for your business.

In this article, we look at the different requirements for Professional Indemnity Insurance as well as the instance for when you should produce your policy if you are asked for it.

Non-Compliant Building Materials - Professional Indemnity Insurance Exclusion

You may have heard in the media the many issues relating to the dangers of Non-Compliant Building Materials in particular flammable cladding and the flow on effect this has to Professional Indemnity Insurance Policies. Due to these issues, (such as the cladding building fires in London and Docklands) many of the insurers have reacted by adding policy cover exclusions regarding to claims arising from non-compliant building materials and the insurers are also raising their premiums.

Professional Indemnity Insurance - Tips & Traps for Contracts

P.I. Insurance: tips and traps for construction contracts, If you need assistance with contracts please contact cgib and your account manager will advise you on services we can offer.