Professional Indemnity Insurance provides cover for claims made against your business by third parties claiming that your professional services or advice caused them loss.

Public Liability Insurance covers the costs associated with a third party’s claim for personal injury or property damage or due to products that are sold or supplied through your business.

This will vary based on your specific insurance policy. Some insurers exclude the actions of contractors completely from their coverage.

Generally, if you arrange Professional Indemnity Insurance for Real Estate Agents through Aon, the policy will cover your vicarious liability for work carried out by your contractors but may not cover the Contractor for their own liability. Aon generally suggests that a Contractor or Sub-Contractor should hold their own insurance, covering their own liability.

Retroactive cover is protection for claims which are based on services or advice you provided before the start date of your current Professional Indemnity Insurance policy. When taking out Professional Indemnity Insurance cover, you may be asked to nominate a retroactive cover date or the insurer may impose one.

Run-off insurance provides coverage for claims made against you after your business ceases operating, or after you retire, based on advice or services you provided whilst in business. Depending on the policy, you may be required to pay additional premium to activate run-off cover.

Coverage available under any policy is always determined by the terms and conditions of the policy in question. Having said that commission disputes with contractors are generally not covered under a PI policy, as commission disputes are more in keeping with commercial losses not traditionally covered by insurance.

Yes. Professional Indemnity Insurance is also known as Errors & Omissions in some parts of the world, including the United States.

Limits in the amount of cover will depend on the level of insurance you’ve taken out and the needs and circumstances of your business. You can consult our team of specialist brokers to help understand the coverage options available for your business.

This will depend on a number of factors such as your profession, your business needs and the clients you work with. Some professions are required by law to hold a minimum level of cover, and some clients may require you to have a minimum level of cover to work for them. Many PI Insurance policies start at a minimum cover of $1 million, but you should decide the appropriate limit for you and consult with your broker about this if you need to.

Professional Indemnity Insurance is written on a claims-made basis. This means it will only cover claims made while the policy is in force. The claims-made basis of Professional Indemnity insurance means it is very important that any circumstances which may give rise to a claim, or any claim itself, be notified to the insurer as soon as possible after they occur. For example, if a client complains to you about your advice, your insurer should be notified at that time, rather than wait until a formal claim is made. If that client does decide to take legal action against you at a later date, you may not be entitled to cover if the insurer wasn't notified previously.

You can make changes to your policy by contacting a member of our team on 1300 836 028 between 8:30am and 5:00pm. Remember that some changes can have an impact on your premium, so if this is the case, you may be required to pay an additional premium.

Payment for your insurance policies are generally due annually. A monthly payment option may be available through a premium funding provider. If you choose to take out a premium funding contract there will be charges (such as interest and/or fees) in addition to the premium you pay throughout the year. See the premium funding terms and conditions for full details¹.