Cybersecurity for SMEs: Stay Ahead in the Flux of Change!
Cybersecurity has become a necessity no matter your business size.
The requirement to have PI insurance cover depends on the sector in which you work and the type of advice/services you offer. It’s mandatory for professions such as lawyers, financial advisors, tax practitioners, doctors/health specialists, but different states and territories may have there own requirements for practitioners in different industries. Often, regulations will set down a minimum dollar coverage for professional indemnity insurance.
Sometimes, your client may require you to have a policy in place before they engage you, such as for high-value projects.
Should I have it if it’s not required?
PI coverage is available to many other non-traditional professionals including freelance creatives, marketing agencies, IT consultants and more. Having PI cover gives clients confidence and trust you’re in business for the long haul and take responsibility for your work. They may expect it even if such cover is not compulsory.
Investing in a PI policy shows you are a professional with a clear commitment to quality. Having a PI policy will reduce the financial impact of unexpected expenses relating to your professional liabilities.
Doing a thorough risk assessment can help you work out if PI cover is a ‘nice-to-have’ or ‘must-have’ for your unique business circumstances.
Factor in these common risks, too: Digital transformation and cyber security, and greater regulatory scrutiny, which leads to potential claims.
Two common misconceptions about PI insurance:
- Your cover begins when your policy starts – often policies are retroactive, usually subject to having continuous PI cover since commencement of the business
- Cover can end when you stop practising – actually, run-off cover is advised to protect you against claims when you’ve finished practicing.
Why it pays to have PI insurance
The right-fit PI policy gives you peace of mind, so you can focus on business operations rather than worry about potential claims. As your broker, we can help you secure customised cover that will suit your budget, needs and requirements.
Make sure you’re covered for the year ahead.
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