professional indemnity australia

broker login    |   affiliate login

 
     
  professional indemnity, pi insurance rates, pi insurance quotes, compare pi insurance, cheap pi insurance  
 

    | Home    |    Quick Quotes    |    Free Download    |   Calculators    |   About    |   Contact    |   Privacy    |   Links    |   Site Map   |

 
 
   
Knowledgebase
Subrogation:
An insurance carrier may reserve the "right of subrogation" in the event of a loss. This means that the company may choose to take action to recover the amount of a claim paid to a covered insured if the loss was caused by a third party.

Quick Links
  • Professional Indemnity
  • Pi Insurance Rates
  • Pi Insurance Quotes
  • Compare Pi Insurance
  • Cheap Pi Insurance
  •  
    Insurance News

    Insurers Bet Big on AI for Streamlining Claim Resolutions Insurers Bet Big on AI for Streamlining Claim Resolutions
    28 Mar 2024: .Paige Estritori

    Australia's insurance sector is witnessing a transformative embrace of artificial intelligence (AI), with a sweeping 90% leaning on, or on the cusp of adopting, chatbots and advanced AI to enhance claim handling, as noted in Gallagher Bassett's yearly analysis. This heightened integration reflects the sector's aim to bolster operational speed and efficacy, with a remarkable 98% of insurers predicting immense benefits from such advancements. - read more
    Spike in Weather-Related Insurance Claims During Summer Revealed Spike in Weather-Related Insurance Claims During Summer Revealed
    27 Mar 2024: .Paige Estritori

    Over the recent summer period, NRMA Insurance reported an influx of claims linked to severe weather, with a record not seen since the autumnal months of 2022. An overwhelming number of these, about 85%, have been ascribed to weather disturbances such as storms and hail, per the updated Wild Weather Tracker statistics. - read more
    Federal Court Upholds Insurer's Policy Update Clause Federal Court Upholds Insurer's Policy Update Clause
    26 Mar 2024: .Paige Estritori

    The Federal Court has provided a green light to Auto & General’s home and contents insurance policy terms, confirming the necessity for policyholders to inform the insurer about significant changes affecting their coverage. The company emerged victorious in a legal scrutiny instigated by regulatory body ASIC over the disputed clauses. - read more
    Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
    25 Mar 2024: .Paige Estritori

    Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company. Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum. - read more
    Revolutionizing Carbon Trading with Novel Insurance Offering Revolutionizing Carbon Trading with Novel Insurance Offering
    24 Mar 2024: .Paige Estritori

    In an innovative move within the environmental finance sector, CFC has introduced a cutting-edge insurance product specifically targeting the burgeoning carbon credit market. This pioneering Carbon Delivery Insurance is designed to mitigate the risks associated with non-delivery of carbon credits, reinforcing market confidence and integrity. - read more
     
    Business Insurance Articles

    Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance Expert Tips for Comparing and Buying the Right Professional Indemnity Insurance
    Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
    The Essential Guide to Professional Indemnity Insurance for Australian Consultants The Essential Guide to Professional Indemnity Insurance for Australian Consultants
    If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
    The Growing Importance of Cyber Insurance in Protecting Professional Practices The Growing Importance of Cyber Insurance in Protecting Professional Practices
    The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
    Cyber Liability and Indemnity: Mitigating Risk for IT Professionals Cyber Liability and Indemnity: Mitigating Risk for IT Professionals
    In an era dominated by digital innovation, understanding the crossroads of cybersecurity and indemnity insurance is more critical than ever for IT professionals. As cyber threats evolve with increasing sophistication, the concept of cyber liability has come into sharp focus, pinpointing the potential legal and financial risks associated with data breaches and cyber-attacks that professionals in the information technology sector may face. - read more
    Professional Indemnity Insurance: How Much Coverage Do You Really Need? Professional Indemnity Insurance: How Much Coverage Do You Really Need?
    Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more

     

     
    Professional Indemnity Australia :: Articles
    SHARE

    Share this article!

    Income protection insurance

    Income protection insurance

    It's trite but true to say that, for most people, their most valuable asset is their ability to earn an income.
    But how relevant is income insurance to most Australians?
    Ask yourself what would happen if you woke up tomorrow and found you were incapable of working for an extended period.
    Could you support your household?
    Meet your loan repayments?
    Save for the future?
    Income protection insurance, also known as disability insurance, pays you an income if you are unable to work because of sickness or injury.
    You can insure to receive payments (usually monthly) of up to 75 per cent of your current income while you're out of action.

    Doesn't WorkCover or my super fund already protect me?

    Insuring your most valuable asset
    While many people would consider their home or their car to be their most valuable asset, it's your ability to earn an income that is most important in shaping your financial future. Statistically, two thirds of working Australians will suffer an injury or illness that will sideline them for 90 days or more. The majority of these people would not be able to pay their mortgage or meet car finance and other loan commitments without adequate income insurance.
    WorkCover protects you if your injury is connected with work. But it doesn't cover you for sickness or if you have an accident hiking on holidays.
    It's worth checking on your super fund, though. Many super funds now provide salary continuance insurance which will pay you an income for up to two years if you're unable to work.
    This may mean you can get away without income protection insurance, or opt for a cheaper policy.

    How do I choose an income protection policy?

    It's worth talking to an adviser (as opposed to a salesperson) about which one suits your needs. Most insurers have several products on offer and a range of options that come with each product.
    The first choice is between an agreed-value policy and an indemnity policy.
    With an agreed-value policy, you have to prove your income up front, but once that's done, you know exactly what you'll be paid if you're unable to work.
    This type of policy is more expensive, but suits people like the self-employed who have variable incomes and want some certainty about their claims.
    With an indemnity policy, the company generally insures you for what you say you earn up front, but asks you to verify your income if you make a claim.
    Both types of policy can be increased each year for inflation, but if you're likely to have a rising income, it may also make sense to choose a policy that allows you to increase the sum insured without the need for new applications and medicals.
    Income protection policies also come in basic and deluxe versions.
    The basic version generally provides you only with income payments while the deluxe version can have add-ons such as paying nursing care or accommodation benefits or paying benefits immediately if you have an accident - rather than insisting on the normal waiting period.
    It's also important to understand exactly when you can claim.
    All income protection policies include definitions on when you are unable to work.
    Some of the cheaper policies, for instance, say you can claim only if you are unable to perform your normal job; other policies will pay if you are unable to perform one or more of your important duties.
    Policies also have exclusions - circumstances in which they won't pay - which are worth knowing.
    There is also a range of choices to make on issues such as how long you're prepared to wait before making a claim and how long you want the income payments to go for if you do claim.

    Is income protection expensive?

    Premiums can vary significantly.
    As a rule, women and blue-collar workers pay more, though the increase in stress-related claims by white-collar workers has resulted in higher premiums - especially for professionals such as doctors and lawyers.

    Can I do anything to cut the costs?

    Income protection insurance is tax-deductible, so the costs can be reduced by making sure you claim your premiums in your annual tax return. (But any claims you make will be taxed as income.)
    Outside this, the simplest way to cut the premium is to opt for a longer waiting period or limit the period in which you can claim.
    Waiting periods can extend as far as two years while income payments can be for as little as a couple of years or up to age 65.
    Some insurers will give you a discount if you provide evidence of your income up front, and some offer lower premiums if you agree to a 12-month limit on payments for conditions caused by mental disorders such as depression or stress.
    Many people also don't realise that they can insure for less than 75 per cent of their income - maybe insuring the full amount for the first two years and then 50 per cent after that.
    Needless to say, you can also cut costs by not paying for extras that you don't think you'll need.
    But bear in mind that the real test of the policy comes when you make a claim - paying a few extra dollars for certainty can be better than simply taking the cheapest deal going

    Published:Sunday, 1st Aug 2021
    Author: Paige Estritori

    Share this article:

    Business Insurance
    If you're in the process of buying or renewing your business insurance, whether it be a factory, a shop, office, warehouse, a farm or whatever .. even a home-based business, we can show you a quick way through the maze of offers and options available on the market. Our Australia-wide broker panel will ensure that you get the best cover for your specific needs … and at the right price to suit your budget.
    Need a Boat Loan?
    We provide direct access to the best Boat Loan rates and options in Australia through our national panel of specialist marine finance brokers. Simply complete our quick & easy Boat Loan quote enquiry form to see if you qualify - and to gain access to the best Boat Loan offers from our broker panel.

     
    Need a Quick Professional Indemnity Insurance Quote?
     
       
     

    At Professional Indemnity Australia, we understand that you have more productive things to do with your time than researching professional indemnity insurance rates and options.

    So we propose to help do it for you. No charge, no obligation.

    Simply complete our short form for access to the best professional indemnity insurance quotes and advice from a comprehensive selection of Australia's leading and best known professional indemnity experts.

       

    Quick Links: | Professional Indemnity | Pi Insurance Rates | Pi Insurance Quotes | Compare Pi Insurance | Cheap Pi Insurance

    powered by
    Financial Services Online

     

     


    Home   |   Calculators   |   About   |   Quotes   |  Contact   |  Privacy   |   Brokers   |  Affiliates   |  Download   |  Links   |   Site Map

     
         
     

     
         

    Copyright Clark Family Pty Ltd A.C.N. 010 281 008 - all rights reserved