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Professional indemnity:
An insurance that provides cover for liability incurred in the course of exercising a profession.

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    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

    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
    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
    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
    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

     

     
    Professional Indemnity Australia :: Articles
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    Top 5 Reasons to Buy Insurance Through a Broker

    Top 5 Reasons to Buy Insurance Through a Broker

    In today's litigious and uncertain world, insurance has become a very important component of every financial plan.
    But, when it comes to buying insurance, consumers often get confused obout where they should start and how to decide on the best policy solution to their specific needs and circumstances.

    Navigating the insurance market, whether for business or personal protection, is always a complex exercise, even for the enlightened consumer.

    A reputable insurance broker can reduce the time, effort, cost ... and much of the anxiety surrounding this process.

    Apart from making the whole experience much simpler, a broker (by definition) will negotiate on your behalf to find you the most appropriate policy/ies from the most trusted insurance companies ... often at a price considerably lower than rates offered direct.

    This article aims to help explain some more of the upsides of talking to a licensed insurance broker before buying any form of personal or business insurance.

    Time and effort:

    A good insurance broker has access to both local and international insurers and will have a thorough knowledge of the products provided by those insurers.

    Armed with the knowledge of the policies available, the broker has access to sophisticated analysis tools in order to track down the policy that best suits your exact requirement.

    This negates the need for you to spend hours on the phone or searching online trying to find and compare quotes - without a full understanding of whether you are even comparing apples with apples.

    An independent, licensed insurance broker can effectively do all the research and price-shopping for you, slashing the amount of time and effort that this task would normally take.

    Professional advice:

    If you approach an insurance company direct, the chances of getting the best value-for money insurance policy for your requirements is greatly reduced. The company may have different policy options, but they are unlikely to tell you about the benefits of another company's product over their own.

    Also, all insurance policies from one company may not be good for your particular circumstances. A reputable broker, on the other hand, will give you inputs on what is good and what is not. It's his or her role to understand  the differences in policies from various companies and how those differences may impact on you- particularly in the event of a claim.  Your broker will tailor an insurance solution to your specific needs.

    Wholesale rates:

    People often go direct to insurance companies on the mistaken belief that it is cheaper because brokers often charge a policy fee for their service.

    But broker fees are usually very small and, if you go direct, you only have access to the insurers' standard, retail rates.

    Brokers purchase a large number of policies on behalf of many, many clients from the insurance companies, and thus they usually get sizeable rate discounts which, by law, are passed on to you, the client.

    Insurers offer significant concessions to brokers because they introduce large volumes of business if the insurer looks after their clients.

    It is also cheaper for the insurance company to administer policies purchased through a broker because brokers are usually digitally connected to most insurance companies - meaning less admin costs for the insurer which equates to more savings to pass on to you.

    These special rates will not be available to the general public. Hence, buying insurance through a licensed broker is always more cost effective.

    Faster, better service:

    Have you ever been left on hold for what seemed like an eternity - waiting to talk to someone about your insurance claim or a change to your policy ... only to find that the person can't help you directly?

    Most insurance companies outsource their customer service to third-party call centres where the staff does not have enough knowledge to respond to your request directly.

    Documentation requests, claims and other queries will be resolved more slowly as a result, which equates to inferior customer service.

    On the other hand, your broker will be far more efficient and personable in these situations. More often than not, your insurance broker will have a stock of generic claim forms and will make (and follow-up) your enquires with the insurer, offering advice and making timely suggestions in the process .

    Brokers will maintain this level of service throughout your client/broker relationship in order to maintain their customer base and grow their business.

    Peace of mind:

    Insurance brokers are responsible for managing your policy so that you never have to worry about a thing.

    When it comes time to file a claim, they won’t hesitate to fight from your side.

    Instead of just offering a best deal, these professionals constantly cross check the policies and educate their customers about the options available before helping them make a decision and giving peace of mind to the customer.

    Now that you are clear about the benefits provided by a reputed brokerage firm, start looking for a good one that can offer the most professional insurance service you can buy.

    Remember to look for the firm that has good experience and proven track record of serving customers.

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

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