Independent Market Researcher's Insurance
Public Liability and Professional Indemnity Insurances for Independent Market Researchers
Independent Market Researcher's Insurance
Public Liability and Professional Indemnity Insurances for Independent Market Researchers
What is Professional Indemnity Insurance?
Professional Indemnity Insurance will protect your Market Research Business for the costs incurred as a result of a claim brought against you as a result of any advice, recommendations, or breach of professional duty where your client has suffered a financial loss.
A Professional Indemnity Insurance policy will pay for the defence, and legal costs associated to defend you in the event of such claim. If found liable for the loss, your Insurer will pay the claim for compensation, removing the pressure from you, and your business.
What does Professional Indemnity cover?
Professional Indemnity Insurance can offer general protection which may include cover against:
What is typically not covered?
Personal Injury claims (See Public Liability)
Intentional Acts including defamation, slander, libel
Claims where you don't have a policy inforce
Events which occured prior to holding a policy
Industry specific exclusions that the insurer have applied
Additional Business Activities Not Approved
Work done before your retroactive date
Works done outside of Australia, or your insured jurisdiction
Why does a Market Researcher need Professional Indemnity Insurance?
Professional Indemnity Insurance is designed to protect your Market Research Business from the financial burden that could arise from an unintended error. Your data could be incorrect, it could be misinterpreted, or you could submit your reports late. There are many scenarios that could happen that could see your clients suffer a financial loss a direct result from your service. Fortunately, Professional Indemnity Insurance can protect your Market Research Business from compensation claims because of such errors. Although the likelyhood of such event occuring may be low because of your attention to detail, your internal procedures, and quality of work, mistakes do happen. Have faith in Insurance to protect your future.
Additional Insurance policies that will protect your business
Public Liability Insurance protects your business from claims brought against you by third parties for personal injury, property damage, or advertising liability.
A Management Liability Policy can provide an additional layer of protection to your business. A Management Liability Insurance policy is designed to protect the company, and the directors for claims brought against them for mismanagement. Other benefits of a Management Liablity policy is that it will protect you for laims such as harrassment, bullying, discrimination, and unfair dismissal. It can also provide cover for employee theft and fraud.
How Morgan Insurance Brokers can help you
We make insuring your business easy.
Just like you, Morgan Insurance Broker’s is a small business and every client matters as if they were our largest.
We have access to a large panel of Australian Approved Insurers, and access to the overseas market which ensures that the Insurance covers we recommend to you will protect you. Our recommendations are not just based on pricing, but also level of cover, the insurers claim service, and the insurers reputation.
Trade with confidence when engaging Morgan Insurance Broker’s to insure your business.
Frequently Asked Questions
Professional Indemnity Insurance policies can range depending on your turnover, and how many employees that you have.
Morgan Insurance Brokers does not charge any broker fees for Independent Market Researchers as a sign of support to the industry.
Professional Indemnity Insurance is sometimes referred to as Errors and Omissions. They offer the same benefits
and scope of cover. Some Public Liability policies may offer an Errors and Omissions extension upon request.
Public Liability Insurance has limits of $5,000,000, $10,000,000 and $20,000,000. The premium difference between each limit is relatively minimal as the risk is quite low. A limit of $5,000,000 could be sufficient as the likelhood of personal injury because of your negligence is not that great.
Morgan Insurance Broker’s can discuss with you what limit of Professional Indemnity you should insure for. We would discuss with you who your biggest client was, what was the greatest financial exposure, and how often you worked on contracts like these throughout the year. Factors like these is how we would evelaute an adequate Professional Indemnity limit for your business.
Legal fees are covered under a Professional Indemnity policy. However, the amount that your insurer contributes is dependent on the type of cover you select. If you have insured for a Professional Indemnity policy that is “costs in addition”, then your policy will pay for the legal and defence in addition to the policy limit that you’ve selected. If you have insured for “costs inclusive”, then your policy will only pay up to the limit of liability that you’ve selected, with defence and legal fees being deducted from the insured sum. Legal and defence costs can be costly, so where possible it’s in your best interest to obtain a policy that is “costs in addition”.
Professional Indemnity Insurance policies will have a standard excess to all compensation claims paid.
If you have a Professional Indemnity Insurance Policy that has a “costs inclusive” excess this means that you will have to pay the standard excess if there were any legal and defence costs incurred, regardless if there was a settlement claim for compensation. A “costs exclusive” excess means that you do not need to pay an excess if the only costs incurred are legal and defence fees, and where there is no compensation claim.
A “costs exclusive” excess is more favourable and is standardly available. Where it is not always available is for
industries where they may incur a high frequencies of claims, such as a real estate agent, or property management business. For these industries, the insurers will most likely offer a “costs inclusive” excess.
Professional Indemnity insurance Policies are structured on a “claims made basis”. What this means for you is that when you are first notified by a client of a potential scenario that could result in a claim, you should consider letting your insurance company know. Professional Indemnity Insurers require you to notify them of the actual or alleged claim scenario when you first become aware of it so they can intervene immediately. With their help, they can mitigate the risk before it progresses, thus potentially preventing a claim. If you fail to notify the insurer within your policy period, you may forfeit your cover.
Professional indemnity insurance policies are designed on a “claims made basis” meaning that in order to make a claim, you have to have an active policy in place at the time that the claim is brought against you. If you cancel your policy, you are forfeiting all cover for any of your previous works. In order to protect yourself, you should consider restructuring your policy to a “run off” policy.
