All registered Design Practitioners, Principal Design Practitioners, and Professional Engineers must have in place a Professional Indemnity Insurance Policy as of July 1st 2022 under NSW new fair trading mandatory requirements. (fairtrading.nsw.gov.au)

What is Professional Indemnity Insurance?

Professional indemnity insurance is an insurance policy that protects your business from claims brought against you for advice, recommendations, breach of professional duty, and alleged negligence that results in a financial loss to third parties.

Do I need Professional Indemnity Insurance?

As of July 1st in NSW, Professional Indemnity Insurance is mandatory for all registered Design Practitioners, Principal Design Practitioners, and Professional Engineers.

What information do I need to provide to obtain a Professional Indemnity policy?

In order to obtain a Professional Indemnity policy, a proposal form will be required to be completed. A proposal form is a document that the insurers request you complete in order to better understand your business and the activities you are looking to insure. They do not take long to complete.

How long does it take to obtain a Professional Indemnity policy?

As your Insurance Broker, we send your request out to a large panel of insurers on your behalf. Depending on if different insurers require additional information from you, you could expect a quote returned from the insurers within a few days.

How much does Professional Indemnity insurance cost?

As Professional Indemnity Insurance is an insurance policy that insures for your mistakes, we know that the mistakes in your industry could be catastrophic. The premiums are quite considerable. The main considerations for the insurers calculating your premiums are your business activities, your annual turnover, and how many employees you have.

How do I obtain Professional Indemnity Insurance?

Morgan Insurance Brokers takes the hard work out of the equation. We approach a large panel of approved insurers on your behalf and negotiate coverage and pricing for your business. We then provide you with the quote that we recommend that we believe will provide your business with the most protection. We are your main contact for all Insurance related queries, meaning you will never have to speak to any insurance company directly.