Is the cost of Aon Professional Indemnity insurance tax-deductible?

Yes, professional indemnity insurance premiums are generally tax-deductible for Australian businesses and sole traders as an operating expense. The Australian Taxation Office (ATO) allows you to claim a deduction for most insurance premiums that protect your income-earning activities.

Does Aon provide Run-Off cover if I retire or close my business?

Yes, Aon offers Run-Off cover which extends your insurance protection for up to seven years after your business ceases or you retire. This is critical for professional indemnity because it is a 'claims-made' policy, meaning you must have active cover at the time a claim is lodged, regardless of when the work was performed.

Can I bundle my Professional Indemnity and Public Liability insurance into one Aon policy?

Yes, Aon allows you to combine Professional Indemnity and Public Liability insurance into a single 'Business Insurance' package. Bundling these covers often simplifies policy management and can reduce overall premium costs for small business owners.

Does Aon Professional Indemnity insurance include retroactive cover for past work?

Yes, many Aon policies include an unlimited retroactive date, which protects you against claims arising from acts or errors committed before your current policy started. You must not have been aware of any potential claims or circumstances that could lead to a claim at the time you purchased the policy.

Are my sub-contractors covered under my Aon Professional Indemnity policy?

Yes, Aon policies can be configured to provide cover for claims relating to the professional services performed by your consultants, contractors and sub-contractors. You should review your specific policy schedule to ensure you are legally liable for their work under the terms of your agreement.

What should I do if I become aware of a potential claim on my Aon policy?

You should notify Aon as soon as you become aware of any circumstance or incident that may lead to a claim. Most professional indemnity policies require immediate written notification of potential issues, even if a formal legal claim has not yet been filed, to ensure your right to indemnity is protected.

Aon Professional Indemnity Insurance

Aon Professional Indemnity is a 'claims-made' policy, so you need active cover at the time a claim is lodged regardless of when the work was performed; Run-Off cover extends protection for up to seven years after retirement or business closure.
Many Aon policies include unlimited retroactive cover for past work, provided you weren't aware of any potential claim circumstances when you took out the policy.
You can bundle Professional Indemnity with Public Liability into a single Business Insurance package, and policies can be extended to cover work performed by consultants, contractors and sub-contractors.
Premiums are generally tax-deductible for Australian businesses, and you must notify Aon in writing as soon as you become aware of any circumstance that could lead to a claim.

Who is Aon?

Aon is the result of a 1982 merger between Ryan Insurance Group and Combined International Corporation. Having acquired a number of respected insurance and consulting companies in the ensuing years, Aon is now a global provider of insurance, risk management and human resources solutions. Boasting 66,000 employees across more than 120 countries, Aon is now the largest global insurance broker in the world.

As part of its extensive range of products and services, Aon offers a range of competitive business insurance solutions to suit a wide variety of companies. With a particular focus on small business, Aon insures thousands of businesses all across Australia.

Aon's policies can be tailored to suit the needs of individual businesses, offering flexibility and convenience. The company's policies have been approved and endorsed by key industry bodies and associations within Australia and they are backed up by Aon's strong global financial position.

Aon offers professional indemnity insurance, public liability insurance and product liability insurance.

Aon professional indemnity benefits and features

Aon's professional indemnity insurance offers financial security and peace of mind to customers. Designed for professionals for offer advice or services to their clients, this policy provides cover against claims of negligence made against you.

If, during the course of your work, you perform an act, omission or breach of your professional party that results in your client suffering a financial loss or an injury, they may decide to lodge a claim of malpractice or professional misconduct against you. Aon professional indemnity insurance provides cover for the cost of your legal defence, as well as cover for any damages you may have to pay.

A professional indemnity policy from Aon also typically includes cover for other essential features, including public liability insurance and product liability insurance. Instead of providing an off the shelf policy that is designed to be 'one size fits all', Aon offers policies tailored to the insurance needs of a number of professions. These include:

psychologists
massage therapists
physiotherapists
chiropractors
radiographers
architects
engineers
accountants
music teachers

event organisers
real estate agents
landlords
charities
media professionals
lawyers
solicitors
actuaries
design professionals

Why choose Aon as your professional indemnity insurance partner?

There are many reasons why customers should consider choosing Aon for their professional indemnity insurance needs. Aon is the largest global insurance broker in the world, offering solutions to the insurance needs of a wide range of customers. This gives you the security of knowing your insurance is backed by a company with real global strength.

In Australia, Aon boasts almost 1,600 employees and an impressive history of offering quality business insurance coverage. Professional indemnity insurance is looked after by Aon Risk Solutions' Professional Services practice, which has more than 75 years' of experience offering insurance coverage to professional service firms. Aon gives you access to a wealth of specialised knowledge in this unique insurance sector, all of which works to benefit your company.

Another strength of Aon is that policies are tailor-made to suit your needs. Whether you're a lawyer, a real estate agent or an accountant, Aon can offer a professional indemnity insurance policy that will suit the specific risks of your profession.

Taking all of these factors into account, Aon is well worth considering when it comes to sorting out your professional indemnity insurance requirements.

Other business insurance policies being offered by Aon

Business Insurance

Aon offers a number of cover options that have been specifically designed to meet the needs of small businesses. These include public liability cover, fire and defined events cover, burglar cover, business interruption insurance, protection against the theft of money and protection for business glass. These products are designed for businesses with a turnover of less than $10 million.

Management Liability Insurance

Managing a company exposes you to the risk of finding yourself the subject of a lawsuit, which is where management liability cover comes in. It offers protection against allegations of occupational health and safety breaches, employee discrimination, financial mismanagement, illegal conduct, and breaches of directors' and officer's duties. This policy offers cover for a host of essential features.

Public Liability Insurance

This insurance is designed for businesses who interact with their clients or members of the general public. If a third party suffers an injury or property damage as a result of your activities, they may choose to sue you for damage. A public liability insurance policy provides protection against such claims, covering your legal costs and any compensation you are required to pay.

Product Liability Insurance

Similar to public liability cover, this policy offers protection when a third party accuses you of causing them to suffer a personal injury or property damage. However, this form of cover is designed for businesses that sell products to their customers. It will ensure that you don't have to pay any legal or court costs.

Personal Insurance

Aon also offers insurance solutions to suit the needs of a wide range of consumers. Products offered include home and contents cover, car insurance, landlords insurance, boat insurance, caravan insurance and travel insurance.

Find out more about Aon

Talk to a broker about a business insurance

Why do I need to speak to a broker to get a quote? Finder works with a qualified brokers to get quotes. A broker can take you through the application process and help you with any back and forth with an insurer if you need to make a claim.

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Alex Reid

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Alex Reid is Finder’s business insurance cadet. He has a Master of Marketing from the University of Technology Sydney, with a background in business and sales. When not writing about business insurance for Finder he's a keen scuba diver, recently completed his 200th hour underwater and his PADI Divemaster certification. Before working at Finder he lived in Hangzhou China, where he studied Mandarin and Chinese culture. See full bio

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