Looking for professional indemnity cover? GIO may have the solution you're after.
Regardless of the type of business you run or the industry you are operating in, you will have heard that – the best form of advertising is word of mouth. With the rise and prevalence of digital and social media, the way that word of mouth is shared may have changed in recent years, but the power of the recommendation is the same.
Therefore, it is more important than ever to protect your business reputation, because one bad experience and even the sniff of legal action against your business, can be damaging for many sales, customers and years to come. That is where professional indemnity insurance can help, because GIO offers Professional Indemnity Insurance provides cover for claims arising from allegations that your business services have caused a financial loss to your clients.
How GIO Professional Indemnity Insurance protects your business
The GIO Professional Indemnity Insurance policy covers a range of professional businesses including:
- Day surgery
- Dental clinic
- Employment agency
- Management consultant
- Natural therapist
- Taxation consultant
There are also many more professions covered by GIO insurance. The Professional Indemnity Insurance policy covers you for:
- Legal consultation. Covers the cost of up to two hours of legal consultation in relation to a professional indemnity claim against your business. The cost of the legal advice is then paid directly by the insurer, not by you.
- Cover for associated costs. GIO also includes cover for court attendance costs related to your claim. This includes cover for employees who are paid by your company and who are required to appear in court as a witness or in connection with the claim. The compensation is paid up to $250 per day, to a maximum of $10,000 for each claim, for all persons involved.
- Cover for contractors. No matter how big or small, or what type of business you are running, you can also be covered by GIO Professional Indemnity Insurance if you work on a contract basis. This also includes cover for the acts and services of contractors you employ in your business.
- Choose your premium frequency. You can pay your GIO insurance premium monthly, to fit into your business budget.
- Taking your cover to a new business. You are also able to be covered for the conduct and professional services of any former subsidiary business you have operated, or services you have provided. If you acquire or create a new subsidiary it will be covered from the date of acquisition, for thirty days.
- Participating in a joint venture. If a professional indemnity claim is made against a business in which you are partnered, your GIO cover provides insurance for your proportion of the liability only.
- Public relations expenses. If you are required to spend money on PR in response to adverse publicity for your business, you can notify GIO of this occurrence and claim the cost of public relations expenses. You must pay an excess of $1,000 before you can claim for an adverse public event.
- Run off cover. If your business merges or is acquired by another business while your GIO Professional Indemnity Insurance is in place, the policy will remain in force until the policy end date.
- Cover for your spouse. Your spouse can also be covered for their liability in the business if they have the legal status of your spouse and they have an ownership or interest in the business.
- Reporting period. You have 30 days after the expiry of the policy in which you are still able to make a claim for professional indemnity insurance, provided that the event you are claiming for occurred before the policy expired.
Professional Indemnity Cover
The types of claims which GIO covers under their Professional Indemnity Insurance include:
- Contractual liability: Claims related to damages that are stated in contractual agreement between insured and another party.
- Intellectual property: Claims related to copyright, trademark or patent infringement that may arise out of the companies operation. This is provided that the error or omission by the insured is unintentional and is committed in the conduct of their professional services.
- Liability for acts, errors or omissions by contractors or consultants: Claims related to incidents that have occurred through the course of employment of contract workers or consultants by the insured.
- Libel or slander: Provides cover for claims against libel or slander that have occurred through the professional’s provision of business. The insured must have not intended to commit the libel or slander with express malice.
Additional options to consider under the GIO Professional Indemnity Policy
- Compensation for court appearance: Provides compensation for costs that are incurred through court appearance if necessary for any principal or employee to attend court as a witness in connection to a claim. Conditions and cover limits apply.
- Dishonesty of employees: Provides cover for claims made as a result from any dishonest, fraudulent, criminal or malicious act or omission by any Employee occurring or committed in connection with the professional services of the insured.
- Extended reporting period: Policyholder given ability to purchase extended reporting period of 365 following the end of the Policy Period if no other substantial cover has been purchased.
- Former subsidiary: Insuring clause is extended to cover the conduct of the Professional services by former subsidiary’s of the policyholder.
- Inquiry costs: GIO will indemnify the insured for inquiry costs. Conditions apply.
- Joint venture liability: Provides cover for claimant’s costs and expenses in respect of claims made against the insured resulting from participation in joint ventures.
- Legal consultation: Policyholder entitled up to two hours of legal advice from the “Legal Adviser” specified in the policy schedule on any matters related to the risks under the policy.
- Lost documents: Provides cover for expenses incurred following loss or damage to documents occurring in connection with the professional services.
- Newly acquired subsidiary: Provides cover for claims related to conduct of new subsidiary.
- Public relations expenses: Compensation provided for public relations expenses in respect of adverse publicity event.
- Run off cover: Policy remains in force until the expiry of the policy period following winding up process in respect of the policyholder.
- Spousal liability: Provides cover for claims made against the insured’s spouse.
- Third day reporting period: Provides cover for claims for up to thirty days following the expiry of the policy period.
It is worth noting that the cover features listed above are only very general descriptions of the cover that provided. Each cover feature will have it’s own conditions for when a claim will and will not be paid. It is critical that anyone considering taking out cover takes the time to clearly review the conditions of their cover.