What’s happening in the world of Professional Indemnity Insurance?
Professional Indemnity insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice for a fee has an exposure that needs to be considered, even casual advice to customers about the use of a product for example.
Australia’s changing litigation landscape
Over the past five to ten years, Australia has become more litigation minded, resulting in a significant increase in the number of suits filed against individuals and companies. To complicate matters further, resolution of these litigation cases can often take up to five years or more. It is this combination of increasing litigation cases, falling premiums and extensive settlement times that has created the perfect storm, causing many providers to leave the Australian Insurance market. Over the next 12 months, more insurance providers are expected to follow suit, leading to less competition with premiums returning to more sustainable levels.
For professionals, particularly those under-insured, Professional Indemnity Insurance is something that they need to consider, as the number of opportunities for litigation are continuing to grow.
Protecting your business with Professional Indemnity Insurance
Ten years ago, Professional Indemnity Insurance was very straight forward, but due to the evolving litigation landscape, it has become more complex. Today we have many occupations that simply didn’t exist ten years ago or were in the early stages of growth, for example website designers, IT specialists, app developers, data miners, social media managers and online marketing consultants to name a few.
Lewis Insurance Services is here to help our clients with advice on Professional Indemnity Insurance for your specific needs. To discuss further, please contact Lewis Insurance Services on 07 3217 9015 or send us an email by clicking here.
This article was published by our AFSL Licensee, Insurance Advisernet Australia P/L (23/01/2019)
This information and any accompanying material does not consider your personal circumstances as it is of a general nature only. You should not act on the information provided without first obtaining professional financial advice specific to your circumstances and considering the Product Disclosure Statement.