Over the years, the types of businesses who purchase Professional Indemnity Insurance has changed. Where once it was only doctors and lawyers, Professional Indemnity is now the generic reference to insurance which deals with financial loss arising from, in this context, a Principal's reliance upon the service provided, and is a potential purchase by any professional providing advice.
Professionals are legally responsible for providing a higher degree of skill and care than most people. If, a Principal suffers a loss than can be attributed to a professional person's failure to uphold professional standards they risk being sued for a breach of professional duty.
In the event that the Principal suffers financial loss as a result of an alleged neglect, error or omission, Professional Indemnity Insurance addresses the cost of defending claims and any damages payable.
Why do SMSF Auditors need Professional Indemnity Insurance?
Under legislation introduced in 2013, all SMSF Auditors require a minimum level of Professional Indemnity Insurance. Our policy is fully compliant with these requirements.
Professional Indemnity Insurance will generally indemnify the SMSF Auditor in the event that a claim is made against them for professional negligence.
Why purchase your Professional Indemnity Insurance through Express Insurance?
Whether you provide your clients with Bookkeeping services, Tax or BAS services, SMSF Auditor services, or a combination of these services, our streamlined online system makes it easy to get a quotation and buy the Insurance online. You will receive your insurance certificate immediately in order to prove you have the appropriate level of Professional Indemnity Insurance in place.
Not only have we negotiated great cover and pricing through Berkley Insurance Australia, a respected global insurance company, we have Professional Indemnity specialists with years of experience in this area on hand to fully support you and answer all of your Professional Indemnity enquiries. Click here to get a Professional Indemnity Insurance quote for SMSF Auditors in seconds!
PI premiums are determined by your Turnover and PL Premiums by the number of staff under your employ. All insurers charge a minimum premium in both respects.
We believe we have negotiated highly competitive premiums for both classes of insurance, and will continue to monitor premium levels available in the market to ensure this remains the case.
Premiums vary between states as a result of differing stamp duty rates, however our minimum Total Premiums for Professional Indemnity ($250k cover) start from $272 (incl. GST).
From a compliance perspective and for your own protection you should have a minimum level of Professional Indemnity(PI) insurance. In the event that the services you provide for a client lead to a claim against that client they will generally look at claiming against the provider. PI insurance will protect you in the event that this occurs.
We have designed the Insurance application process so it only takes an average of 5 minutes to complete your application. In most cases your application will be instantly approved online, and you can print your Confirmation of Insurance to prove that you have the requisite cover in place... It's that easy!! All other documentation, such as your tax invoice, policy schedule and wording will be emailed directly to you for your records.
If the policy can't be issued immediately because we require further information, we will contact you generally on the same day.
Approximately one month prior to the renewal of your policy you will receive a renewal reminder email with a link that will allow you to review your previous years cover and renew the policy even quicker!
* We have minimized the number of referral situations so that most applications will be automatically accepted. However, if for example you have prior claims we will contact you to facilitate completion of your application personally with the Insurer.
Your Insurance policy is arranged by Express Insurance acting as an agent of Berkley Insurance Australia, a registered business name of Berkley Insurance Company (ABN 53 126 559 706) and part of the W.R.Berkley Corporation.
Berkley Insurance Australia underwrites a significant portfolio of general insurance business in Australia. They are fully authorised and regulated by the Australian Prudential Regulator Authority (APRA) which is the prudential regulator of the Australian financial services industry.
The financial strength rating of Berkley Insurance Australia is "A+ (Strong)" by Standard & Poor's.
For each Bookkeeper policy completed online we make a donation to the St Vincent's Institute (SVI).
SVI is an independent medical research institute conducting research into the cause, prevention and treatment of common diseases that have serious effects on health.
For the past 51 years our mission has been to help alleviate the financial, emotional and physical burden of these diseases on individuals, their families, and the wider community.
The institute carries out biomedical research into Type 1 diabetes, cancers and their spread, juvenile leukemia, obesity and type 2 diabetes, heart disease, bone diseases such as arthritis and osteoporosis, infectious diseases, Alzheimer's disease , epilepsy and drug discovery.
We will work with you to ensure that claims are handled in a professional manner and that you get a fair outcome from the Insurer. The first step is to lodge your claim as outlined below.