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Everything You Need to Know About Professional Liability Insurance

Learn about the importance of professional liability insurance (also known as professional indemnity insurance) and how it protects businesses from claims of negligence or errors in service provision. Understand the difference between professional indemnity and public liability insurance and why securing the right coverage is essential for business protection.

In the dynamic world of business, the term "professional liability insurance" often surfaces, but its significance may not always be clear. Let's delve into this crucial aspect of risk management and understand why it's essential for businesses of all sizes and industries.

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P.I. Insurance

How to ensure you're getting full value out of your insurance broker or adviser

SMEs can optimise their risk management, earn discounts by policy packaging, save on claim time & more by using the expertise of a qualified insurance broker or adviser. Learn how your business could benefit.

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How to ensure youre getting full value out of your insurance broker or adviser

Cyber security named as the top risk for CEOs in 2024

Australian CEOs have spotlighted cyber security as their top risk for 2024. Here’s how SMEs can strengthen their risk-management approach to minimise cyber risks.

Know the emerging risks.

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Cyber Risks

Strengthen Your Construction Insurance: Safeguarding Existing Buildings

Undertaking construction projects involves numerous risks, emphasizing the critical importance of robust insurance coverage. While your current construction and liability insurance policy may cover specific aspects outlined in your building contract, it's essential to understand that it may not extend coverage to existing buildings at the project site. This underscores the need for an additional layer of protection.

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Renovation

Stop Your Tools & Equipment Going Walkies: Here’s How

Tradies’ tools and equipment are a hot target for thieves. These risk management tips, including appropriate insurance, will help protect your gear, including if your items have been damaged.

Tips to Secure your tools

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Tool and equipment theft

Supply Chain Disruptions & Business Interruption Cover

Supply chain disruptions are imminent again with disasters and world conflict. How to mitigate your risks & learn more about when a business interruption insurance policy can help your business.

Become Supply Chain Resilient

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Business Interruption

Merry Christmas from our family to yours

As the year comes to a close, we wanted to take a moment to wish you all a warm and wonderful holiday season. Whether you're surrounded by family, friends, or a cozy blanket and a good book, we hope you find joy and relaxation in these festive days.

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CGIB Team

New legal landscape for construction businesses FY24

Many legal and regulatory changes are happening in the construction sector now & into the next financial year. Find out what’s in store for your state & territory with this informative update.

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Construction Risks

Safeguarding Your Career: The Foundation of Your Professional Indemnity Insurance

When it comes to preserving your career and maintaining peace of mind as a building designer, there's no room for compromise.

That's why selecting the right Limit of Indemnity Sum Insured on your Professional Insurance Policy is paramount.

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Safeguarding Your Career: The Foundation of Your Professional Indemnity Insurance

Tools to Help Your Business Prepare for the Bushfire Season

There are many useful and official resources to help businesses prepare for summer bushfire season and other risks.

Let's look at some of the resources you can access to help manage your natural disaster risks and why you might need them.

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Bushfire

The Importance of Run-Off Cover for Public & Products Liability

In the world of insurance, 'run-off coverage' is a vital but often overlooked term for businesses. This post delves into its importance, especially in products and public liability insurance.

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Run-Off Cover

Misconceptions about Landlord Insurance Debunked

Landlord insurance isn’t set and forget. Many landlords assume their policy covers them if the property is untenanted, for pet damage, short-term rentals, and that it matches the tenancy period.

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Landlord

Cyber Resilience: Are You There Yet? Check Our Guide

The Australian Cyber Security Strategy 2023-30 will be a whole-of-nation approach to cyber resilience. Learn what it could mean for your business and how to boost your cyber risk management.

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Cyber Security

Risk Management Tips for Australian Service-Based Businesses

SMBs offering services or advice can benefit from professional indemnity insurance to boost their risk management.

Having the right policy helps protect against a possible suite of claims.

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Service based business

Dry Hire Insurance – what you need to know

When hiring out plant and machinery, it is important to have adequate insurance coverage in place to protect both the owner of the equipment and the person or company hiring it. If you are hiring out equipment without an operator (dry hire) there are several options to consider. 

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Machinery for Hire

How To Protect Your Business From Increasing Cyber Risks

Only a quarter of Australian businesses have cyber insurance, despite the rise of cyber attacks. Learn how to boost your risk management to protect your business from cyber threats.

Boost your Cyber Safety 

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Cyber Security

Builders’ Insurance: What Your Business Needs To Know

It’s a challenging environment for Australian builders, but you can help protect your business by bolstering your risk management. We explain the key insurance policies to consider.

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Builders Risk

4 Ways To Check if Your SME Is Underinsured (and What To Do)

Small businesses can avoid costly mistakes in underinsuring their properties and assets. These tips will help in estimating, assessing risks & understanding policy limits to get the right coverage.

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4 Ways To Check if Your SME Is Underinsured (and What To Do)

The Role of Public Liability Insurance for Builders

Construction businesses need public liability insurance for protection against claims from third parties for injuries or property damage. Learn why builders and sub-contractors need separate policies.

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Public Liability for builders

Principal Supplied Items - Beware!

Principal supplied items, also known as owner-furnished materials, are a type of coverage that can be included in an annual construction insurance policy.

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Principal Supplied Items

Unpacking Contract Works Insurance for Aussie Builders

Contract works insurance can be a good fit for Aussie builders keen to manage the risks on their building projects. But policy coverage varies, with options including per project or annually.

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Contract works insurance

How management liability insurance gives your business more power

A management liability policy protects your company and its directors, managers, and officers against claims and costs resulting from mistakes management makes. Find out why your business is stronger when your managers’ risks are covered.

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Management Liability

Does Your Insurance Cover All of These Construction Risks?

Construction risks are increasing, so it’s worth checking that your insurance covers your business needs in the current environment. We also explain how to minimise these risks.

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Construction Risks

What you Risk if Your Home is Underinsured

Eight in 10 Australians underinsure their homes, according to ASIC. These are the risks of underinsurance and what you can do to ensure your home is properly protected.

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Underinsured Home

How to Handle your Management Liability Risks Better

Business owners, directors, officers, and managers are all exposed to management liability, no matter the size of their business. Manage these risks with insurance tailored to your unique needs.

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Management Liability

Your Obligations for Customers' Personal Information

The Privacy Act is being reviewed with a broadened definition of personal information expected. Find out if and how your business needs to protect your customers’ data now and in the future.

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Privacy obligations

5 Top Tips about Landlord Insurance

Having landlord insurance isn’t a set-and-forget policy for property investors to protect their investment. Here are five tips to overcome common misconceptions about what landlord insurance actually covers.

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Landlord Insurance

5 Important Facts About Professional Indemnity Cover

There's much more to professional indemnity insurance (PI) than meets the eye.

The article unpacks five common misconceptions about the protection PI offers (or not, as is often the case).

 

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Professional Indemnity

Not the same: Employee vs. Independent Contractor

Your business can avoid extra risks, liabilities and penalties by understanding and abiding by the legal differences between an employee and an independent contractor. This article offers you a guide.

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Contractor

Know your Obligations as a Commercial Property Owner

Leasing your commercial property can deliver higher yields, but comes with a range of responsibilities, including regulatory and legal ones. Here are the top four responsibilities explained.

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Commercial Property Insurance

Your Top-Notch Checklist To Stop Tool Theft

As a tradie, you know trying to operate without the tools of your trade is impossible.

While you may already have an excellent security system in place, it's easy to let things slip and not implement the latest technology and updates in theft prevention.

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Stop Tool Theft

Need To Claim Flood Damage For Your Business? Use These Tips

When a flood hits, staying safe and finding headspace to claim on your insurance for damage can be stressful. Improve your chances of a quick and fair resolution by following these tips.

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Flood claims

What's Covered with Business Interruption Polices

Business interruption policies have been under the spotlight, with insurance claims hitting the courts. This article updates you on what’s covered and what’s not so you can better manage your business risks.

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Business Interruption Insurance

Overcoming This Year’s Construction Market Challenges

Considering the recent rough couple of years for the construction market, how can your business prepare for what 2022 might hold?

While uncertainty will still be the theme, there are some things we can count on happening.

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Overcoming This Year’s Construction Market Challenges

Business checklist before you close for the holidays

This handy checklist will take the stress out of preparing your business for the upcoming Christmas closure, so you can return refreshed and ready for a more successful year. 

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Business checklist before you close for the holidays

Are you aware of the biggest commercial landlord risks?

While commercial landlords enjoy a return of up to 12% on their investment, the risks are higher than for residential property. Find out how to manage the biggest risks of owning a commercial property.

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Landlords 101

Must-have cover for builders and the construction industry

Tighter regulations and increasing risks mean there are several must-have insurance policies for the construction industry. Find out more about each and why they’re essential for your business.

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Builders Insurance

Get up to speed on commercial property insurance

You may know it as commercial building or business property insurance. Common among those titles is that it’s for non-residential properties – factories, warehouses, shopping centres, and whole unit and apartment blocks.

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Commercial property

Here’s how to avoid the most common construction risks

The average person might be surprised by how many risks confront construction businesses. But we’re here to help you identify and manage them.

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Construction Risks

Your guide to landlord rights and regs around Australia in 2021

About one in ten of us are landlords, compared with one in 15 about two decades ago. And, the latest Census shows about a third of Australian households (2.6 million, to be specific) rent.

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Your guide to Landlord rights

How increasing building costs could mean you’re now underinsured

Most people are aware inflation has been on the rise in recent months due to COVID-19 impacts. However, many are not aware of how significant the impact has been on the construction sector and what that means for their property insurance. As a result, the gap between what most people are insuring their properties for and the true cost of rebuilding is currently unusually large. Read on to learn more.

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Underinsured

What you need to know about the claims process

No business wants nasty surprises. So, when an adverse incident means you need to claim on your insurance policy, we will manage the process on your behalf.

Our expertise will help save you time, money, and stress. In fact, a Deloitte report found brokers/advisers save their clients on average 11 hours a year, not just with faster claims receipts, but also with practical risk advice and customising insurance policies to business needs.

Here’s a six-step overview of what happens from go to whoa once we lodge a claim for you.

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Claims what to expect

Changes ahead: getting and maintaining registration for Design and Building Practitioners working on Class 2 buildings in NSW.

Changes are coming for the building and design sector as part of the NSW Government’s response to the Shergold Weir Building Confidence Report.  Aimed at strengthening compliance in the building sector, the changes have come about following a string of construction disasters and failures in high-rise apartment buildings.

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NSW Building Designers

Changes to the residential building industry in NSW: Class 2 building industry reforms

Long awaited changes are coming to the residential building industry. 

In the wake of construction disasters and significant failures in building standards in high-rise apartments in recent years, the initial changes focus on Class 2 buildings.            

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NSW  Draft Design & Building Practitioners Regulation

Insuring your whole business? Is that even possible?

Wouldn’t it be simpler and easier if you could insure your whole business with a single policy? Here's how.

 

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Insuring your whole business? Is that even possible?

Are you doubling up if you have builders' risk and general liability insurance?

With builders’ risks escalating and an increasingly tougher regulatory environment across Australia, how can construction contractors protect against potential liabilities and losses?

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Builder

NSW Draft Design and Building Practitioners Regulation: are you ready to declare?

 

The NSW Government's draft Design and Building Practitioners Regulation 2020 outlines rigorous reforms that will affect design practitioners and builders who work on multi-storey residential building projects.

In order to provide you with up-to-date information to help you understand the upcoming changes in NSW we have sourced the following article from leading Australian law firm Clayton Utz.

 
 
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NSW  Draft Design & Building Practitioners Regulation

Why construction businesses need professional indemnity insurance

There’s a lot at risk if you’re running a construction business in Australia.

Increasingly, professional indemnity (PI) insurance is a must-have for construction professionals. Should you already have this cover, have you checked if the policy adequately protects you now and into the future?

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P.I.Insurance

Landlord insurance demystified in under 3 minutes

Has COVID-19 made you unsure about managing the risks of owning an investment property? This article will update you on what landlord insurance will and won't cover in light of COVID-19. And, a forewarning, there are a lot of grey areas.

Landlord insurance is shorthand for building, contents or rental cover, or a mix of these for a property you rent out. The 'contents' in the property you rent out are the fixtures such as carpet and floor coverings, light fittings, appliances and window coverings. This doesn't cover your tenants' possessions.

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Landlord Insurance

Heavy commercial transport: what could possibly go wrong?

Heavy commercial transport helps keep our economy running smoothly, but there's a lot that can go wrong if you're running a transportation business.

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Commercial Transport