4 Reasons When You Need to Submit Professional Indemnity Insurance Policy
Getting a professional indemnity insurance Australia is not a challenging task. So many insurance companies are selling this product in the country. You need to take the time to check for a professional insurance company and purchase it. There are some states in the country such as Victoria and Queensland wherein building professionals need to have this insurance if they want to provide services in these provinces.
Without having this insurance in place, they cannot practice legally. There are different requirements in different states of Australia when it comes to how much limit you need to have. Some states require companies to have professional indemnity insurance which covers around 1.5 million dollars.
But, in other cases, though it is not legally required, many organizations and government institutions require companies that are going to work with them to hold this insurance. In a nutshell, if you are working clients that are big, you might be required to furnish this information.
When Should You Submit Evidence of Professional Indemnity Insurance
Here are some cases, wherein you are required to submit the evidence of a professional indemnity insurance Australia:
License or Registration
It is crucial for you at times to furnish this information to get the license or do the registration. It is absolutely fine to submit this information if it is a requirement. You should plan on giving a copy of your insurance certificate along with the certificate of currency or the policy schedule to people who are concerned to check it before giving you the license or registration certificate. If you are applying for membership in an association, you might need to furnish this information to them as well.
A Requirement in the Contract
As indicated above, to work with some of the clients, it is necessary for you to have professional indemnity insurance in place. If that is the case, it is quite essential for you to submit the document to them so that they can cross-check it before signing the contract. It is wise to get the insurance if in case you do not have it in place. You will get a contract only when you abide by the contractual obligations.
Opportunities come only once, and when it does, you need to be ready to grab it. In most cases, you might need to just submit the certificate of currency for verification. It may not be necessary for you to share with the company, however, the professional indemnity schedule with them as there is so much information that you can find in this particular document. They do not have to learn everything about your insurance policy.
Financial Institutions
Some lenders in Australia are nowadays engaging quantity surveyors on some major projects. One of the contractual requirement between the surveyor as well as the lender is that the surveyor takes copies of the document related to ‘professional indemnity insurance’ from every party that is going to engage in the project.
In this kind of scenario, it is crucial for you to submit the details such as insured amount, insurer, and the date when the policy is going to expire. Since the lender is looking at the information to check if they are safe, it is okay to furnish these details to them.
Unhappy Customer
If a customer is unhappy with your services and they are asking you to share with him the copy of the policy. You should refrain from giving it to them. In case, they want to take any legal action, you can ask them to contact their legal team to decide how to proceed forth. But, avoid sharing any details pertaining to the insurance to them. But, the moment you know that a person is going to file a case against you, you should report the same to your insurance company. This way, you are safe if they proceed forth to take action against you.
These are some things you need to consider when someone asks you to share the insurance policy with them. If you follow these tips or insights, you can protect yourself and your company.