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Professional

Indemnity

Insurance

for Economists

Tailored coverage by brokers who understand your business. Get a quote today.

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98%
Retention rates

+$78m
Total Claims paid to date

100000
Policies placed

48 hrs
Quote turnaround

What does Economic Consultant's Professional Indemnity Insurance cover?

We understand that navigating economic consultant’s professional indemnity insurance can be complex, stressful and time consuming. We also recognise that not all economic consultants and economists do the same thing; that your business is unique with its own set of needs and requirements. As your insurance broker, we will focus on relationship first – understanding who you are and what your company does. This will allow us to accurately present your business and its risk to insurers, and secure competitive quotes. From here, we will make recommendations as to which insurance policy best suits your needs, ensuring that you are appropriately covered in the event of a claim.

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PROFESSIONAL INDEMNITY INSURANCE

Why do you need it?

Economic consultants can have a host of different exposures, the scale and severity of which can often vary dependent upon the industry you are consulting to. Some examples of situations where an economic consultant may be held liable include:

Protection against claims of negligence: Professional indemnity insurance can provide coverage for legal costs and any settlements or awards made against the economic consultant if they are alleged to have failed to exercise reasonable care and skill in the performance of their professional duties.

Fraud or Misrepresentation: If an economic consultant is alleged to have made false or misleading statements in order to induce someone to enter into a contract or make a payment, professional indemnity insurance can provide coverage for the legal costs and any settlements or awards made against the economic consultant.

Coverage for breach of contract: If an economic consultant is alleged to have failed to fulfill the terms of a contract, such as failing to meet project deadlines or not complying with the client's specifications, professional indemnity insurance can provide coverage for the legal costs and any settlements or awards made against the economic consultant.

Loss of documents: Coverage for any financial losses incurred by a third party as a result of the economic consultant’s loss of important documents or data.

Losses resulting from inaccurate or incomplete analysis or forecast: If an economic consultant's analysis or forecast are inaccurate or incomplete, and a third party suffers a financial loss as a result, the client may make a claim for the resulting loss.

Ultimately, Professional Indemnity Insurance is crucial in ensuring that you can cover the costs of legal fees and any damages awarded in the event of a claim. The right policy can provide peace of mind in knowing that you have protection in place in the unfortunate case that a claim arises.

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Why work with us?

Policy Expertise

We have specialised knowledge and experience in the insurance industry. We have a deep understanding of the different types of coverage available and can ensure that the coverage in place aligns with your specific needs.

Competitive Pricing

We have access to a wide range of insurance providers and policies. We utilise this to create contestability amongst insurers, negotiating the best possible pricing and coverage.

Claims Handling

Insurance claims can be both complex and time consuming. We have a dedicated in-house claims team that allows you to focus on ensuring your business runs smoothly, while advocating for your best outcome.

Staying Compliant

Insurance is often a key regulatory requirement, and our breadth of experience allows us to advise you on crucial changes and how they may impact your business.

Risk Management

In a hardening insurance market, risk management is crucial to securing your ongoing insurability and reducing your claims exposure. We can work with you to develop specific risk mitigation strategies.

Market Access

We have access to a wide range of insurance markets, both locally and overseas. This allows us to secure insurance solutions for even the most complex and hard-to-place risks.

Our Process

Risk Assessment

We analyse your accounting business’s past and present risks, focusing on the last 12 months. This helps us pinpoint insurable risks and gather necessary data for optimal coverage. Our goal is to align our recommendations with your company’s strategy and insurance needs.

Policy Recommendations

We present your risks to insurers in distinct applications, showcasing a comprehensive view of market interest in your profile. Leveraging our specialist broking team and access to over 100 markets, we ensure coverage for even unique risks. We then shortlist insurers based on their offerings and recommend the best fit.

Placing Cover

Upon your approval, we set up your professional indemnity insurance based on our design, delivering the policy documents post-payment.Upon your approval, we set up your professional indemnity insurance based on our design, delivering the policy documents post-payment.

Mid-Term Adjustments

We manage your insurance daily, maintaining open communication. This ensures your coverage remains updated, and we suggest modifications if new risks emerge.

Managing Your Claims

In case of a claim, we’re your advocates, negotiating with insurers for a quick resolution. We also track claim statistics to ensure favourable terms during policy renewal.

Renewal

As your policy’s term nears, we review any business changes and claims made during the year, proposing the best insurance solutions for the upcoming year.

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Our insurer partners

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PROFESSIONAL INDEMNITY INSURANCE

How much cover do you need?

Your professional indemnity insurance will differ based on your client count, business size, turnover and the types of projects you handle.

For a tailored assessment, you can speak directly with one of our expert brokers. We understand your business’s specific needs and help you compare insurance options to find the best coverage.

Professional indemnity
insurance FAQs

Your business likely has other insurance needs too – here are some of the common policies we have arranged for other accountants whose insurances we look after:

Management Liability Insurance – This policy is designed to protect directors in the event that they are found personally liable for company wrongdoing. Coverage can extend to Crime, Statutory Liability, Employment Practices Liability and tax audit, amongst other things.
Cyber Liability Insurance – This policy is designed to provide both first party losses (cyber attack, ransomware, loss of data, social engineering etc.) and third party losses (data breach, fines and penalties etc.). This has been recognised as one of the fastest growing exposures to businesses in recent years.
Business Package Insurance – This policy combines a number of coverages relating to your business and its premises, such as property damage, theft, business interruption and public liability.

What is covered by professional indemnity insurance?

Professional Indemnity Insurance covers you when a claim is made against you for an error or omission that you have made during your professional work or service. The Professional Indemnity Insurance Premium covers the costs associated with your or your company defending yourself against the claim.

Do I need professional indemnity insurance Australia?

How much does professional indemnity insurance cost in Australia?

Please let our team know if you would like us to undertake a review of your current insurance policies, or provide you more with more information about any of these policies.

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Meet the team

Something you need to know? Ask our professional indemnity insurance expert a question.