Professional Indemnity Insurance is a kind of insurance where the insurer is protected or covered against claims from mistakes that he makes in his business where he may find himself in a dispute with his customers. The demand for PI insurance is increasing day by day. Whether you work in a company, or you are a contractor offering services within your specific professional industry, the client expectations of quality and service are set very high nowadays and you need to display a standard or even above-standard level of knowledge, care and skill. Generally, a “professional” is anyone who provides specialist advice or services within their sphere of knowledge. This notion can be referred not only to accountants, lawyers and surveyors, but also to consultants, designers, advertising agents, real estate agents, tax agents, translators, private investigators, architects, workers of the IT industry, etc. Lately, the courts have taken a broader view concerning who can be called a professional. The list keeps expanding and also includes trade associations, riding masters, diving instructors, funeral directors, and a lot more. With the increasing number of claims for alleged negligence or breach of duty, it is unwise to go without the Professional Indemnity Insurance cover. The cost of defending claims made against you may put your business and personal assets at risk. You need the right type and amount of coverage to protect yourself against losing your valuable assets. Buying Professional Indemnity Insurance means protecting yourself against legal liability for an act, error or omission, professional neglect or any of the above-mentioned issues. Professional Indemnity Insurance operates on a “claims made and notified” basis. It means that for a claim to be accepted by an insurance company, the policy needs to be in force at the time the claim is made and notified. With the Indemnity Insurance, it is necessary to be covered when a claim is made, which may be different from the time when the mistake is made. Remember that your Professional Indemnity insurance policy can cover you for any claims arising out of work you completed in the past. Consider taking out retroactive cover to secure yourself against claims that may arise from previously completed work. Note that sometimes Professional Indemnity claims tend to arise even years after a contract for a particular service has been completed. BizCover specializes in Professional Indemnity insurance and also carry numerous types of Business Insurance: BizCover customers can mix and match insurance types. Business Insurance types include Public Liability Insurance, Office Contents Insurance, General Property Insurance, Glass Insurance, Tax Audit Insurance, and Premises Insurance. BizCover is the fastest growing online insurance broker in Australia and works in partnership with its parent company.