What are they?
Professional Indemnity Insurance protects the assets and reputation of professionals from potentially disgruntled clients. If a client claims that you've overlooked, mistaken or misinterpreted an aspect of your service - resulting in a loss or some other damage - they can take legal action against you. Professional Indemnity Insurance helps you endure such a claim so that you don't have to deal with the financial stress of the situation.
Public Liability Insurance covers you or your business in the event that an incident were to occur that is not covered by the Accident Compensation Commission (ACC). This can include any of the following: damage to a third party's property, a faulty product sold to the public, improperly installed equipment resulting in property damage or personal injury, or an injury, illness, or death caused by negligence and not covered by ACC.
Do I need them?
In most cases, having Professional Indemnity or Public Liability Insurance cover is optional.
If you or your business provides some kind of paid advice or service, or has significant interactions with members of the public where there is a risk of legal liability on you, then you may want to consider getting insurance coverage.
If you work for a government agency or take work through a large recruiter, it may be a contractual obligation for you to have a specific level of Professional Indemnity and Public Liability insurance cover.
How much do they cost?
Hnry may be able to provide Professional Indemnity and Public Liability insurance for you on a pay-as-you-go basis.
We offer levels of cover ranging from $500,000 through to $5m (depending on the type of work you do), with fees charged as an additional percentage of your income, alongside your base Hnry Fee.
Again, these insurance plans are completely optional - you are not required to have them in order to use the Hnry service.