Whilst Australian businesses may be starting to get back to normal, for many industries like the migration sector, COVID-19 has had a significant financial impact, something which will be continued to be felt until the borders start to re-open.
With reduced cashflow it may be tempting to cut costs where possible, including cancelling or reducing your Professional Indemnity cover, particularly if you aren’t doing much work. However, there are a number of very good reasons* to hold onto your cover and to maintain it with a reputable insurer.
- Don’t risk your registration as having no cover or even an inadequate level of cover means you may not be registered to practice. Currently at a minimum you are required to hold $250,000 of Professional Indemnity Insurance.
- Mistakes from the past can cost you dearly. Regardless of when you did the work, you are still liable for any mistakes that may have occurred months or even years ago. Your Professional Indemnity policy will provide cover on a claims made basis (meaning it is triggered by when the claim is made against you) and once it is cancelled, there may not be protection for any work conducted in the past.
- Insurance can cover more than the direct costs related to a claim. Some policies extend to covering the fees and costs that relate to investigations and determinations made by official bodies, like OMARA.
Having reputable cover doesn’t need to break the bank. BizCover currently offers a 28% discount for Migration Alliance members when purchasing Professional Indemnity insurance. Simply use the Promo Code MABIZ001 when prompted at the checkout.
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