P I Insurance is the shorthand for Professional Indemnity Insurance.
As defined by business.gov.au, P I Insurance “protects advice-based businesses from legal action taken for losses incurred as a result of professional negligence. It provides indemnity cover if your client suffers a loss – material, financial or physical – directly attributed to negligent acts, errors or omissions.”
As a member of Chartered Accountants Australia and New Zealand, and the holder of a Certificate of Public Practice – I am compulsorily obliged to maintain the minimum requirement for P I Insurance.
All P I Insurance policies have the common renewal date of 30th November…and I am pleased to advise my clients that my policy has been successfully renewed!
Depending on the nature of your business, you should definitely consider liability insurance (including public liability and product liability) as part of your risk management strategy.
Speak to your insurance broker for more information.