In important disciplinary meetings and processes, the HSU will provide members with ongoing support and representation to see that members know their rights and any outcomes are fair. It is not too long ago that Professional Indemnity (PI) insurance for contractors in the construction industry was practically unheard of. Yes. Read the relevant Product Disclosure Statement (PDS); and. If you work in Allied Health, the HSU is here to support you. Any complaints or disputes are to be reported to HSU immediately. Using the example above if the excess was $10,000 then the amount the insurer will pay will be reduced by this amount. Will you be put on the spot? Please enable JavaScript to experience the full functionality of our website. That’s because our digital operating model creates lower overheads, and we pass every dollar saved back to our clients. Why you need professional indemnity insurance. HSU financial members for claims resulting from any actual or alleged breach of duty that are made and notified to the insurer during the relevant policy period and where the members employer; HSU members who perform part-time private practice work, provided that the members additional income earned does not exceed $75,000 per annum and such work is of a similar nature to their usual employment. WHO CAN BUY PROFESSIONAL INDEMNITY? 8). Long-term peace of mind. Professional Indemnity insurance allows everyone in the practice to do their jobs, confident in the knowledge that we’ll be there to support you in the event of a claim. S .I. © 2021 HSU New South Wales Branch. Indemnity insurance provides protection for you against claims for breach of professional duty because of a … Information included on the HSU website is intended to be a guide only and does not supersede the policy issued by the underwriter, Vero. If you’re involved in an incident leading to allegations of breach of a professional duty, which causes loss or damage to a client, your professional indemnity insurance can help to ensure you don’t have to pay all of the resulting compensation directly (subject to the level of cover and excess^). Information included on the HSU website is intended to be a guide only and does not supersede the policy issued by the underwriter, Vero. Definitions For the purposes of Professional Indemnity Insurance What if I become unfinancial with the Union, am I still covered? Cover is only provided in relation to claims that are made to you and notified to the insurer in the relevant policy period. We will engage Marsh and/or the insurer (Vero) as required, to resolve the complaint/dispute. In those days, the employer engaged a team of professional designers and presented the plans and specifications to the contractor to build. Underwritten by CGU, our Professional Indemnity insurance is specifically tailored to meet the risk exposure of accountants, tax agents and bookkeepers, as well as accounting practices that offer financial planning advice and services. The information provided will be kept confidential in accordance with the Privacy Act 1988 cth. Receive a huge range of benefits, including professional indemnity insurance, a powerful voice at work and discounts on goods and services. Will I receive immediate legal assistance? Alternatively, you can find your branch by state and find more information about your union’s benefits. Professional Indemnity Insurance. Professional Indemnity Insurance Ireland. Professional indemnity insurance pays the legal costs in defending you, as well as any compensation payments that may be due to your client as a result of your mistake. Professional Indemnity Insurance would pay out the financial damages awarded by a court of law and will also pay for related legal defense costs up to the limit specified in the policy. Protect healthcare heroes with paid pandemic leave, COVID-19: Support the Disability Sector Now, Suite 46, Level 1, 255 Drummond Street Carlton VIC 3053. All Professional Indemnity Insurance plans we offered are quoted on a bespoke case-by-case basis. Would the personal information I provide be kept confidential? With cover available up to £2 million, don’t let the risk of a slip-up damage your business’ wellbeing. The range of benefits available to members varies from branch to branch across Australia. THE RIGHT INSURANCE COVER Through IPA Insure you can reduce your risk exposure by securing cover for: Professional indemnity cover is provided majorly on claims made basis. Ensure your rights and conditions at work are fought for, protected and improved. PI insurance essentially provides a professional with insurance cover in respect of any allegation made against him for professional negligence in the practice of their profession. What if they ask you to sign something you’re not sure about? Take a look at some of the examples below . Failure to do so may lead to your claim being denied. Getting called into a meeting with the boss can be scary. If my second job is a registered business, will it be insured? Professional Indemnity Insurance The HSU continues to protect financial members by purchasing a Professional Liability Insurance policy on their behalf. Professional indemnity insurance (PI), also known as professional liability insurance, covers you for claims where clients have lost money due to mistakes in your professional services. If you. The overall maximum aggregate limit of all claims for any one period of insurance is $80,000,000. Get a free quote, it's quick and easy! What else is included? Sometimes things can go wrong when you run a business. Firstly, If you follow the link you will come to the HSU membership benefits page where it states a number of reasons why the union provides professional indemnity insurance: Members can be sued as individuals. The HSU also provides professional indemnity insurance for members at no extra cost. It also covers contract, IP and trademark disputes. Please visit Microsoft to upgrade to MS Edge. Be part of a movement that will always campaign for secure jobs, stronger communities and a fairer society. ACTU Member Connect is 100% union-owned and provides HSU members discount rates for goods and services such as wine, car rentals, financial planning, insurance and entertainment. Yes, there is a $2,000 excess on the policy, however the HSU will cover this cost for members. Unintentional breach of copyright and/or confidentiality. If you have Professional Indemnity Insurance then we can’t guarantee that you still won’t lose sleep over losing a customer but at least it may lessen the burden somewhat. making a mistake in a piece of work for a client) Loss of documents or data. However, because CCW works with a number of providers offering this type of coverage, we are able to give you an in-depth comparison of the market when it comes to securing your professional liability. Does the policy cover members who work in both the public and private sector where they have different employers? Can my employer refuse to indemnify me if they deem I have acted outside my duties? The sum insured is $20 million (and $80 million in any one policy year)*. Employers may not be able to indemnify their employees due to insufficient insurance arrangements or impending insolvency. These can be costly and disruptive to a business to defend and compensate for, all of which the business may not have the financial resource to fund. Professional Indemnity Insurance is designed to cover a qualified professional for claims arising from allegations that their specialist services or advice has caused financial loss to their customers. HSU members who are ordinarily deemed to be employees though employed as contractors are covered providing that they are also insured by their employer’s Professional Indemnity Insurance policy. PLEASE READ THE POLICY WORDING CAREFULLY. All financial members are covered by the HSUWA’s professional indemnity insurance. We pride ourselves on the standard of our work of which our reputation is built, but unfortunately mistakes do happen. Cover is offered on an annual renewable basis but can also be offered for a specific project. How to claim Professional Liability Insurance, Claims are managed by the HSU insurance broker, Marsh. To find out what other benefits you are entitled to, please contact us on 1300 478 000. The HSU continues to protect financial members by purchasing a Professional Liability Insurance policy on their behalf. Professional Indemnity Insurance policies vary between branches, however, members are typically insured for a minimum of $10 million in individual indemnity. Professional Indemnity Insurance - At Zensurance we simplify the process of getting professional indemnity insurance. Professional indemnity insurance is a liability insurance designed to cover, either entirely or in part, sums to be paid by professionals, [...] either as damages or resulting from approved negotiated settlements, to third parties as compensation for losses arising from acts, errors or omissions committed by the professional during the conduct of its business activities. All rights reserved.Level 2, 109 Pitt St, Sydney NSW 2000 | ABN: 93 728 534 595, Delegates & activists are the backbone of our union. Employers may seek to recover financial losses when members are deemed to have acted outside the scope of their normal duties or authorities. You can also call or email us for advice whether it’s about your pay and conditions, workplace change, health and safety, disciplinary matters or anything else concerning you at work. Professional indemnity insurance has been created to protect you and your business against costly litigation and for those that think there is a “one-size-fits” all type of insurance plan, think again – steer away from these offerings, as they seldom present the type of comprehensive cover your business requires; plus it is far better to tailor your cover to suit your specific, individual needs and requirements. Work you perform as an employee in an occupation outside HSU membership coverage. Professional indemnity insurance covers against a wide range of scenarios, including: Professional negligence (i.e. Yes. It is essential for anyone working in the health, aged care and community sectors – especially those who work with vulnerable people. To be entitled to the benefits of the policy, you must be a current financial member of the HSU. Who needs Professional Indemnity in the UAE? This could include, medication errors, client deaths, misconduct allegations, if you are sued by a client and so on. You must be a full member of the Union at the time the Occurrence becomes known to the member to be covered under this policy. Background: Professional Indemnity for Construction. Your browsing experience may be affected by not having the most up to date version. PII provides you with the legal protection and support you will need if there is an issue with your professional practice at work. Is there a waiting period?No, the policy is available to members as soon as they join and have made their membership payment. If you have any questions regarding specific cover, please contact the HSU to discuss. Professional indemnity insurance, also referred to as PI insurance, is a type of business insurance that covers you for costs if you make a mistake in a piece of work for a client that causes them financial or reputational loss. HSU members must immediately report any claims or circumstances which may lead to a potential claim. Some examples of occupations deemed to fall within this category are; The limit of indemnity or maximum sum insured on any one claim is $20,000,000. Will this policy pay my legal defense expenses? 65 of 2015 obliges all healthcare professionals who are providing cross-border healthcare (under this Directive) in the State to have professional liability insurance and to provide evidence of this if requested by an Authorised Officer. If you’re unsure whether or not you need a Professional Indemnity Insurance policy here in the UAE. Before you make a decision about your own insurance, or any insurance product, you should: Click here for a copy of the policy wording.Click here for a copy of the certificate of currency. Locked Bag 3, Australia Square, Sydney NSW 1215. It’s worth bearing in mind that even if you’ve done nothing wrong and a client makes an unfounded or spurious claim against you, it can cost significant sums of money to defend yourself. Note: Treatment provided under the European Health Insurance Card is not treatment under the Cross-Border Healthcare Directive (see Q. The Professional Liability Insurance Policy is paid out of existing membership revenue. Defamation and libel. We can help with collective and individual issues around staffing, restructures, career progression and other matters. Employers may not be able to indemnify their employees due to insufficient insurance arrangements or impending insolvency. Known circumstances of existing claims against members. The insurer will appoint a solicitor from their panel to act on your behalf. Members can be sued individually for Good Samaritan acts. What are they going to say? Visit our COVID-19 hub for the latest guidance and information. The policy covers members who work in the private sector then work in the public sector or vice versa, providing they remain a financial member of the union and are employees working in occupations which fall within the coverage of the HSU. Professional indemnity policies are issued on “claims made basis” which stipulates that all known circumstances must be reported to the insurer during the policy period. This normally arises as the result of any actual or alleged negligent acts, errors or omissions and can be both in respect of a professional practice, a professional appointment or an individual project. Yes. Below are their contact details:Marsh Pty Ltd PO Box H176 Australia Square NSW 1215, Tel: 02 8864 8365 E-mail: claims@hsu.asn.au. All financial members are covered by the HSUWA’s professional indemnity insurance. I am retired, would this policy extend to me while I was working? Such loses are not covered by a general liability insurance policy. All financial members are covered by the HSUWA’s professional indemnity insurance of $20 million for any one claim (and $80 million aggregate in any one policy year)*. If in the course of your work of advising clients, you make a mistake or fail to do something that could cause financial loss to another person then you need this type of cover. The excess or deductible under a Professional Indemnity policy is no different to that under any other policy, being the amount the insured will contribute to each and every claim. HSU officials visit workplaces regularly to provide support and assistance to members. It is essential for anyone working in the health, aged care and community sectors – especially those who work with vulnerable people. No. The HSU and its employees cannot provide financial advice or advice on your insurance needs to you. If your profession or business requires you to advise others, you could be exposed to claims for breaches in duty of care. Professional services include any designs, advice, or consultations you carry out for a client. We operate through interconnected global platforms with a unified mission and common purpose built around our underwriting, product and distribution. Professional Indemnity insurance is cover that will protect you and your business in the event of allegations of negligence being made against you which has caused your client a financial loss as a result of your negligence, mistakes or oversights. Indemnity insurance provides protection for you against claims for breach of professional duty because of a negligent act, error or omission relating to your work. If you have an ongoing claim it will cease if you become unfinancial. Members who also work for themselves “part time – private practice work” in addition to their usual employment are also automatically insured for Professional Liability Insurance provided that the member’s additional income earned from their own “part time – private practice work” does not exceed $75,000 per annum, any one financial year. At the core of this is an innovative and modern technology eco-system, which enhances everything we do and creates a differentiated client experience. 6 | Professional Indemnity Insurance Policy Professional Indemnity Insurance Terms and Conditions THIS POLICY COVERS CLAIMS FIRST MADE AGAINST THE INSURED (AND, IN RELATION TO INSURANCE CLAUSE 3, LOSS OR DAMAGE OCCURRING) AND NOTIFIED TO THE INSURER DURING THE PERIOD OF INSURANCE. Can go wrong when you run a business are covered by the HSUWA ’ s professional Indemnity policies... Accordance with the legal protection and support you and assistance to members the health... 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