Special rates are available for members of PHAs for Professional Indemnity and Public Liability Insurance.
Maintaining an adequate insurance policy is an essential part of being a self employed historian. Whether you work in a small company with other historians or work alone out of a home office, you should ensure you have suitable professional indemnity and public liability insurance.
While the actions of employees are almost always covered by employers under the principle of "vicarious liability", independent contractors are liable for their own actions. Experienced professionals working as independent contractors need to have an adequate professional indemnity insurance policy. The insurance also needs to be maintained after the work is done to ensure it is valid at the time a claim is made.
Professional Indemnity Insurance is your most critical coverage. It protects you against financial loss from a claim of alleged libel and slander, dishonesty, breaches of the Trade Practices or Fair Trading Acts, loss or damage to documents, and unintentional breaches of intellectual property rights, whether a claim is baseless or not. It may protect your business from potentially catastrophic litigation. Professional Indemnity insurance will pay for any resulting judgments against you including court costs up to the coverage limits on your policy.
Public Liability insurance covers your business against any claims made against you in respect to bodily injury or property damage arising out of an accident happening in connection with your business. Taking out an insurance policy can protect your business and your future by allowing you to continue operating as potential law suits move through the courts.
Professional insurance is especially essential in today’s legal environment where the boundaries and definitions of professional requirements and duties are largely legally undefined. Insurance protects against the unknown and the unforeseeable.
Professional Indemnity and Public Liability Insurance cover crucial aspects of your business and your interactions with your clients. You probably face professional liability risks every day. More and more clients and consulting firms require subcontractors to provide proof of insurance. They want to know they will be covered in the event a problem occurs.
A combined and competitive Professional Indemnity and Public Liability Insurance policy is available at a special rate for PHA members.
(Source: PHA(Vic) Members Information Kit)