Professional Indemnity and Public Liability Insurance

Insurance is one of the realities of being self employed - a necessary safeguard in case something goes wrong.

Through the Institute for Learning & Performance (ILP) we can access a very competitively priced option for teaching professionals and “consultants” - basically, it is geared towards knowledge workers, and whose business activity doesn’t involve giving financial advice or activities of that nature.

To access the deal, one must be a member of the ILP which we can access via the “group discount” rate of $250 per year, rather than the regular $297.

Then for Professional Indemnity ($5m) + Public Liability ($10m), insurance can cost as little as $460 a year if your turnover is less than $250K.

As a point of comparison, a similar policy from an online provider for just Professional Indemnity insurance costs one of our members just over $900 per year.

With this bundle for $790 ($250 for ILP membership, plus $540 for the insurance), there is an immediate saving of around $100 per year, with the added benefit of Public Liability plus the added benefits of ILP membership.

An added benefit of this insurance is that it provides an extension for “sub consultants” who do not need to be a formal employees (i.e. they could be a sub-contractor), and they will be covered provided that the insured person directly controls and supervise them, and it is only in respect to work performed for and on behalf of the insured. So basically, if you need to bring someone in to help you on a gig, they can be covered under your policy, even if they aren’t an employee of yours.

Info about the Professional Indemnity and Public Liability insurance here:
https://ilpasiapacific.com/pi-pl-insurance/

Info about the group membership:
https://ilpasiapacific.com/group-membership/

We have a link that members of Co-operative Freelancers Society can use to sign up with ILP as new members on the group discount rate. For existing ILP members, we just need to let them know. Contact Pete in either case to get this set up.

Post your questions and comments below!

Is this insurance (and price) only for sole traders, or would it be applicable to Pty Ltd businesses or partnerships? It probably wouldn’t cover me as I run events and am involved in design projects (although only in a creative advisory not technical capacity) but one of the issues I have found is that I cannot access discounted sector-specific insurance because I am operating under a P/L. NAVA (National Association for Visual Arts) have an amazing Premium members package for $316 a year which includes PL and PI insurance (on top of other member benefits) but only if you are operating as a sole trader.

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Thanks @kate-s for the share re NAVA. Looks like a great option for sole trader artists.

The ILP insurance does cover Pty Ltd.
They gave the example that for a Registered Training Organisation (RTO) only one director needs to have the insurance, and then the cover extends to all other employees (NB: they must be actual employees, no sub contractors).

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I just moved my insurance over to this policy, and became an ILP member as part of the process.
The cost of the premium had gone up a bit since last year, but the value is still much better than what I was getting.