Professional Indemnity Insurance is an important policy to protect anyone providing consulting, advice or professional services to others. This is particularly important for management and/or business consultants working within the Start Up Ecosystem. Should a financial loss be sustained by a start up Company due to your misstatements, errors or omissions then you have an Insurance policy to afford cover.
With heavy public foot traffic, agents, consultants and various businesses operating from your very public environment – have you undertaken a review to see if your Public Liability Insurance will respond to the actions of others?
Has proper disclosure been made to your Insurer (do they understand exactly what you do)? Under Section 28 of the Insurance Contracts Act in Australia an Insurer can reduce their liability or avoid an Insurance contract all together for non-disclosure – therefore, it is imperative that the precise nature of your business and environment be disclosed to your business Insurer.