Comprehensive Professional Indemnity Insurance Now Available for Australian Tradies

Targeting licensed trades such as electricians, carpenters, and painters, the policies are tailored for professionals involved in individual or low-rise residential and commercial projects valued below $10 million. This development addresses the growing need for tradies to have robust protection against potential liabilities arising from their professional services.

Ross Chambers, Head of Financial Lines at Hutch Underwriting, highlighted the challenges brokers face when securing PI coverage for construction-related risks that include design or advisory components. He noted that brokers often have to piece together multiple policies or endure lengthy response times, even for well-managed small and medium-sized enterprises (SMEs). The new wordings focus on clear appetite, streamlined questions, and digital access, simplifying the process for brokers and their clients.

The updated PI policies offer civil liability coverage with limits generally available up to $5 million, and up to $10 million in aggregate. Notably, cyber cover is included as standard, addressing risks such as data security breaches, client network infections, and cybercrime losses. Optional extensions are also available, including sudden and accidental pollution, previous business activities, mitigation costs, and provisions for design and construct scenarios, such as proportionate liability waivers and novated contracts.

These enhancements reflect Hutch Underwriting's commitment to providing tailored insurance solutions that meet the evolving needs of Australian tradespeople. By offering comprehensive coverage options with minimal administrative burden, tradies can focus on their work with the confidence that they are adequately protected against a range of professional risks.