Professional indemnity insurance: What advisers need to know

Steve Burgess

When the FMA released its full licence guide, many advisers breathed a sigh of relief that professional indemnity insurance was not one of the seven requirements. But Steven Burgess, CEO of Compliance Refinery believes that just because PI insurance isn’t compulsory, doesn’t mean advisers should not be thinking about it.

In a 90-minute video discussion dedicated to the topic, Burgess sat down with Clinton Stanger and Michael Robertson to discuss the ins and outs of professional indemnity insurance and why advisers should care.

They came away with four key tips that all FAPs should consider when thinking about PI insurance.

1. Read your policy: Know and understand the wording, manage the risks and understand the areas not covered by your PI.