For fitness professionals, this integrated policy presents several advantages. Traditionally, managing separate PI and PL policies could lead to administrative complexities and potential coverage gaps. BIA's combined offering simplifies this process, ensuring comprehensive protection under a single policy framework. This is particularly beneficial in the fitness industry, where the lines between professional services and public interactions often overlap.
The new policy will be accessible for both new and renewing clients, expanding BIA's presence on the SCTP, where it already serves as a primary market for professional indemnity insurance. By consolidating these coverages, BIA aims to reduce administrative burdens for brokers and address potential gaps that may arise from holding separate policies across different insurers.
Key features of BIA's combined policy include:
- Fast turnaround times for policy issuance.
- Local support to address specific client needs.
- Competitive commissions for brokers.
- High coverage limits to ensure adequate protection.
These elements are designed to provide a seamless experience for both brokers and their clients, enhancing the overall efficiency of policy management.
In addition to the combined policy, BIA has expanded its bindIT broker portal to include professional indemnity coverage alongside existing offerings. This digital solution allows brokers to quote and bind combined PI and PL policies with coverage limits of up to $20 million, accelerating the placement process and providing a more efficient service to clients.
For fitness professionals, the benefits of combining insurance policies are clear. Consolidation supports brokers in delivering more coherent coverage arrangements for clients operating in industries where exposures may straddle professional services and public risk. Separate policies often require multiple proposal forms and can lead to delays or confusion in claims where liability lines intersect. By integrating these coverages, BIA aims to provide a more streamlined and effective solution.
It's important to note that this development comes in response to an uptick in claims involving employment practices and matters under scrutiny from the Australian Taxation Office. BIA emphasizes the importance of accurate business classifications and early claim notifications to ensure adequate coverage and mitigate the risk of claim disputes.
In summary, BIA's introduction of a combined professional indemnity and public liability insurance product offers a simplified and comprehensive solution for fitness professionals. By reducing administrative complexities and potential coverage gaps, this integrated policy ensures that fitness businesses are well-protected against a range of risks inherent in their industry.
