Professional Indemnity Insurance
From 9 April 2018, eligible members will have exclusive access to comprehensive and cost-effective Professional Indemnity insurance and Public & Products Liability insurance through their PAA membership.
The PAA is working with insurance broker BMS Risk Solutions Pty Ltd (BMS) to bring a member-centric perspective to the design and delivery of a new insurance program, resulting in significant immediate and long-term benefits to members.
The new policy will be available to all active Graduate Level 1, Mat and Full members of the PAA as part of your membership, allowing you to apply or renew and automatically receive insurance throughout the year with the two transactions aligned into one.
The key benefits of PAA’s new member insurance program are:
- a competitively priced option for members on their Professional Indemnity Insurance
- automatically includes $10M Professional Indemnity & $20M Public & Products Liability Insurance cover per claim
- broad coverage, tailored for PAA members, including unlimited retroactive cover, run-off and Public Relations costs
- a dedicated pro bono legal service through one of Australia’s leading allied health insurance law firms, Lander & Rogers. This service is available to members who receive a complaint, claim or notification in respect of their professional services.
- specialist service from BMS for all insurance-related enquiries.
- ongoing Studio risk resources tailored to our profession.
Why an exclusive broker and insurance program?
PAA is making this move to provide members with a cost-effective solution to their compulsory insurance needs. In addition, this is a comprehensive, value-added program that promotes investment in practice risk management. With the new program brokered by BMS, members will have access to services including:
- dedicated insurance program website at www.paa.bmsgroup.com
- a comprehensive professional indemnity, public & products liability policy tailored to the industry
- resources to help manage practice risk based on the Pilates profession’s claim history – BMS will develop and provide information and tools on how to minimise risk within our profession
- an insurance program that is designed with the input of members, enabling the profession to respond to its own practice needs
How will it work?
Commencing soon, when you complete a PAA Membership application or renewal, your new membership will automatically include the addition of $10M Professional Indemnity/Public & Products Liability insurance at an annual cost of $121.00 incl. GST plus Stamp Duty (varies by State).
Insurance not due yet?
We understand that the timing of your current insurance renewal may not match your membership and so for a while there will need to be adjustments made.
You might also prefer to arrange your insurance through another professional association (e.g. Physiotherapists) or maintain your membership with PAA with an alternative insurance solution.
Don’t worry: There is an opt-out facility for members who do not wish, or aren’t able, to participate in the insurance program.
Note: If you choose to opt out you must still supply evidence of an alternative insurance solution. Further information for opting out can be found here.
Want to opt back in at a later date?
If you would like to take advantage of the PAA member insurance program when your current insurance is due, simply log in to your PAA member page and add the insurance back into your membership to obtain cover immediately.
You will then be invoiced, pro rata, for the remainder of your current membership and your insurance will be aligned to your membership at your next renewal.
Additional Modalities or cover
As Pilates is classed as a low risk profession, some members’ modalities will be higher risk or your business situation may warrant additional cover. For advice about included modalities or level of cover please refer directly to the insurer.
BMS is a global Lloyd’s broker, and the largest employee-owned insurance business in the London market. BMS has teams in Australia and Canada specialising in providing insurance cover and value-added services to associations and their members.
BMS’s Australian and Canadian teams provide coverage and additional services to more than 500,000 healthcare and regulated professionals through over 70 associations.
BMS’ teams of experts are committed to design and manage insurance programs that are most advantageous for associations and members.
To learn more about BMS coverage, visit their insurance section under www.paa.bmsgroup.com or BMS at www.bmsgroup.com/global-affinity.
Need more information?
If you have a specific question, would like to find out more about the new program, or would like to discuss your particular situation, you can contact BMS directly on 1800 940 764 or at email@example.com to get in touch with a senior broker today.
Watch this space!
We will shortly be launching the PAA Insurance Program website which will house comprehensive information, FAQs and risk resources; as well as releasing further information on the insurance coverage benefits provided.
We look forward to sharing more detail with you as the launch date approaches!