“PI” or professional indemnity insurance protects professional advice & service providing individuals and companies from bearing the full cost of negligence claim made by a client & any damages awarded.
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Professional indemnity insurance cover is essential for any professional service provider and reduces risk to claims made against your business.
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As business owners and managers, you are forced to keep up with being innovative and adaptable, to secure your business and to ensure its viability over the short and long-term. There will always be threats to your business - unfortunately there are some things you can’t control.
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As a small business, you may be eligible for income tax concessions. From 1 July 2016, the turnover threshold for these concessions is:
- $5 million for the Small business income tax offset
- $10 million for all other income tax concessions.
The turnover threshold up to 30 June 2016 was $2 million for all these concessions.
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So you’ve got a great idea and now you want to turn it into a reality. Before you start, there are a number of things you need to know that will help you achieve success and give you flexibility down the track.
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