The offering is part of the insurer’s broader strategy to streamline risk solutions for intermediaries.
The combined product will be available for both new and renewing policies, extending BIA’s existing footprint on the SCTP, where it currently serves as a primary PI market.
The new policy integration aims to simplify policy management for brokers by reducing administrative steps and addressing potential gaps in coverage that may arise from holding separate policies across different insurers.
“With fast turnarounds, local support, competitive commissions, and high limits, BIA is proud to continue offering both lines on the SCTP,” the insurer said.
BIA said it was committed to supporting brokers within the Steadfast network and indicated that further product developments are under consideration.
Brokers interested in the combined offering or seeking access to SCTP resources can connect with their local BIA underwriter or visit the insurer’s website.
The introduction of the combined policy option aligns with the expansion of BIA’s bindIT broker portal, which now includes PI cover alongside existing offerings. Brokers can use bindIT to quote and bind combined PI and PL policies with coverage limits of up to $20 million, offering a digital solution designed to accelerate the placement process.
BIA’s position is that consolidation can support brokers in delivering more coherent cover arrangements for clients operating in industries where exposures may straddle professional services and public risk.
The insurer noted that separate policies often require multiple proposal forms and can lead to delays or confusion in claims where liability lines intersect.
The move comes after an uptick in claims involving employment practices and matters under scrutiny from the Australian Taxation Office, prompting a reminder from BIA for brokers to provide accurate business classifications and to lodge early claim notifications.
In a previous statement, BIA said it saw an increase in scenarios where a clear understanding of how a client operates – and how that is reflected in their insurance program – is crucial to ensuring adequate cover. Early engagement with underwriters and consistent policy wording can help mitigate the risk of claim disputes.
