A change of business name does not necessarily mean a new Professional Indemnity policy is required.
The important issue is whether the underlying legal entity has changed.
If the underlying legal entity remains the same and only its company name or registered business name changes, this is generally different from changing the entity itself. The insurer should still be told so the policy schedule and any former-name references remain accurate.
Engineers should provide:
- the previous business name
- the new business name
- the legal entity name
- the ABN or ACN
- the effective date of the change
It can also be important for the policy to recognise former business or trading names.
Claims can arise years later from work performed under an earlier name, so the connection between the current insured entity and its historical work should remain clear.
A simple name change should therefore still be advised to the insurer or broker.
For company-name requirements, see the ASIC guidance on changing a company name.
