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Protection of your assets and brand if your advice causes a client to take legal action against you.
Protection of your assets and brand if your advice causes a client to take legal action against you.
Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to expensive legal costs, but your business’ hard-earned reputation may also be damaged as a result.
That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against you.
The exact cover you can receive depends on the policy that you take out. But to give you an idea, here are some of the benefits a professional indemnity policy may include:
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advice – with the requirements differing from state to state.
But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more.
Regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.
Every professional indemnity insurance policy is different. Our brokers can help you compare and tailor a professional indemnity insurance quote to ensure you are adequately covered.
Michael is an engineer who designs the supporting foundations of a residential property. He makes an error with the site calculations – which leads to the slab cracking and damage to the property of the owner. His company is liable for this loss, which could be anywhere between $150,000 up to the full value of the house.
With his professional indemnity insurance, Michael is covered for this amount – as well as any legal expenses if the matter goes to court.
Exclusions, the excess you need to pay, and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
Our brokers can help you compare professional indemnity insurance policies and tailor a professional indemnity insurance quote to ensure you are adequately covered.
Professional indemnity is designed to protect businesses that give professional advice or provide services to clients.
If a client claims a mistake that your business made caused them injury or financial loss, professional indemnity insurance covers the cost of your legal defence and damages you must pay.
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advice – with the requirements differing from state to state.
But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more.
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advice – with the requirements differing from state to state.
If you’re not sure whether professional indemnity insurance is compulsory for your business, check to see if there’s a Professional Standards Scheme that applies to your industry. These schemes outline mandatory insurance requirements across different business associations.
Regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.
When it comes time to make your first employee hire, you’ll be legally required to take out workers’ compensation insurance. You should also consider taking out a form of back-up workers’ compensation insurance called employers’ liability insurance. This is because it’s possible for an employee to suffer an illness or injury that is job-related yet not covered under a standard workers’ compensation policy Employers’ liability insurance can cover for these type illnesses, injuries and fatalities.
Even if it’s not a legal requirement, to be an employer of choice, you could have employers’ liability insurance as an additional benefit if you want your employees to have better cover in the event of an employee suffering a misfortune.
The cost of professional indemnity insurance depends on factors such as your industry, how many clients you deal with, how much you want to be insured for and how risky your work is.
There are several factors that can impact the cost of cover – so this amount could be higher or lower depending on your circumstances.
Our brokers can help you compare professional indemnity insurance policies and tailor a quote to ensure you are adequately covered for your needs.
Protection for your business, premises, contents, stock, equipment and reputation.
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Call us on 02 4969 8100 or request a call back.
We know that navigating the world of insurance can be complex and confusing. Our brokers compare the myriad of insurance options on the market for you, providing expert advice to implement your chosen plan.
We empower thousands of Australian businesses to focus on what they do best, knowing they’re protected against any possible eventuality.