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Professional Indemnity Insurance Services for Australian Businesses

For those businesses which provide professional advice or services against misconduct, from a judgement error, incorrect advice or malpractice, professional indemnity insurance provides cover. The reason it is essential for such services to have professional indemnity is to protect their business against the possibilities of claims of misconduct as well as potential litigation occurring due to the service provided to the clients. For small businesses, litigation can spell bad news as it is incredibly difficult to cover their business with only their standard turnover.

Industries That Need Professional Indemnity Insurance:

  • Fitness instructors.
  • Real estate agents.
  • IT consultants.
  • Medical practitioners.
  • Yoga instructors.
  • Nutritionists.
  • Mortgage brokers.
  • Education consultants.
  • Dance teachers.
  • Architects.
  • Engineers.
  • Accountants.
  • Bookkeepers.
  • Recruitment consultants.
  • Management consultants.
  • Graphic designers.

What does Professional Indemnity
Insurance typically cover?

Businesses who offer advice or services to clients need professional indemnity insurance. This is because there is a real possibility of a client filing a claim against your business due to incorrect advice or overlooking significant information. Professional indemnity insurance cover offers support for businesses from going into loss due to litigation. Hence, professional indemnity aims to protect our company as well as its reputation.

Here are the aspects that are usually covered under Professional Indemnity Insurance:

  • Costs due to damages and claims
  • Breach of privacy or overlooking professional duty
  • Costs due to court attendance, and legal defense
  • Loss of documents
  • Public relations costs that are acquired to maintain your company’s reputation
  • Cases of defamation due to professional service or advice

What is typically NOT covered?

Though professional indemnity can come in handy to protect your business, there are certain things that cannot be covered under this, such as:

  • Deliberate damage
  • Illegal business activities
  • Any product containing asbestos
  • Dishonest acts and fraud

Not sure if your business requires such insurance? No need to worry. Call our industry experts today to clarify all your queries.

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