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Professional Indemnity insurance provides essential financial protection to those who provide advice or a specialist service against claims of alleged or actual negligence, or breach of professional duty.
As a professional, people pay for your pearls of wisdom and expert services, whether you’re a master of accounting, a real estate sales gun, or a magical make-up artist, the chance of a claim occurring is real, no matter how good you are at your profession.
Professional Indemnity insurance is designed to protect you from a wide range of potential risks. Even seemingly small errors, could have an astronomical financial impact on your business – something that you’ve worked hard to build and something that is worth protecting.
What actions could result in a claim?
All it takes is for one unhappy client to make an allegation regarding the advice or service you have provided for a claim to arise. Some of the common reasons why someone may lodge a claim against you include:
Guilty or not, the cost of defending an accusation of wrongdoing alone can quickly rack up a rather pricey bill, not to mention the time required for gathering evidence, attending legal meetings and potential court hearings, taking precious time away from actually running your business.
What will Professional Indemnity insurance typically cover you for?
Professional Indemnity insurance seeks to protect your assets, reputation and the contents of your bank account. Below are some of the main things your policy may provide cover for:
What is typically not covered by Professional Indemnity Insurance?
What types of professionals need Professional Indemnity insurance?
Within Australia, it is compulsory for some professionals to hold and maintain Professional Indemnity insurance and these include:
Other professions which often require Professional Indemnity insurance include: