PROFESSIONAL INDEMNITY INSURANCE

SERVICES / PROFESSIONAL INDEMNITY INSURANCE

Protection from Damage to Your Business

Professional Indemnity Insurance is designed to protect your business if you provide professional advice or services. It is a safeguard against claims of negligence, errors, and omissions that may lead to financial losses for their clients.

Professional Indemnity Insurance can also provide compensation to third parties who have suffered financial loss. Damages awarded by the courts can also be covered in the event you are found to be negligent in causing a loss.

WHO WOULD TYPICALLY REQUIRE PROFESSIONAL INDEMNITY INSURANCE?

Professions that provide advice, designs and services, such as graphic designers, IT consultants, law firms, consultants, accountants, architects and engineers. The insurance protects these professionals from financial costs should a client make a claim against them for a breach of professional duty.

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WHAT DOES PROFESSIONAL INDEMNITY INSURANCE COVER?

The coverage will depend on the requirements of the profession. Although generally Professional Indemnity insurance covers any negligent act, error or omission relating to:

  • Legal costs and expenses including claimant’s costs and expenses
  • Payment of damages
  • Loss of documents or data
  • Professional negligence
  • Misleading, inaccurate or negligent advice
  • Breach of intellectual property rights
  • Unintentional breach of confidentiality or privacy
  • Disciplinary proceedings and fines
  • Breach of consumer, competition, and fair trading laws
  • Loss of reputation and professional standing
  • Innocent non-disclosure
  • Malpractice, misdiagnosis, or failure to order the appropriate tests
  • Defamation, libel or slander

THE BENEFITS OF PROFESSIONAL INDEMNITY INSURANCE

  • It provides financial protection for businesses in the event that a client holds them liable for negligence, error or omission.
  • Cover can include legal costs incurred when defending a claim.
  • You can demonstrate to clients that you are taking responsibility and are financially protected in the event of a claim.
  • It helps maintain your professional reputation if a claim is successfully defended.
  • Professional indemnity insurance protects your company’s assets, including intellectual property, in the event of a claim.
  • Compliance with contractual requirements.
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WHY CHOOSE WESTSIDE FOR PROFESSIONAL INDEMNITY INSURANCE?

Personal Indemnity Insurance is clearly a complex insurance product especially given the increasingly litigious environment in Australia. Our specialist insurance advisers at Westside Insurance understand the risks associated with each profession, and will provide appropriate financial solutions tailored to your specific service field.

You can rely on our extensive experience and that we will work tirelessly to find the right insurance product to give you the peace of mind you need to successfully drive your business further. Contact us here for a quote.