Professional Indemnity Insurance

Policy Overview

Professional Indemnity Insurance provides essential protection for businesses that offer professional services or advice, covering claims that arise from errors, omissions, or negligence in the services provided. While Professional Indemnity is mandatory in some industries, such as accounting, law, and financial services, it is optional in others. Regardless of whether it is required by law, this type of insurance is highly recommended for businesses that are exposed to potential liability from clients or third parties.

Professional Indemnity Insurance covers legal liability resulting from professional services, including claims related to personal injury, property damage, or pure financial loss suffered by third parties. One important feature of this insurance is that it operates on a Claims Made basis. This means that the policy in place at the time a claim is made against you will respond, rather than the policy that was in effect when the alleged incident occurred. It is crucial to maintain continuous coverage to ensure that your business is protected, even if a claim arises from past work.

If your business involves providing advice or professional services to others, it’s vital to have a thorough discussion with your insurance broker to identify where your exposures lie. Many businesses may be at risk in ways they do not initially realise, and Professional Indemnity Insurance can provide the protection needed to safeguard against financial losses from unexpected claims. Whether you’re offering consulting services, design expertise, or legal advice, this insurance provides peace of mind in an increasingly litigious environment.

The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.