Professional Indemnity Insurance
Make sure a small error doesn’t cost your business big money
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 an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.
That’s why professional indemnity insurance matters – help protecting your assets and brand if your advice or services cause a client to take legal action against you.
Who should consider it?
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advisers – 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 engineers, graphic designers, IT consultants and more. And regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.
Did you know?
When you’re outsourcing work to a contractor, you may still be legally liable for any errors they make – so it’s worth making sure you’re protected.
What can it cover?
As a wide-ranging insurance solution, professional indemnity cover may include anything from accidents to errors and omissions.
To protect against professional risk, you may want to consider a combination of:
- Professional indemnity insurance to protect against legal action from a client.
- Medical malpractice insurance for cover against patient claims due to errors or breach of duty.
Product Disclosure Statement
A Product Disclosure Statement (PDS) is available for Professional Indemnity Insurance and can be obtained from Palandri Insurances.
You should consider the PDS in deciding whether to acquire, or continue to hold, Professional Indemnity insurance.
Speak to Palandri Insurances
Calculating the amount of cover you’ll need can be complex, so it’s important to seek advice to help you get it right.
Steadfast insurance brokers are part of the largest general insurance broker network in Australasia, with specialists who can help you with your home and contents insurance needs.
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