Protect yourself from unforeseen events.
According to recent studies, professional indemnity claim payments increased from the onset of the global financial crisis. This is likely due to the fact that in the face of increased competition, businesses ‘gave a little more’ to clients and prospective clients, and did so in the form of professional advice. Are you protected?
Ideal for professionals who provide advice or a service to clients, Professional Indemnity Insurance protects you legally and financially against a mistake, omission or grievance a client may have with you regarding a service you provided. Think of it as a safety net that provides extra legal cover that your Public and Products Liability Insurance doesn’t generally include.
If you provide advice, insight, expertise or a service to a client, then you probably need Professional indemnity Insurance. Importantly, Professional Indemnity Insurance is not a reflection on your particular skill level or experience – it is a protection offered against something being overlooked, misunderstood or omitted. Occasionally, it also serves as a protection against frivolous and vexatious claims, that is, claims brought against you that are without merit. In short, if you hold yourself out as having a special skill that can be relied upon by another, then Professional Indemnity Insurance is essential.
Irrespective of the merit of a claim, professional Indemnity Insurance may be used to pay legal costs, compensation and any judgment or settlement that may be brought against you or your business. Most professionals in Australia carry Professional Indemnity Insurance, and in fact, several professions have to carry it by law.
Professional Indemnity Insurance products and policies can be daunting, overwhelming and to the untrained eye, riddled with potential for unintentional exclusions and unnecessary inclusions. Insurance Advisory Service has the capability, knowledge and experience to not only ensure your policy fits like a glove, but that there are no costly oversights.
To find out more call (02) 8268 2900 and speak to one of our Advisors, obligation free.
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