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Professional Indemnity Insurance

Discover the Essentials of Professional Indemnity Insurance.

Professional Indemnity Insurance is a critical safeguard for professionals who provide advice, services, or designs to their clients. This insurance is designed to protect against legal action taken for losses incurred as a result of professional negligence. It provides peace of mind, allowing you to conduct your business with confidence, knowing that you are protected if something goes wrong.

What is Covered:

Professional Indemnity Insurance typically includes coverage for:

  • Negligence: 

  • Errors or omissions in the professional services provided.

  • Legal Defence Costs: Fees and expenses associated with defending a legal claim, including court costs and settlements.

  • Loss of Documents: Costs related to the loss or damage of important client documents in your care.

  • Breach of Confidentiality: Protection against claims of unauthorized disclosure of confidential information.

  • Defamation: Coverage for claims made against you for libel or slander.

  • Infringement of Intellectual Property Rights: Protection if you unintentionally infringe on someone's intellectual property.

  • Dishonesty: Coverage for claims arising from dishonest acts committed by your employees.

 

What is Not Typically Covered:

There are certain exclusions that Professional Indemnity Insurance generally does not cover, such as:

  • Known Circumstances: Any known issues or circumstances that could lead to a claim before the policy begins are typically not covered.

  • Criminal Acts: Intentional criminal acts or omissions by the policyholder are not covered.

  • Contractual Liabilities: Liabilities that arise from agreements that go beyond the duty of care under common law are generally not included.

  • War and Terrorism: Claims arising from war, terrorism, and similar activities are usually excluded.

  • Bodily Injury/Property Damage: While some policies may include this, Professional Indemnity Insurance typically does not cover claims for physical injury or property damage.

  • Insolvency: Claims related to the insolvency or bankruptcy of the policyholder are not covered.

  • Fines and Penalties: Fines, penalties, or punitive damages that are imposed by law are not covered.

  • What is Business Insurance?
    Business insurance is a broad term for various policies designed to protect businesses from financial losses due to unforeseen events such as property damage, liability claims, employee-related risks, and more. It's a safeguard that helps ensure the continuity and stability of your business operations
  • Why Does My Business Need Insurance
    Insurance is essential for any business as it provides financial protection against common risks that could otherwise result in significant financial hardship or even the closure of your business. It covers everything from property damage and liability to employee dishonesty and electronic equipment breakdown.
  • How Much Does Business Insurance Cost?
    The cost of business insurance varies widely based on factors such as the size of your business, the industry you're in, the types of coverage you need, and your claims history. To get an accurate quote, it's best to speak with an insurance broker who can assess your specific needs.
  • How Do I know What type of Insurance My Business Needs?
    Determining the right type of insurance for your business depends on various factors, including the nature of your business, the risks associated with your industry, and your business's specific needs. An insurance broker can help you assess your risks and recommend the appropriate coverages.
  • Can I Customise My Business Insurance Package?
    Yes, business insurance packages are highly customizable. You can choose to include or exclude specific coverages based on your business's unique risks and requirements. An insurance broker can assist you in building a tailored insurance package that fits your business.
  • What Happens if I Don't Have Business Insurance?
    Operating without business insurance exposes you to significant risks. If an unforeseen event occurs, such as a lawsuit or property damage, you would have to pay out of pocket for any losses or damages. This could have a severe impact on your business's finances and could even lead to bankruptcy.
  • How Often Should I Review my Business Insurance?
    It's recommended to review your business insurance coverage at least annually or whenever there are significant changes to your business, such as expansion, offering new products or services, or purchasing new equipment. Regular reviews ensure that your coverage remains adequate as your business evolves.
Business Insurance Contact

If you would like more information on Professional Indemnity Insurance please fill out the below contact form or call Warren direct on 0422 131 401

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