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Regardless of your level of experience, mistakes can happen. You may unintentionally breach privacy, make an error of judgement or provide incorrect advice.
In the unfortunate event that your business faces allegations of negligence or instances of professional malpractice, the financial penalties and reputational damage can be significant no matter what size your business is.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance protects your business from the legal costs and claims for liabilities associated with allegations of negligence, professional misconduct, breach of duty or incorrect advice that you provide to a third party.
If you are a professional, across any industry, that gives advice or provides a service for work you run the risk of being sued. Having indemnity cover for your business will help to safeguard your finances and reputation, giving you peace of mind in the unfortunate event a claim is made against you or one of your employees.
A Professional Indemnity policy typically covers:
- Legal costs incurred in the defence and investigation of a Professional Indemnity claim
- Any compensation required to be paid by the Insured in order to dispose of a Professional Indemnity claim
Combined Professional Indemnity and Liability Insurance
Our team can also offer combined Professional Liability insurance cover, which integrates coverage for professional indemnity and public liability into a single package.
This policy protects businesses against claims arising from professional errors, omissions, or negligence, as well as claims related to bodily injury, property damage, and legal expenses resulting from accidents on their premises or due to their operations. By consolidating these coverages, businesses can simplify their insurance management and ensure comprehensive protection against a broad range of risks.
A combined Professional Indemnity and Liability policy typically covers:
- Up to $10M Professional Indemnity Cover
- Up to $20M Public and Products Liability Cover
How Coverforce Can Help
Our team of experienced insurance brokers will work hard to deliver expert risk advice, unrivalled service and the placement of a tailored PI insurance policy to protect you and your business.
For more information or to arrange Professional Indemnity cover, please contact our team at 07 3613 7900. Alternatively, you can simply click below and fill out a form and one of our insurance brokers will get in touch with you shortly.
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