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If you give advice or provide professional services, professional indemnity insurance is a must to safeguard your business.
Professional indemnity insurance is otherwise known as professional liability insurance. It’s designed for any professional who provides a specialist service, advice or consultation. Holding professional indemnity insurance in Australia is important for coverage against potential errors, omissions or negligence, which may otherwise have devastating financial consequences on your business.
Not all businesses are the same, so it’s important to ensure you have a professional indemnity insurance policy that meets the exact requirements of your business. Different industries present different risks and potential for more complex situations, so it is important to thoroughly understand the insurance options open to you before settling on a provider. Our team of advisors draw on years of experience across varied industries and can help you work through the fine print to find a policy that works best for your business.
If you are a financial services business with an Australian Financial Services License (AFSL), please see our AFSL Professional Indemnity Insurance page for more information.
While it’s easy to become complacent in your business and the clients you work with, particularly if you’re a sole trader, professional indemnity claims can arise at any time and over the seemingly minor of factors, including:
Professional indemnity insurance is mandatory for professions deemed to be high risk, including accountants, legal practitioners, healthcare professionals, financial planners and engineers. In any case, if you are a professional running your own business, you should be aware that any claim made against you means you hold 100% of the liability. As such, the financial consequences of a claim can make or break your business. Professional indemnity insurance is essential protection – talk to our team about a policy today.
Please get in touch to discuss your business and commercial insurance requirements or for a free, no obligation quote.
Our team of experts are ready to assist. Talk to us about your insurance cover requirements.
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Risk Advisory Hub Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd AFSL No. 240549. Corporate Authorised Representative No. 001300857.
