Professional Indemnity Insurance Protects you Against Claims for Damages Resulting From your Profess

Your clients rely on your expert advice. Despite your best efforts, things can go wrong, and an allegation of negligence can be leveled against you, potentially subjecting you and your employees to legal action and compensation claims.

Professional indemnity insurance is intended to protect professionals who provide specialised services, such as healthcare workers, accountants, coaches, surveyors, engineers, and so on, in the event that a claim is filed against them for damages caused to their clients as a result of their professional service or advice. Aside from negligent or incorrect advice, the insurance protects the professional from miscalculations, acts of omission, breach of duty, engaging in misleading or deceptive behaviour, loss of documentation, and so on.

Regardless of the industry in which you provide professional services, you have the responsibility to provide your clients with professional advice and services of the highest quality. However, if things go wrong, you could face a massive claim for the damages and losses caused by your professional advice, including personal injury and death. A professional indemnity insurance policy will shield you from such claims made by our clients, suppliers, or customers.

Who should take professional indemnity insurance?

Some of the professionals for whom professional indemnity insurance would be most appropriate are provided below:

• Architects
• Consultants
• Draftspersons
• Graphic designers
• Interior designers
• Loss adjusters
• Project Managers
• Real estate agents
• Town planners
• Travel agents

Professional indemnity insurance for organisations

Some occupations, such as real estate agents, are required to carry a certain amount of professional indemnity insurance. However, if you are an individual professional or a contractor looking for a contract that may require you to have cover in order to be awarded a contract, you should consider professional indemnity insurance. Many businesses decide to purchase professional indemnity insurance after considering the risks they face. Professional indemnity insurance is not only for individuals, but also for businesses. Professional liability insurance, as the name implies, protects the insured's professional liability against claims made against them.

What all is covered by professional indemnity insurance?

Below are typically included in professional indemnity insurance:

• Providing the client with misleading and negligent advice
• Payment for the claim’s compensation
• Infringement of intellectual property
• Failure to provide professional service
• Confidentiality and other privacy breaches
• Committing mistakes or oversights
• Legal costs of defending the claim
• Defamation, libel, or slander
• Disciplinary proceedings costs

However, professional indemnity insurance has some exclusions, such as any assumed liability under a contract with the client and third-party injury covered by Public or Product Liability Insurance.

Points to consider while choosing professional indemnity insurance

However, when selecting professional indemnity insurance, keep in mind the specific risks associated with your profession that should be covered. This will depend upon the kind of work you do, your contractual obligations, the advice you provide, and the number of clients you serve. You should also make certain that the coverage is adequate for your needs. For example, do not choose the cheapest coverage if the nature of your professional advice exposes you to a high risk of costly claims. If you want the exclusions covered, you can request a customised plan from your insurance broker.

Online quotes and customised plans

Public Liability Insurance, Australia's trusted brokerage firm, can provide you with online quotes for professional indemnity insurance. Simply provide some basic information about your profession, and you will be provided with online quotes that are the best fit to cover the risks associated with your profession, as well as the amount of coverage you require. If you require customised coverage, you can speak with a human agent who will help you in selecting the best policy for your professional indemnity insurance from Australia's leading providers.

Flexible payments to keep your cashflow

It is best to work with a reputable insurance brokerage, such as Public Liability Insurance, who has the necessary industry experience and can provide you with customised plans to meet your needs. The expert brokers at Public Liability Insurance will consider many factors when advising you on the coverage for your professional indemnity insurance, such as the potential risks to your business, the value of the projects you work on or the value of your services, and statutory requirements of your profession. The friendly team at the Public Liability Insurance will always be there to help you submit all the documentation for the policy. To accommodate your cash flow, you can pay in monthly or annual installments.

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