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Professional Indemnity Insurance

Professional Indemnity is mandatory for some industries, but optional for others.

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Cover at a glance
  • Provides cover for injury, damage and financial loss to third parties as a result of your professional services
  • Usually taken in conjunction with Public & Products Liability

Policy Overview

Professional Indemnity is mandatory for some industries, but optional for others. Professional Indemnity provides protection against your legal liability resulting from your professional services. Coverage is available for personal injury, property damage as well as pure financial loss to third parties. Professional Indemnity operates on a ‘Claims Made’ basis, meaning that the cover you have in place at the time of a claim being made against you is what responds, not the cover you had in place when the incident occurred.

If your business provides advice to others it is worth having a detailed discussion with your broker about where your exposures lie. You may be exposed in ways that you do not realise.

The information provided on this page that may have been implied is General Advice only and does not take into consideration your specific needs, risk appetite or financial requirements. Please contact our office to discuss and review your needs and the appropriate financial product best suited to meet your requirements . Before purchasing any financial product, you should always read the Product Disclosure Statement to ensure the product is suitable for your needs.

Frequently Asked Questions

How is my premium calculated?
Your premium is calculated based on your risk profile and your professional fees or turnover depending on your business activities.
I already have Liability insurance, why do I also need Professional Indemnity insurance?
Professional Indemnity policies are intended to cover your legal liability for losses resulting from your professional services, including advice. You may have a Professional Indemnity exposure even if you aren’t providing written advice to your clients. Liability policies normally contain exclusions that remove cover for these professional services. Liability insurance also generally doesn’t provide cover for financial loss due to the advice you have provided, leaving a large gap in cover if Professional Indemnity insurance isn’t taken in conjunction with Liability. This can be a confusing topic so please contact us to discuss your particular circumstances in detail.

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