Professional indemnity insurance is a necessary cover for various professions, especially when you provide advice for a living. A professional can be anyone who provides advice in their respective discipline.
Professional indemnity insurance protects you against legal costs and claims that may arise from an act, omission, or breach of duty in your line of work.
Professionals such as lawyers, accountants, architects, draftsman, and marketing specialists are example of professions where indemnity insurance can apply. These professions hold the responsibility to provide quality advice. Therefore, it’s important to ensure your work is protected in the event of an error or omission of information.
Why is Professional Indemnity Insurance important to have?
Professional indemnity insurance is important to have to protect you not only against mistakes and breaches, but also the cost of legal fees, claims of damages, investigation, and, in some cases, defending your business’ advice and conduct.
Just imagine what could happen if you’re not insured with the right insurance, you could be working in fear as a result of misinformed advice you provide to your client and the cost of the possibility of you getting sued by your client or third party can skyrocket.
The appropriate professional indemnity insurance cover can offer you peace of mind, security, and most importantly, protect your brand and reputation you’ve worked hard for.
It’s also important to take note that professional indemnity claims can be made against you not just by your clients but also regulatory authorities, professional bodies and associations, including third parties whom you may provide services to.
Learn how East West Insurance Brokers can help you
At East West Insurance Brokers, we understand that accidents do happen. Professional indemnity insurance exists to protect you and your employees against legal costs that may arise from an act, omission or breach of duty in your line of work.
In some cases, clients may only be interested to engage in business with you if your business is protected by having a professional indemnity policy in place. This will then provide you and your clients with better peace of mind.
Some professionals can view professional indemnity insurance as an unnecessary business expense. However, let our insurance brokers assess your risks before you decide with this cover as without a good professional indemnity insurance policy in place, the financial security of your business is threatened.
We can guide you through the available options for professional indemnity insurance and help you find the best solution most suited to your business.
Take the time to talk to us, you’ll be glad you did:
P: 1800 809 132
*Please note all insurance policies have exclusions. Please refer to the Product Disclosure Statement or Policy Wording before deciding whether the insurance policy meets your needs.