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Professional Indemnity Insurance covers you for claims arising from allegations that your specialist services or advice caused financial loss to your customers/clients.
WHAT IS PROFESSIONAL INDEMNITY INSURANCE?
Professional Indemnity Insurance covers you for claims arising from allegations that your specialist services or advice caused financial loss to your customers/clients.
Protect your business against claims for loss or damage.
Public and Products liability policies generally exclude claims arising for breach of professional duty, particularly where there is a fee paid for advice or a service.
Public liability insurance policies also don’t provide cover where there’s only financial loss, which is generally insurable only under a specialist Professional Indemnity insurance policy.
WHAT IS A PROFESSIONAL INDEMNITY POLICY?
Professional Indemnity Insurance covers you for claims arising from allegations that your specialist services or advice caused financial loss to your customers/clients.
Protect your business against claims for loss or damage.
Public and Products liability policies generally exclude claims arising for breach of professional duty, particularly where there is a fee paid for advice or a service.
Public liability insurance policies also don’t provide cover where there’s only financial loss, which is generally insurable only under a specialist Professional Indemnity insurance policy.
DO YOU NEED PROFESSIONAL INDEMNITY INSURANCE?
A professional is defined as “anyone who gives expert advice and/or services to another person”. No matter what type of advice, design or area of the professional’s occupation, errors and omissions can occur.
Financial loss arising from a mistake or failure by a professional may result in an award in favour of an external party (often your client). You may be deemed liable for mistakes, errors or omissions, even if the act was not negligent.
A Professional Indemnity policy is designed to protect the personal assets of a professional against damages awarded against them. It also covers the costs and expenses of defending claims.
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