Professional Indemnity Insurance
Providing professional advice or services comes with its own risks, so it’s important to protect your business against claims of malpractice or professional misconduct.
What is professional indemnity insurance?
Professional Indemnity Insurance protects businesses that provide professional advice or services against claims of negligence, breach of duty, or unintentional error. It is commonly used across legal, medical, consulting, and other service-based industries.
Depending on your individual circumstances, professional indemnity insurance can cover:
Exclusions can include contractual or commercial liabilities, unpaid fees, assumed duty or obligation, Directors & Officers amongst others. Additional exclusions and limits can vary depending on your insurer. Refer to your insurance broker and Product Disclosure Statement (PDS) for further information.
Understanding Professional Indemnity Insurance
Professional Indemnity Insurance is relevant for any business or individual providing specialised advice or services. It is commonly held by accountants, engineers, architects, consultants, and allied health professionals, amongst others.Â
Contact your NQIB broker as soon as you are aware of a potential claim. Provide any complaints, legal correspondence, or documentation that supports the incident. Your broker will liaise with the insurer and provide support through the process.
Professional Indemnity Insurance is commonly paired with:
- Cyber Insurance
- Management Liability Insurance
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