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Professional Indemnity Insurance
Professional Indemnity Insurance is designed for professionals.
What Is Professional Indemnity Insurance?
Professional indemnity insurance provides insurance coverage for your legal liability in relation to advice and/or services given to your clients.
Why Do I Need Professional Indemnity Insurance?
You could suffer a claim if your client (or other third party/s) allege that they have experienced a loss (usually financial) as a result of a breach of professional duty by you.
Please refer to the Insurer’s Product Disclosure Statement (PDS) or Policy Wording when deciding if this product is right for you
Claims Made
Means that claims first advised to you (or made against you) and reported to your insurer during the Period of Insurance are recoverable irrespective of when the incident causing the claim occurred, subject to the provisions of any clause relating to a “retroactive date”.
Retroactive Cover
The retroactive date shown on the policy is the date after which any errors or omissions of the Insured are covered.
Any errors or omissions made before the retroactive date are excluded by the policy. The retroactive date may be the time that the Insured first purchased a Professional Indemnity or Directors’ & Officers’ Liability policy.
It is important to make sure that the retroactive date is correct. Remember, that the actual event that causes a claim to be made under the policy may have occurred in a prior period of insurance, but is only covered if it is notified to the insurers in the period of insurance when the Insured first becomes aware of the claim or circumstances.
The act, error or omission must arise from work done after the retroactive date shown in the schedule of the policy for the insurance to respond.
Continuous Cover
Claims Made policies generally exclude Claims arising from facts and circumstances known to the insured before the start of the policy period. An inadvertent and innocent failure to disclose a known fact or circumstance that gives rise to a Claim could result in an uninsured loss.
Continuous Cover clauses address this situation by extending cover under the policy to a Claim arising out of a fact or circumstance which could have been notified under a previous professional indemnity insurance policy but the insured failed to do so.
For a Continuous Cover clause to apply, usually the insured must have been insured under a professional indemnity insurance policy issued by the insurer at the time they first became aware of the fact or circumstance that gives rise to the Claim. The Claim must have been covered under the previous policy and the insured must have been continuously covered, without interruption, by a professional indemnity insurance policy with the insurer until the time when they notify the Claim to the insurer.
Note: This cover will usually only be provided where there has not been any fraudulent nondisclosure or fraudulent misrepresentation by the insured.
Many Occupations
- Medical Malpractice
- Real Estate Agents
- Legal – Lawyers
- IT – Computer & Software Consultants
- Advertising – Agents
- Associations – Trade, others
- Financial – Financial Lender’s, Fund Managers, Advisors
- Consultants – Various Industries
- And many others
Price & Security
Offering competitive premiums and quality service, our insurance policies are available Australia wide and provide you with the security of Australia’s largest Insurers. We also offer a choice of flexible payment options.
Frequently Asked Questions
What is professional indemnity insurance?
Anyone can make a mistake – but if your business is found liable for
negligence, the costs can be financially devastating. Not only can it lead to
an expensive lawsuit, but your business’ hard-earned reputation may be
damaged as a result.
That’s why professional indemnity insurance matters – for help protecting
your assets and brand if your advice causes a client to take legal action
against you.
Who should consider it?
Professional indemnity insurance is mandatory in some industries, such as
medicine, accounting, law and financial advisers – with the requirements
differing from state to state.
But even in cases where it’s not required by law, it’s recommended for
anyone who is providing professional services or advice in exchange for a
fee – like, graphic designers, IT consultants and more. Regardless of your
legal obligation, it’s often a customer requirement that you have this cover
in place.
What can it cover?
Civil liability – Civil liability to a third party arising out of the conduct of their professional business.
Inquiry costs – The cost of defending an inquiry by a regulatory body into the professional conduct of the insured.
Defence costs – The costs involved in defending a claim triggered by the policy.
Fidelity cover – Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.
Advancement of costs and expenses – Additional costs and expenses incurred during a claim.
What usually isn't covered?
Exclusions, the excess you need topay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
– Commercial liabilities
– Liabilities which results from fraud and dishonesty
– Pollution
– Unpaid fees
Hear Directly from Our Clients
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