What is Professional Indemnity Insurance?
Professional Indemnity Insurance is essential protection for professional consultants who provide a service for a fee. It provides protection for claims brought against the insured for financial loss, injury or damage arising from a breach (or an alleged breach) of professional duty in the course of conducting business. It aims to protect the company’s position and assets in the event of a claim so that the business is still able to continue.
Policy Cover and Features
Professional Indemnity Insurance aims to provide protection for:
- Settlements, compensation and/or damages awarded against the insured; and/or
- Legal costs and other expenses associated with defending a claim.
Policy features may include:
- Trade Practices Legislation
- Libel and slander dishonesty
- Loss of documents
- Defence costs
- Official enquiries cover
What are the Benefits of Professional Indemnity Insurance?
- Peace of mind and valuable time savings with the knowledge that there are experienced legal professionals that will take care of any claims or allegations made against you.
- Reduction in the possibility of interruption to your business.
- Reduction in the probability of lost income as the legal costs incurred will not only be covered by a Professional Indemnity policy, but will be reduced because of the experienced professionals engaged to defend your claim.
Disclaimer – “This material contains general information only and may not suit your particular circumstances. To decide if a policy is right for you please carefully read the relevant Product Disclosure Statement (PDS) and/or Policy wording. While we have exercised due care and skill in preparing this information, Optimum Insurance Services (Optimum) does not accept any legal responsibility or liability for negligence or otherwise to you or anyone else who seeks to rely on this information. This includes, without limitation, loss arising from a possible failure of the information to comply with statutory or regulatory requirements or the failure of the information to identify other terms and conditions beyond those considered in this document. You should obtain advice to ensure that your policy provides adequate cover for your circumstances.
“Optimum Insurance Services Pty Ltd is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd (Car No. 291220), Australian Financial Services Licence No 240549, ABN 15 003 886 687.”