Professional Indemnity Insurance Information
What is Professional Indemnity Insurance?
Professional Indemnity insurance protects professionals for claims which may be made against them alleging a breach of professional duty. The most common types of claims brought against professionals involve allegations of professional negligence and/or misleading and deceptive conduct.
Damages awarded against professionals can be substantial and will generally relate to financial loss, bodily injury or property damage suffered by the claimant as a result of relying on the professional's advice and/or services. A Professional Indemnity Policy will generally cover:
» Legal costs incurred in the defence and investigation of a Professional Indemnity claim
» Any compensation required to be paid by the insured in order to dispose of a Professional Indemnity claim.
Who needs Professional Indemnity Insurance?
You should consider Professional Indemnity insurance if you provide advice and/or services of a skilful character according to an established discipline. Over time the courts have taken a broader view as to exactly what or who constitutes a professional. What was once the domain of traditional professionals such as accountants, lawyers, real estate agents and architects has now expanded to diving instructors, funeral directors, trade associations and pest controllers.
Important Tips
When arranging Professional Indemnity insurance, make sure the description of your profession is adequately described in your policy schedule. If you conduct activities which are not noted in your policy schedule, such activities will generally be excluded from cover.
A Professional Indemnity policy is generally written on a 'claims made & notified' basis. This means that the policy to respond to a claim or claims circumstance is the one in force at the time you first become aware of such matter and immediately notify your insurer. If you do not notify such claims or claims circumstance under the policy period in which you first become aware of such claims or claims circumstance your policy may not cover you. When in doubt... notify.
More Information
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For all other enquiries regarding Professional Indemnity insurance please contact one of our experienced brokers on 02 8814 7777 or toll free on 1-3000-COVER.