Whether you’re an Accountant, Lawyer, Engineer or Real Estate Agent, there can be instances where you unintentially breach privacy, make an error of judgement or provide the wrong advice.
At Coverforce, we understand the risks that can be associated with giving out professional advice. That's why our experienced insurance brokers will deliver personalised risk advice and the placement of a reliable Professional Indemnity Insurance Policy that will meet your specific needs.
What is Professional Indemnity Insurance
Professional Indemnity Insurance protects you against claims for liabilities associated with professional misconduct based on incorrect advice or services you provide to a third party.
Do I need Professional Indemnity Insurance?
If you are a professional that gives any sort of advice or provide a service for work, you run the risk of being sued.
If this does happen to you, the penalities imposed on you can be significant and usually relate to financial loss, bodily/personal injury or property damage suffered by your client as a result of your advice or services.
Therefore it is important for all professionals, across any industry, to protect themselves and their businesses against claims of malpractice or misconduct.
What does this Insurance cover?
Professional Indemnity Policy will typically 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
- The most common types of claims lodged against professionals include misleading and deceptive conduct and allegations of professional negligence.
- Professional Indemnity Insurance also protects you for claims made against your employees.