Group Income Protection Insurance, also known as Group Salary Continuance Insurance, is an essential risk mitigation strategy for employers. It ensures that you can meet your legal obligations and avo …
If you are in a business that offers professional advice or services to clients, have you considered how you would cover legal costs if this were to expose you to litigation?
Most professionals in Australia carry Professional Indemnity Insurance and, in fact, several professions have to carry it by law.
Professional Indemnity Insurance protects you legally and financially against a mistake, omission or grievance a client may have with you regarding advice or a service you provided. It’s a safety net that provides additional legal cover that your Public and Products Liability Insurance generally doesn’t include.
Do I need Professional Indemnity Insurance?
If you provide advice, insight, expertise or services to clients then you almost certainly need Professional Indemnity Insurance. Importantly, Professional Indemnity Insurance is not a reflection on your particular skill level or experience – it is a protection offered against something being overlooked, misunderstood or omitted. Occasionally, it serves as a protection against frivolous and vexatious claims without merit.
What can Professional Indemnity Insurance cover?
Professional Indemnity Insurance may be used to pay legal costs, compensation and any judgment or settlement that may be brought against you or your business.
Other things to consider
Professional Indemnity Insurance products and policies can be daunting, overwhelming and, to the untrained eye, riddled with potential for unintentional exclusions and unnecessary inclusions. The team at Insurance Advisory Service has the capability, knowledge and experience to ensure that you find the best fit and that there are no costly oversights in your policy.