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Professional Indemnity Insurance is essential for protecting yourself and your business from claims that allege negligence or breach of duty. It provides crucial financial backing for legal defenses and settlements, safeguarding your professional reputation and financial stability.
Professional Indemnity Insurance covers a range of potential financial liabilities that can arise from professional errors, omissions, or acts of negligence that cause financial loss to others. It typically includes coverage for legal fees, settlements, and any awards from claims.
Policies may vary between insurers, but generally, Professional Indemnity Insurance is designed to cover the core aspects of liabilities arising from professional errors, omissions, or acts of negligence. This includes legal defense costs, settlements, or judgements associated with these claims. Coverage typically extends to various forms of professional advice and services, ensuring protection from claims that may arise during the course of your professional duties. For example, if an error in provided advice leads to a financial loss for a client, or if an oversight during a service causes damage, Professional Indemnity Insurance can cover these losses. Coverage may also include:
Legal fees and damages for covered claims
Defense costs even if the claim is groundless
Settlements or judgements
Intentional dishonesty or criminal acts
Known liabilities before the policy starts
Claims from services not listed in the policy
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For a complete list of terms, conditions and exclusions please refer to the relevant Product Disclosure Statement (PDS) or get in touch with one of our advisors.
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It's insurance that covers professionals against claims of negligence or breach of duty that lead to a third party's financial loss.
It is crucial for professionals who provide advice or services, such as consultants, accountants, and architects.
Costs vary based on risk factors, services provided, and coverage limits.
Yes, if the policy includes a 'run-off' cover, claims can be made for incidents that occurred during the policy period.
It covers claims related to negligence, misinformation, and other mistakes that cause financial loss.
No, it specifically covers claims against professional services and advice, while general liability insurance covers broader issues like property damage and personal injury.
Generally, it does not cover contractual disputes unless they involve claims of negligence or breaches of professional duty.
You should notify your insurer as soon as possible after becoming aware of a potential claim or circumstances that might lead to one.
Yes, you can usually increase your coverage limit, subject to your insurer's approval and possibly additional premiums.
This depends on the policy. Some policies include defense costs within the limit, while others offer it as an additional benefit above the limit.