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Professional Indemnity Insurance: Your Shield Against Negligence Claims
Protect your Melbourne businesses from the financial consequences of professional negligence claims with professional indemnity (PI) Insurance.
What is Professional Indemnity Insurance?
Professional Indemnity insurance (also known as Professional Liability Insurance or PI Insurance) is specifically designed to provide financial protection for businesses that provide advice or services for a fee. It’s actually mandatory for many professions in Australia. But even where it isn’t, it can still be a very sound risk management option, as it may be able to protect you against legal costs and court-awarded damages relating to actual or alleged negligence claims arising from professional services or advice you or your business provides to customers and clients.
Coverage for Professional Negligence Claims
Unhappy or dissatisfied customers or staff making mistakes can lead to professional negligence claims. Should a customer or third party allege or suffer a financial loss as a result of your advice, non-performance, a breach of contract or professional negligence when dealing with your business, professional indemnity insurance can help to protect you.
Financial Protection for Legal Defence and Settlements
A successful claim with your PI insurer may mean they provide the financial resources you need to defend and potentially settle such claims legally. Win or lose, it can be a hugely expensive and stressful process – and without PI cover, the cost to, and impact on, your business could be crippling.
Consult With Melbourne Professionals for Your PI Needs
To determine your PI insurance needs and ensure you have adequate coverage to comply with Victorian regulations, it’s recommended to consult with an insurance broker or lawyer in Melbourne who specialises in professional indemnity, such as Adroit.
Manage Your Professional Risks in Melbourne with PI Insurance
Could your Melbourne business survive a professional liability claim? Get in touch with Adroit Insurance & Risk today to discuss your mandatory requirements and cover options for managing your professional risks in Victoria.