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Protecting Your Business with Professional Indemnity Insurance
As a professional, you pour your heart and soul into your work. But even with the best intentions, mistakes can happen. That’s where professional indemnity insurance comes in – it’s your safety net against negligence or breach of duty claims.
What Does Professional Indemnity Insurance Cover?
This policy covers legal defence costs, damages, and public relations expenses related to allegations of negligence in the course of providing your professional services. The specifics depend on your occupation, but generally include:
- Negligent acts, errors, or omissions
- Inaccurate or negligent advice
- Malpractice, misdiagnosis, failure to order proper tests or treatment (for medical professionals)
- Infringement of intellectual property rights.
Who Needs It?
While it’s mandatory for some professions like lawyers and accountants, professional indemnity insurance is also crucial for builders, IT consultants, and other professionals. Mistakes like incorrect specifications or misunderstood advice can happen even with training and risk management.
This insurance can help protect you and your business from substantial legal fees and damages.
Finding the Right Coverage
The amount of coverage you need depends on your occupation, potential client financial loss, and any mandatory requirements. Professional indemnity insurance can be complex and offers various cover options.
It’s important to note that specific professional indemnity insurance requirements may vary between different states and territories in Australia. While the general principles discussed here apply, verifying any state-level regulations that may impact your business is always prudent.
That’s where Adroit comes in. Our authorised representatives are here to understand your unique business needs, suggest risk management options, and recommend the right insurance coverage. We’re in your corner so you can focus on what you do best – serving your clients.
Don’t leave your business exposed. Contact an Adroit Insurance Adviser today to discuss your professional indemnity insurance options and gain peace of mind knowing you’re protected.