Professional Indemnity

Professional Indemnity

Professional Indemnity Protects Your Business Practice. Your business is a dynamic environment where potential threats to profitability include claims from clients who believe they've suffered some kind of financial loss incurred when doing business with your company. Professional indemnity is an insurance product which 'indemnifies' or protects you personally against alleged negligence or breaches. Whether or not the financial loss incurred is your fault personally or the fault of another member of the business staff, professional indemnity packages can be taken out which comprehensively cover most eventualities.

It can be costly when an act, omission or genuine mistake means the error is conclusively the fault of your business. You personally may not think you'll make a mistake in your dealings with clients, but you never know when an accusation could be made, let alone estimate the financial consequences of a claim. Anyone trading as a professional service provider is wise to seek indemnity cover or else risk seeing profits, reputation and goodwill wiped out.

Deciding how much professional indemnity cover to secure depends on three things. How many possible mistakes could be made with a client, how many people could be impacted by a particular error, and if any action could lead to a series of errors affecting a series of people. Additionally it is wise to imagine what the biggest claim against your company might be and what happens if any compensation you offer as part of settlement is not accepted.

When performing professional services secure peace of mind with professional indemnity insurance. In the event of claims for professional negligence when working with clients, a professional indemnity insurance package will protect you and your business by providing comprehensive protection for your assets. Insurance adds additional peace of mind as the costs of defending your company for professional errors and omissions is covered.

General Advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on advice, consider its appropriateness. Consider our disclosure documents, which include our FSG and Product disclosure Statements (PDS) for some products.

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