What is Professional indemnity insurance?

Professional indemnity insurance protects a business and its employees when they are sued for an act, error or omission in relation to the provision of professional services. Complicated legal issues relating to professional indemnity can result in the professional incurring significant legal costs in protecting their business and their professional reputation. A Professional Indemnity Insurance policy provides protection for the professional against those costs and the resultant impact on their business and their livelihood.

Types of claims

  • Professional indemnity claims arising out of the provision of professional services

  • Libel, slander or defamation against a third party

  • Loss of client documentation

  • Legal liability for damages and claimants' costs/expenses arising from an act, error or omission/civil liability of the "company's" employees

  • Wrongful or inadequate advice to a third party

  • Acting without proper instructions or failure to act in accordance with the third party's instructions

  • Failure to advise third party

  • Breaches of Trade Practices Act/Fair Trading Legislation - eg misleading or deceptive conduct

  • Breaches of statutes - eg Corporations Law, Uniform Consumer Credit Code.

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