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Professional Indemnity Insurance Queensland
Professional Indemnity cover sometimes goes under different names. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. For lawyers, accountants, architects, insurance brokers or engineers, it may be called professional liability or errors & omissions. Specialist “E&O” policy wordings, packaged with public and product liability cover, are available for occupations such as Information Technology providers.
Our experienced brokers have the expansive knowledge and network to provide you the tailored cover most appropriate for you or your business.
Professional Insurance Policy for Queensland Businesses
As a business owner, you understand the importance of protecting your company from potential risks. Professional indemnity insurance is one type of coverage that can help safeguard your business against certain legal liabilities.
If you provide professional advice or services to clients, professional indemnity insurance can help cover you for any damages that may arise from any professional advice you give that causes financial loss to your client. This type of insurance can also help cover the costs of defending professional indemnity claims made against you.
Who needs Professional Indemnity Insurance?
Any professional who provides advice as part of their services. Companies who are not in a defined profession, but may require this type of cover, range from advertising agencies to commercial printers, freight forwarders to filming services, web hosting companies to wedding planners. Essentially, any company that provides a service to a client for a fee has an E&O exposure.
What does Professional Indemnity Insurance cover?
- Professional Indemnity E&O provides protection for legal judgements made against a business in favour of clients in respect of errors or contract performance disputes
- Legal costs
- Breach of contract
- Breach of fiduciary duty.
Professional indemnity claims example
In the professional world, things can go wrong even when you’ve done everything right. Here’s an example of how professional indemnity insurance could help protect your business:
You’re an accountant who provides tax advice to clients. One of your clients follows your advice and ends up owing the ATO a large sum of money. The client then sues you for professional negligence, claiming that if it wasn’t for your advice, they wouldn’t have ended up in this financial position.
If you have professional indemnity insurance, your policy can help cover the costs of defending the claim against you as well as any damages that may be awarded to the client.
Without professional indemnity insurance, you would have to bear the full cost of defending the claim and any damages awarded, which could potentially be very costly and damaging to your business.
Professional Indemnity insurance cost
The cost of professional indemnity insurance will vary depending on a number of factors, including the type and size of your business, the nature of your work, the level of cover you require and the excess you are willing to pay.
How is it different from Public Liability Insurance?
Public liability insurance can cover your business for third-party personal injury and property damage claims arising from your business activities.
Professional indemnity insurance, on the other hand, can cover you for professional advice or services you provide that cause financial loss to your client. It can also cover the costs of defending professional indemnity claims made against you.
Professional Indemnity Insurance Advice
Even with the best employees and the best risk management practices in place, mistakes will be made. Possible sources of claims include:
- Failure to perform the service on time or correctly, which costs the client money or harms their reputation; and
- Loss to the client of their future contracts
Contact Trusted Professional Indemnity Insurance Brokers
Our Brisbane Insurance Brokers can help you get the right insurance cover by assessing your specific needs and recommending the most appropriate insurance solution for your business, whilst still maintaining the highest standard of cover.
Contact us today to get a Professional Indemnity Insurance Quote.