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.
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.
- 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.
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
Our Brisbane Insurance Brokers can help you get the right insurance cover by assessing your specific needs and recommending the best value insurance solution for your business, whilst still maintaining the highest standard of cover.
Contact us today to get a Professional Indemnity Insurance Quote.
https://www.lmigroup.com/RiskCoach/GeneralInfo.aspx
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