When you give bad adviceProfessional Indemnity
Insurance

If you provide a special skill or advice as a service, you have a professional duty to your clients. If one of your clients were to take your professional advice but suffers a loss due to this you may find yourself liable to pay for their associated costs. This is where Professional Indemnity Insurance steps in to help by covering the associated costs as per the insurance policy.

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How does Professional Indemnity Insurance work?

Many contractors know about Professional Indemnity Insurance but are not sure if it is applicable to the service they provide. However, even if you are the most careful contractor, it is always possible to find yourself in a situation where the client may take legal action against you if suffering a financial loss after your services.

Thankfully, Professional Indemnity Insurance offers protection to contractors with claims against them for damages to a third party. The damages or loss may have occurred as a result of an act, omission, negligence, or breach of professional duty. And the insurance will cover the legal costs associated with this claim, for the claimant and the policy holder, as well as compensation to be paid following any successful claim. The safety net of Professional Indemnity means you don’t need to shoulder the cost alone and protection is available at a very affordable rate.

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Who needs Professional Indemnity Insurance?

If you offer advice or a service for a fee as part of your contracting business, you will need to consider obtaining Professional Indemnity Insurance. Businesses that offer professional advice are exceptionally open to the risk of any number of claims during their professional career. Persons such as lawyers, accountants, bookkeepers, and health professionals should always have Professional Indemnity in place. In fact, the associated bodies representing these industries often require mandatory Professional Indemnity be in place before a license is given to work.

Courts also now take a broader view of what constitutes professional advice and contractors such as pest controllers, marketing and advertising professionals, digital media persons, and even funeral directors are finding the need to consider Professional Indemnity Insurance to protect themselves against a financially deadly claim.

Professional Indemnity Insurance safeguards your business against the costs of a claim. The claim could be against yourself personally, and can also extend to your responsibility over actions of your partners, employees, volunteers or other subcontractors depending on the case.
If you are in doubt whether you may be at risk of a claim against you, or unsure if you need Professional Indemnity Insurance, speak to your insurance broker today. It is always better to seek advice rather than fail to be appropriately insured and face the costs of claim.

How much will Professional Indemnity Insurance cost me?

Similar to different types of business insurance, Professional Indemnity Insurance premiums will be determined by the size of your business and the risk factors associated within your daily work.

Contractor Cover is here to help negotiate the best possible deal for your and design a policy that will cover you in case of a claim. This means you will be able to confidently perform your job knowing that you have Contractor Cover waiting in your corner.

And don’t forget, even if a claim against your business is unsuccessful you may still face significant legal costs prior to, during, and following your case. It is always better to be safely guarded with insurance than risk financial and potential business loss.

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General Advice Warning – retail clients *

General advice on this website has been prepared without taking into account your objectives, financial situation or needs. Before acting on the advice, please consider its appropriateness. You should also consider our disclosure documents, which include our Financial Services Guide (FSG) and Product Disclosure Statements (PDS) for some products.
*Retail clients are individuals or those purchasing an insurance product for use in connection with a small business where the product is a designated retail product (eg motor vehicle, home buildings, home contents, personal and domestic property, sickness and accidental and travel insurance). All other clients are wholesale clients.

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