Professional Indemnity is designed to protect you against litigation from clients who may have suffered financial loss as a consequence of the advice or professional service you provide. Cover includes the costs and expenses of those claiming against you. It also covers your own defense costs.
It’s a smart investment for any business but it’s particularly crucial for businesses in a number of industries, typically those offering advice, such as:
- Accounting and Financial Services
- Building Professionals
There are two types of Professional Indemnity Insurance. The more restrictive form of Negligent Act, Error or Omission provides basic cover, while the Civil Liability basis can provide the widest form of cover. It’s vital to understand the ins and outs of your policy as they vary widely and some have quite a long list of exclusions.
We can help you figure out whether you need Professional Indemnity Insurance and which policy is best for your business.
To find out more, talk to us today.