As a professional, if you make an error or omission you are exposed to being sued in negligence or for breach of contract. The professional nature of your work usually means your advice, service or product is worth millions of dollars to your clients or may have significant impact or effect on third parties. Your exposure is likewise.
What is Professional Indemnity Insurance?
Professional Indemnity insurance provides financial protection for professionals to meet the costs of defending legal actions and any damages that may become payable to third parties who have sustained financial losses due to the professional negligence of the Insured or their employees.
Who needs it?
Quite simply, any person, company or partnership providing advice, designs, specifications or other professional services – where fees are not necessarily involved – can be described as a “professional”.
What is the Coverage?
Companies, individuals or partnerships businesses have increasingly found themselves in lawsuits as a result of errors and omissions made by individuals. Many professionals requiring Professional Indemnity Insurance are caught by surprise – they are unaware of their perceived “professional” status.
Coverage is provided for advertising agent, computer services and software developers, marketing consultants, publishers, employment agents, quantity surveyors, educators, management consultants, financial institutions and other miscellaneous professions.