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What is Professional Indemnity Insurance?
Professional Indemnity Insurance (PI) is a type of business insurance that safeguards you and your business from claims made against you for alleged negligence or breach of duty while professional advice or services.
It errors, omissions, or acts that may have occurred. It is often with public liability insurance, which protects you and your company from the financial risk of being liable for a loss to a third party.
Here are some examples:
If your delivery van rolls back and damages a bakery's window and products due to a faultybrake, the bakery owner can file a claim against your company. However, the damage will be covered by PUBLIC LIABILITY insurance.
Similarly, if you make a mistake while preparing a client's tax deductions and they are fined by the ATO, they can take legal action against you. But, PROFESSION INDEMNITY insurance will cover the damage caused your mistake.
Professional indemnity insurance safeguards you and your business against allegations of poor job performance, failure to provide essential information, negligence, or violation of duty while delivering professional services.
What Does Professional Indemnity Cover?
Although the details of professional indemnity insurance may differ depending on the policy.
Several PI policies typically provide coverage for the following: expenses incurred due to disciplinary proceedings, legal fees imposed against you, legal expenses incurred while defending or responding to the claim, payment of compensation due to a claim, including court-awarded damages and other necessary payments, and the expenses related to the investigation of the case.
Why Should You Get a Professional Indemnity Policy?
In today's litigious society, it's common to sue for any mistake, real or imagined.
Professional Indemnity Insurance (PI) can protect your business from claims, whether they are actual losses alleged negligent acts. PI is especially important because honest mistakes can happen, and having it can make you safer.
KeyInsure is an expert in PI insurance, and they tailor their coverage to meet the unique needs of each client
We take the time to listen and assess their clients' needs to ensure they get the right without paying for unnecessary insurance.
Contact Us
Running your business without professional indemnity insurance can be risky for both you and your company. Despite your best efforts, mistakes can happen, and even a small error can have serious consequences.
If you want to learn more about professional indemnity, feel free to contact us at KeyInsure.
Our team of insurance professionals can answer your questions and help you arrange a consultation.
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