Professional Indemnity Insurance

Professional indemnity

What is professional indemnity insurance?

Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.

That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against you.

Who should consider it?

Professional indemnity insurance is mandatory in some industries, such as  medicine, accounting, law and financial advisers – with the requirements differing from state to state. But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more.

Regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.

If you own a business, you can be liable for damages or injuries to another person or property… consider professional indemnity insurance for your business if the likelihood of legal action is high.

Did you know?

In 2014 alone, professional indemnity and public and product liability claims increased 27.7%.
( ‘Claims up, premium down for PI and PL’, 2015)
$1,362 million of gross premium during the 2016 underwriting year.
(APRA, National Claims Policy Database, 2017)
701,000 PI risks written in the 2016 underwriting year.
(APRA, National Claims Policy Database, 2017)

Click download for a copy of the product details for more information.