Professional Indemnity

Professional Indemnity Insurance on the Mid North Coast

Minimising Professional Risk

Here at Insurance Advisernet Australia, we like to be prepared for every scenario. We know that no matter how professional or diligent you are in your business, there is always a risk of a mistake being made. That’s why we recommend professional indemnity insurance for those in professions with high exposure. From lawyers to life coaches, you want to be protected if a client or third party chooses to take legal action for an error that you made. Our team offers insurance policies for clients throughout the Mid North Coast and Upper Hunter Valley, including Taree, Armidale, Dungog, Forster, Nelson Bay and Medowie.

Professional indemnity insurance covers the cost of compensating clients for loss or damage resulting from negligent services or advice provided by a business or an individual. This allows professionals to carry out their work with greater peace of mind. Our insurance advisers will work to understand your business needs, assess your potential risk and recommend a policy to suit.

What Is Professional Indemnity Insurance?

Professional Indemnity is a type of insurance that protects businesses against allegations, whether they are proven to be liable or not. For example, an accountant who carries out an audit incorrectly could cause a financial loss for the client, for which that client might seek compensation. If a graphic designer creates content similar to a copyrighted design, the owner of the original design could take legal action. Professional indemnity can cover the damage caused by these types of scenarios. Coverage depends on the policy purchased, but many professional indemnity plans cover:

Negligence
Errors & omissions
Breach of duty
Civil liability
Business interruption
Legal costs

Our brokers offer a range of specialist insurance policies, such as professional indemnity insurance and public liability insurance. We can recommend coverage to suit your level of exposure and allow your business to recover in the event of an incident.

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Do I Need Professional Indemnity Insurance?

Professionals of all industries hold a responsibility to offer quality advice and services. If the service or recommendations are incorrect, they can even be held legally accountable. This is why professional indemnity is a mandatory requirement in some professions. Even if it is not mandatory, some clients may require it. Here are some common professions who take out professional indemnity insurance:

Lawyers
Accountants
Bookkeepers
Architects
Engineers
Marketing specialists
Agricultural consultants
Event managers
Life coaches

While industries with more hands-on jobs are less likely to require indemnity insurance, it can still apply in some cases. Our team are always available to answer your questions and help you find a plan that suits your requirements.

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Public Liability & Professional Indemnity

Depending on your industry, you may need professional indemnity insurance, public liability insurance or both. Professional indemnity is needed to protect your business against claims made by third parties that your professional services or advice caused them loss. On the other hand, public liability insurance can protect businesses in the event of a third party's claim for personal injury or property damage—either at your premises, during your business activities or as a result of a product you manufactured.

If you’re not sure what kind of coverage your business needs – whether you run a farm, own a chain of restaurants or want to start an accounting firm – our knowledgeable insurance advisers can help. Book an appointment on (02) 6551 8712 today.