Do I need Professional Indemnity Insurance?

19 July 2023
|In Uncategorised, Insurance, Business Insurance

What is professional indemnity insurance?

Professional indemnity insurance is a type of insurance coverage designed to protect professionals from claims that arise from errors, omissions, or negligence in their professional services that they’ve provided.

What industries need professional indemnity insurance?

Occupations and industries that provide professional services, and or give advice such as consultants, accountants, lawyers, architects, engineers. This is not an exhaustive list.

 

Do I need Professional Indemnity Insurance?

When professionals provide advice or services, there could be a risk that their work may result in financial losses. Professional indemnity insurance helps by protecting you and your business by providing coverage for legal costs and amounts claimed in compensation.

 

Examples of Professional indemnity claims

  • Professional negligence Breach of professional duty
  • Misrepresentation Defamation
  • Infringement of intellectual property rights.

These are a few examples that could be covered under a professional indemnity insurance.

How using Morgan Insurance Brokers can help your business

Morgan Insurance Brokers can help guide you through obtaining a Professional Indemnity insurance policy that is going to best protect your business. Professional indemnity insurance policies can have quite a few conditions and exclusions that are difficult to interpret. We also have access to a large panel of providers that you may not have access to directly.

Contact us today.

Author

  • Lauren Spice

    Diploma of Insurance Broking | Tier 1 & 2 Insurance Adviser | Tier 1 Life Insurance Specialist | QPIB | NIBA Member | Steadfast Network Broker

    Lauren is a Qualified Practising Insurance Broker (QPIB), a member of the National Insurance Brokers Association (NIBA), and part of the Steadfast broker network.

    Lauren has over 15 years of experience in the Australian insurance industry and specialises in income protection, business insurance and risk advisory for Australian businesses and individuals. She holds a Diploma of Insurance Broking and is qualified across Tier 1 and Tier 2 general insurance and Tier 1 life insurance.

    Professional & Licensing Information

    Morgan Insurance Brokers Pty Ltd is a Corporate Authorised rep (ASIC no 001292274) of Brindabella Insurance Brokers Pty Ltd AFSL 000500149.

    Morgan Insurance Advisors Pty Ltd T/A Morgan Life is an Authorised Rep (ASIC no 319449) of HAE Financial Pty Ltd AFSL 501891.

    Lauren Spice Individual AR Number 001310613