Professional Indemnity, Professional Indemnity Insurance

Professional Indemnity

Defend your integrity

You are only human – however skilled, experienced and capable you are, you will make a mistake at least once in your life. And even if your record remains untarnished, it can still be challenged in a court of law.

Negligence or no negligence, as a professional upon whose skills other people rely, you need to be able to defend allegations against your professional conduct – without depriving you or your business of precious cash reserves. Professional indemnity is the only insurance that guarantees such protection.

Professional indemnity insurance provides essential cover for:

• Financial, physical or material loss caused to another party due to a mistake or failure to exercise an expected level of skill for your profession
• Legal costs associated with an allegation of breach of contract or confidentiality, conflict of interest, professional duty and errors or omissions in the conduct of your professional business.

The rising threat of legal action

A surge in litigation against professionals in Australia over recent decades has resulted from:

• An expanding class of potential claimants
• Increased client and society expectations on required standards of care
• New and revised law enactments designed to protect the consumer of professional services
• Law firms offering “no win – no pay” arrangements
• Creation of class actions
• Increased willingness by professionals to give evidence against members of their profession.

Who can make a claim against you?

Your clients are not the only professional indemnity claimants you face – claims can also come from:

• A third party who suffers a loss related to the way you performed your services
• A regulatory authority such as the ACCC or ASIC
• A professional association who defines the rules around how, as a member of that profession, conduct your services.

Your professional risk experts

Insurance House uses ProRisk, our own professional risk underwriter, to develop insurance cover for every type of profession in every industry. ProRisk gives us an exclusive market for unique professional indemnity insurance products not open to most within the Australian insurance industry.

More than just a broker, we act as your professional risk partners and maintain a vigiliant insurance program for every exposure you wish to cover. What’s more, if you take out professional indemnity insurance with Insurance House you will automatically register for our free support service, IH Business Assist. This includes:

• Service guarantee including a dedicated Account Manager and Support Team
• Financial analysis services
• Formal review processes for a range of business and professional risks
• A range of other support services including claims analysis and consulting, valuations, access to our online knowledge bank and subscription to our quarterly newsletter.

Few Australian insurance providers deliver such a comprehensive service to their clients. So give yourself full assurance that you have the best professional cover and support in the marketplace for your needs.