Professional Indemnity Insurance Specialists
If you are in the business of providing advice to customers, you should consider having professional indemnity insurance. This insurance product will help you should you provide advice to a customer or stakeholder that causes harm to them. To avoid a mistake turning into a huge financial and reputational problem, a tailored professional indemnity insurance product will give you peace of mind.
To learn how to reduce your professional practice risks by acquiring a professional indemnity insurance solution that meets your business needs, have a browse of the responses to frequently asked questions received from our clients.
What is Professional Indemnity Insurance?
Professional service providers face risks on a daily basis. When you communicate with your clients, you need to consider the accuracy of the information you provide. Should you make a mistake in providing a service, fail to meet a service standard or provide poor advice, you might be liable to a legal claim by the customer who seeks compensation. If this happens, professional indemnity insurance might respond to the loss and provide coverage.
How Does Professional Indemnity Insurance Work?
Professional indemnity insurance gives you an extra layer of protection should things go bad. Provided you have satisfied the terms of the insurance agreement, professional indemnity insurance will help you deal with the claim. The insurance provider will assist to handle the claim, negotiate with the other side and cover some of the costs of the legal action and associated expenses.
Do I Need Professional Indemnity Insurance?
If you are in the business of providing services to customers, you should consider a professional indemnity insurance product. There is no exhaustive list of all the types of business that could acquire this product. It depends on business you operate. If you are unsure, we can help you assess your circumstances so that you can make an informed decision.
Why is Professional Indemnity Insurance important?
Many service providers hold professional indemnity insurance to protect them when things go bad. Like any insurance product, there are premiums which need to be paid. Despite the cost of having the insurance product, the benefit of having a dedicated adviser helping you along the way, together with the comfort that some of the costs of the dispute will be covered, does make a professional indemnity insurance package worthwhile.
Who needs Professional Indemnity Insurance?
Professional indemnity insurance is essential for professional practices including:
- Dentists& Orthodontists
- Medical Centres& Surgeries
- Travel Agents
- OH&S Professionals
- Management Consultants
- Recruitment & Human Resource Professionals
To learn how to reduce your professional practice risks by tailoring a professional indemnity insurance solution that meets your business needs, speak with our knowledgeable team on 1300 227 655 or submit an online query now.
How Much Does Professional Indemnity Insurance Cost?
The cost of professional indemnity insurance will depend on an assessment of the risks facing your business and other factors. The underwriters will assess the cover that you want based on various considerations. The terms of the insurance contract, the excess, the premiums and other special conditions will also affect the cost of the insurance product. Our dedicated insurance specialists can help you make the right decision and provide guidance to ensure that the professional indemnity insurance product is not a burden on your business’s cashflow.
What Does Professional Indemnity Insurance Cover?
Professional indemnity insurance covers you in the event that you communicate advice to a customer that eventually causes them financial loss or damage. For example, to name a few, you might have advised on a legal matter incorrectly, failed to audit a business’s documents properly or have provided a service to a client without seeking proper instructions.
We all make mistakes and it is crucial that you protect your interests so that you are not exposed to a large liability. Our cover can help you minimise legal costs, out-of-pocket expenses, stress and other emotional and reputational consequences.
How much Professional Indemnity Insurance do I need?
The amount of cover will depend on your business’s size, mix, operations, affiliations and much more. Your business does not operate in isolation and there are various direct and indirect risks that we consider.
Our standard cover provides members with $20 million of professional indemnity cover. We can work with you to tailor the right level of cover for you so that you can feel comfortable with the product you have acquired.
Professional Indemnity Insurance Quotes
To help you estimate the cost of a professional indemnity insurance product, speak to one of our dedicated advisers. After asking a few questions and obtaining some details about you and the business, we can provide you with a quotation to help you compare which product is right for you.
At Carollo Horton, we strive for excellence and provide the best-value insurance packages. Let our dedicated team talk to you about our directors and officer liability insurance products and services.
Contact us to discuss your business and insurance needs. We service Melbourne, Sydney, Brisbane, Adelaide, Perth and all regional areas of Australia. Call 1300 227 655 or submit an online query now to receive a response as soon as possible.