Professional Indemnity Insurance – What Is and Isn’t Covered?
In some industries, Professional Indemnity insurance is obligatory (ie. medicine, law, accounting and financial advisers) with varying qualifications from state to state.
It is highly suggested for anyone who provides professional services or advice in exchange for a fee such as Consultants, engineers and more.
Often it is a customer requirement that you have this cover in place regardless of your legal obligation.
What Can It Cover?
Professional indemnity cover is a widely range insurance solution that may include anything from accidents to errors and negligence.
For Professional Risk Protection, you would want to consider Professional indemnity insurance to protect against legal action from a client combined with Medical malpractice insurance for cover against patient claims caused by errors or breach of duty.
What Can’t It Cover?
There are exclusions and most of the time, there is a deductible or excess and limits on cover, so make sure to cross-check with us.
Want to find out more? Talk to me on 02 4067 5203 or message me at Ashlee Stephens.
This article originally appeared on Arena Insurance News and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Ashlee Stephens.