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I am a consultant – do I need Professional Indemnity insurance?
- Losses due to mistakes or negligence
- Losses due to breach of professional duty
- Losses due to libel or slander
- Losses due to infringement of intellectual property rights
- Legal fees and expenses
- A consultant provides a client with incorrect information or advice, and the client suffers financial losses as a result. For example, a financial consultant may provide incorrect tax advice to a client, leading to penalties and fines from the Australian Taxation Office (ATO).
- A consultant fails to meet a deadline or deliver a project on time, and the client suffers financial losses as a result. For example, a marketing consultant may fail to deliver a marketing campaign on time, causing the client to miss out on potential sales or revenue.
- A consultant loses or damages a client’s confidential or sensitive information, leading to financial losses or reputational damage. For example, a IT consultant may accidentally delete a client’s important data, or a management consultant may lose a client’s financial records.
- A consultant is accused of professional negligence or misconduct, even if the claim is unfounded. In this case, PI insurance can cover the cost of legal fees and other expenses associated with defending the claim. For example, a HR consultant may be accused of providing incorrect advice that leads to an unfair dismissal claim, even if the claim is ultimately found to be without merit.
- A consultant provides a client with incorrect information or advice, and the client suffers financial losses as a result. For example, a financial consultant may provide incorrect tax advice to a client, leading to penalties and fines from the Australian Taxation Office (ATO).
- A consultant fails to meet a deadline or deliver a project on time, and the client suffers financial losses as a result. For example, a marketing consultant may fail to deliver a marketing campaign on time, causing the client to miss out on potential sales or revenue.
- A consultant loses or damages a client’s confidential or sensitive information, leading to financial losses or reputational damage. For example, a IT consultant may accidentally delete a client’s important data, or a management consultant may lose a client’s financial records.
- A consultant is accused of professional negligence or misconduct, even if the claim is unfounded. In this case, PI insurance can cover the cost of legal fees and other expenses associated with defending the claim. For example, a HR consultant may be accused of providing incorrect advice that leads to an unfair dismissal claim, even if the claim is ultimately found to be without merit.
Laura Meyer
All information above has been provided by the author.
Laura Meyer, MeyerInsure, ABN 87 340 928 486, AFSL 233750
This article originally appeared on MeyerInsure Blog and has been published here with permission.