Professional Indemnity Insurance

Professional Indemnity Insurance Queensland

Professional Indemnity cover sometimes goes under different names. For doctors, dentists, chiropractors, etc., it is often called malpractice insurance. For lawyers, accountants, architects, insurance brokers or engineers, it may be called professional liability or errors & omissions. Specialist “E&O” policy wordings, packaged with public and product liability cover, are available for occupations such as Information Technology providers.

‍Our experienced brokers have the expansive knowledge and network to provide you the tailored cover most appropriate for you or your business.

Professional Insurance Policy for Queensland Businesses

As a business owner, you understand the importance of protecting your company from potential risks. Professional indemnity insurance is one type of coverage that can help safeguard your business against certain legal liabilities.

If you provide professional advice or services to clients, professional indemnity insurance can help cover you for any damages that may arise from any professional advice you give that causes financial loss to your client. This type of insurance can also help cover the costs of defending professional indemnity claims made against you.

Who needs Professional Indemnity Insurance?‍

Any professional who provides advice as part of their services. Companies who are not in a defined profession, but may require this type of cover, range from advertising agencies to commercial printers, freight forwarders to filming services, web hosting companies to wedding planners. Essentially, any company that provides a service to a client for a fee has an E&O exposure.

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What does Professional Indemnity Insurance cover?

- Professional Indemnity E&O provides protection for legal judgements made against a business in favour of clients in respect of errors or contract performance disputes
- Legal costs
- Breach of contract
- Breach of fiduciary duty.

Professional indemnity claims example

‍In the professional world, things can go wrong even when you’ve done everything right. Here’s an example of how professional indemnity insurance could help protect your business:

You’re an accountant who provides tax advice to clients. One of your clients follows your advice and ends up owing the ATO a large sum of money. The client then sues you for professional negligence, claiming that if it wasn’t for your advice, they wouldn’t have ended up in this financial position.

If you have professional indemnity insurance, your policy can help cover the costs of defending the claim against you as well as any damages that may be awarded to the client.

Without professional indemnity insurance, you would have to bear the full cost of defending the claim and any damages awarded, which could potentially be very costly and damaging to your business.

Professional Indemnity insurance cost

The cost of professional indemnity insurance will vary depending on a number of factors, including the type and size of your business, the nature of your work, the level of cover you require and the excess you are willing to pay.

How is it different from Public Liability Insurance?

Public liability insurance can cover your business for third-party personal injury and property damage claims arising from your business activities.

Professional indemnity insurance, on the other hand, can cover you for professional advice or services you provide that cause financial loss to your client. It can also cover the costs of defending professional indemnity claims made against you.

Professional Indemnity Insurance Advice‍

Even with the best employees and the best risk management practices in place, mistakes will be made. Possible sources of claims include:

- Failure to perform the service on time or correctly, which costs the client money or harms their reputation; and
- Loss to the client of their future contracts

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Contact Trusted Professional Indemnity Insurance Brokers

Our Brisbane Insurance Brokers can help you get the right insurance cover by assessing your specific needs and recommending the most appropriate insurance solution for your business, whilst still maintaining the highest standard of cover.

Information Source
https://www.lmigroup.com/RiskCoach/GeneralInfo.aspx

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Befor Pty Ltd ABN 94 672 803 646 | CAR 1309635 trading as Hunter Broking is a Corporate Authorised Representative of Resilium Insurance Broking Pty Ltd ABN 92 169 975 973 | AFSL 460382.

The information on this website does not take into account the objectives, financial situation or needs of any person. Before making a decision, you should consider whether it is appropriate in light of your particular objectives, financial situation or needs.

We subscribe to and are bound by the Insurance Brokers Code of Practice, a full copy of which is available from the National Insurance Brokers Association (NIBA) website, www.niba.com.au

General contents with set limits	Limit	Option to increase limits?
Jewellery, or items containing gold or silver	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Watches (except smart watches)	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Cameras and photographic equipment and accessories	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Collections or sets, like stamps, memorabilia, documents, medals or coins	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Pictures, paintings, works of art	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Antiques or Oriental rugs	up to $10,000 for each item, set or collection, up to 25% of the unspecified contents sum insured in total, unless items have been specified
Commercially recorded or downloaded media content, including audio, video, phone or tablet applications and games	$2,000 in total
Spare parts or accessories (excluding keys) which are not fitted or being used for the following: motor vehicles farm vehicles caravans and trailers watercraft aircraft	$4,000 in total
Money, cheques, and other negotiable instruments	$2,000 in total
Contents intended to be kept outside, like Your barbeque, outdoor furniture and children’s play equipment.	$10,000 in total
Contents in a locked storage cage in the basement of a strata title development at the insured address	$5,000 in total
Laptops, tablets, mobile phones, portable computers and their accessories (see optional Listed Portable Contents cover on page 48 for ways to increase limits on these items)	$3,500 per item
Smart watches and other wearable technology	$1,500 per item
Drones and other remotely or autonomously piloted aircraft (covered only when not in use and not used for business).	$1,500 per item

Contents used for business
Specific equipment used for business, trade, or professional purposes, including: computers, hardware and software tools or musical instruments photographic equipment	up to $10,000 in total
Stock for business, trade or professional purposes.	$5,000 total