Professional Indemnity Insurance
No matter what professional business you are involved in, if you provide advice or are otherwise engaged as an expert, you may be at risk of being sued for alleged negligence, breach of duty or misleading and deceptive conduct.
A Professional Indemnity Insurance policy offers protection against negligent acts, errors and omissions of individuals and businesses that provide advice or design services to 3rd parties. It will provide indemnification for civil liabilities arising from any breach of a duty owed in a professional capacity in connection with the firm’s business.
Allegations can undermine your business and the prevalence of legal actions against professional and financial institutions is growing.
Allegations may include:
- Breach of fiduciary duties
- Negligent misrepresentation
- Misleading information
- Unsuitable advice
- Breach of contract
- Breach of confidentiality
Features of a standard Professional Indemnity policy include:
- Defamation, Libel and Slander
- Trade practices liability
- Defence costs
- Loss of documents
- Intellectual property infringement
- Insured vicarious liability in respect to the use of consultants / contractors / sub contractors / agents
- Joint venture liability (insured liability only)
IFS Insurance Broking provides advice and services to a wide range of professionals on the requirements of Professional Indemnity insurance. We have taken a leading role in the education of certain professionals affected by ASIC’s RG126 requirements and also consult widely across all professional fields.