Professional Indemnity Insurance in Sydney
Why Professional Indemnity Insurance?
Professional indemnity insurance is for any professional whose occupation includes giving advice or consult, like a lawyer, architect, teacher or IT consultant. These occupations inherit a threat of being called out for a third party’s damage because of their provided services. PI insurance protects financial losses against such claims or any legal case that arises in such hefty circumstances.
While many of you professionals might be confident that such a situation would never arise, you should be aware that such threat always poises whether by unintentional errors or intentionally made claims.
The threat of impending claims and litigation are much probable in business and can potentially bankrupt businesses, no matter whether small or large.
Professional indemnity insurance defends you and your business against claims for suspected carelessness or fissure of responsibility rising from an action, fault or oversight while performing duty under professional services.
Gets Your Business Reputation Covered
While paying away for the claims without any insurance might get you relieved in that moment, it might be seen an admission of your guilt, which will have a devastating long-term effect on your business reputation.
Professional indemnity insurance allows empowers you to pursue legal avenues to rinse your name clean and defend your business repute– in steady cooperation with a legal and insurance team. The right professional indemnity cover can give peace of mind, safety and most notably, safeguard your treasured status and repute.
Professional Indemnity insurance protects professionals against:
1. Allegations of negligence
2. Claims of malpractice and professional misconduct
Financial losses that are protected by Professional Indemnity Insurance are:
3. The legal costs of investigating and defending a claim
4. Any aggregates billed in relation to the claim
Get Yourself Informed
1 Find an insurance broker you can trust and who understands your business needs.
2 Make sure you are explained thoroughly about your duty of disclosure mentioned in the proposal form.
3 Be aware about your business requirements and insurances that get them covered. Ask your broker to get all your business needs covered.
4 Get your broker to explain the policy details especially what is not covered and amendments that are made or are to be made to the standard wording.
5 Get the entire procedure of claiming the insurance explained.
Get your business insured by a trusted insurance company that will keep your finances rest assured. Select Insure is an insurance provider, Sydney which is trusted as well as reliable. For more info contact us at www.selectinsure.com.au