Professional Indemnity Insurance

Anyone who gives to another person advice and/or services of a skilful character according to an established discipline might be regarded as a ‘professional’.

The law requires a professional to exercise their skill at an appropriate level expected of that profession. But professionals are only human and mistakes do happen. Any financial loss arising from a mistake or failure by that professional to do so, may result in an award in favour of a third party. A professional may also be held to be liable for a mistake even though there was no negligence (i.e. breach of the Trade Practices Act).

A Professional Indemnity Insurance policy is designed to protect the personal assets of a professional against damages awarded against them by a court, or resulting from an approved negotiated settlement, in relation to an act, error or omission committed by the professional during the conduct of their professional business activities. It also covers the costs and expenses of defending claims.

In today’s litigious society, no professional can therefore ignore the real possibility that a claim may be brought against them by a disgruntled client during the course of their career.

Our highly trained and experienced broking team at Austbrokers Coast to Coast can guide you through the process of making sure you make the correct choices for your business.