Professional Indemnity Insurance protects you and your business against claims for alleged negligence or breach of professional duties from an error or omission in the course of your business. If you make a mistake or omission causes a financial loss to a third party (typically a customer), there is a chance that they may take legal action against for their loss.
Buying Professional Indemnity is becoming standard practice for all businesses that provide professional services and advice as it is an easy way to transfer the risk so you can manage your business with confidence that your assets are protected.
Professional Indemnity insurance is sometimes a contractual requirement or compulsory insurance, such as the ASIC requirement to comply with RG 126 for Australian Financial Service Licensees (AFSL) who deal with retail clients.
The cost of an average Professional Indemnity Insurance policy can vary widely.
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