Professional Indemnity Insurance
Professional Indemnity Insurance
What does professional liability insurance cover? Anyone is capable of making errors, but if your business is found liable for negligence, the costs can be financially devastating. In addition to potentially leading to an expensive lawsuit, your company's reputation may suffer as a result. This is why professional indemnity insurance is important - to protect your assets and reputation if your advice causes a client to sue you.
Who needs Professional Indemnity Insurance?
Some professions, including medicine, accounting, law, and financial advisors, are required by law to carry professional indemnity insurance, with state-by-state requirements varying. Even if it is not required by law, it is recommended for anyone providing professional services or advice for a fee, such as graphic designers, IT consultants, and others. It is frequently a customer requirement that you have this coverage in place, regardless of your legal obligation. Professional indemnity insurance helps cover the costs associated with legal action brought about by your professional advice.
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Wollongong, NSW 2500
02 4202 6174
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Wymark Risk Services Pty Ltd | ABN: 42122949044 is a Corporate Authorised Representative No. 001282067 of Resilium Insurance Broking Pty Ltd ABN 92 169 975 973 | AFS Licence Number: 460382
This information 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.