The importance of obtaining Professional Indemnity Insurance for Australian businesses is on the rise. This is due to number of reasons, one of these being a rise in small business enterprise in our economy, as well as a rise in the attitude of ‘sue or be sued’. Frankly, if you don’t have Professional Indemnity Insurance as a small business owner, and you’re providing any advice to your clients, then you are leaving yourself exposed to financial losses if you do find yourself in court over a dispute.
What is Professional Indemnity?
Insurance for Professional Indemnity will protect you against the legal costs and the damages you could be liable to pay if you’re found responsible for providing:
• False or misleading information
• Bad advice resulting in a loss to your client
• Acts of negligence in the performance of your services
• Omitting information
• Economic loss to your client
• Breaching confidentiality of your client
• Breach of duty
Even if you are found innocent, the court costs themselves can be very costly. For a small business especially, these costs can find you severely out of pocket and even bankrupt by the end of proceedings if you do not have support or insurance. It’s also important to show that you can defend yourself in court in the case someone does come against you for the sake of your business reputation.
Who needs Professional Indemnity Insurance?
Traditionally professions such as lawyers, accountants, bookkeepers, health care providers and other professional service providers with clear advice giving roles were subject to obtaining Professional Indemnity Insurance. However now, occupations such as engineers, PR consultants, marketing professionals, web designers, IT people, real estate agents, training providers, personal trainers are becoming more privy to the need for Professional Indemnity Insurance.
To get a quote for your business Professional Indemnity Insurance in Australia, contact the team at Elliott Insurance Brokers today. We are the go-to insurance broker for many small Aussie businesses due to our greater risk understanding exceptional service. Call us on 1300 635 315 today.
