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Professional Indemnity Insurance
Cover simply made to suit your needs
✔ Up to $10 million cover
✔ Australia wide
✔ Competitive rates
✔ Backed by Marsh Brokers
Professional Indemnity Insurance is beneficial to many small to medium businesses.
If you provide professional advice or service for a fee, you may need Professional Indemnity insurance.
What is Professional Indemnity Insurance?
Professional Indemnity insurance covers claims made by clients if your professional advice or recommendations cause financial loss to a third party.
Professional Indemnity can help protect a business against allegations of incorrect advice, breach of professional duty or negligence which generally attracts substantial legal fees.
What doesn’t Professional Indemnity Insurance cover?
- Existing circumstances
- Intentional Damage
- Contractual obligations
- Bankruptcy
What does Professional Indemnity Insurance cover?
Professional indemnity insurance may help cover the below, but is not limited to - settlements judgements, investigation costs and defense costs in relation to claims made against a business.
✔ Breach of duty
✔ Breach of privacy or confidentiality
✔ Intellectual property infringement
✔ Defamation
✔ Lost or damaged documents
✔ Reputation repair
✔ Claims investigation costs
✔ Negligence
Who needs Professional Indemnity insurance?
Any business that provides advice or services to clients. For small to medium Businesses it is highly recommended due to the potential repercussions or disruptions to business because of a claim.
Marsh specialises in arranging Professional Indemnity insurance for industries such as:
Accountants and bookkeepers
Barristers and Solicitors
Graphic designers
HR and Recruitment Consultants
Personal trainers
Pet Service Professionals
Beauty and Health Therapists
Consultants
IT Consultants
Marketing consultants
Real Estate Agents
Web Designers
Why purchase Professional Indemnity insurance for small to medium business through Marsh?
Keep it simple: Via our easy online platform, get a quote and coverage for Professional Indemnity in minutes.
Ease of Business: We deliver options quickly to give you more time to get back on with business.
Claims: Our team act on behalf of clients to provide support and proactively guide clients through the claims process. We leverage our dedicated financial lines claims division for expert driven support.
Multifaceted approach: Online when you need it, in person when you need it.
What is Public Liability Insurance?
Public Liability insurance is designed to protect your business against claims resulting from accidents or injuries that occur as result of your business activities. For negligence to third parties, this covers the cost of compensation for third party personal injuries and loss of or damage to third party property in which you are legally liable for.
Public Liability insurance can help protect you against financial losses if a third party claims that they’ve sustained an injury, or that their property was damaged, due to your negligent business activities. The subsequent costs of legal proceedings can also add up regardless of whether you are at fault.
Also, if you are seeking the use of an office space, it is common for property owners to first require a copy of your public liability cover before accepting your request for use or lease of the venue.
Depending on your business, having both Public Liability and Professional Indemnity insurance can give you the coverage and peace of mind you need.
Learn more
Are you also interested in..
Public Liability
Protect your business against third party claims resulting from accidents or injuries that occur as result of your business activities with Public Liability insurance.
Management Liability
Help cover and reduce the risk of exposures from business owners, directors and officers held personally liable for breaches made by their company with Management Liability insurance.
Cyber Insurance
Minimise the financial impact of cyber-attacks. Any company with sensitive business information and customer data on a server or third party service provider is at risk with Cyber insurance.
We also provide other insurance that may be relevant to your small to medium business insurance.
Not sure which cover would really benefit your business? Contact a Marsh Broker for more information.
Why Marsh for small to medium business insurance for professionals?
We are a leading insurance broker and risk management advisor with experts in helping small to medium businesses like yours.
We leverage our insurance market position to offer balanced coverage, exceptional claims support and proactive and relevant risk guidance, creating additional value for your business.
Our diverse and in-depth industry and specialty experience enables us to develop tailored solutions and services to support the unique environment and risk profile of you and your business.
We work with like-minded insurer partners to act as an educational point of contact and deliver insights and tips bespoke to your business requirements.
We are an extension of your team. Online when you need it, in person when you need it. Our local on-shore team is backed by our global brand and support network.
FAQs
How much does Professional Indemnity insurance cost?
There are a number of different factors that may influence the cost of Professional Indemnity insurance, such as the service provided, company size and revenue.
Make sure when requesting a quote, that the declared values of the business is accurate so the correct premium and cover for your business can be arranged.
How much can I cover my business for?
Professional Indemnity insurance covers up to $10M
Public Liability insurance covers up to $20M
What is the difference between Professional Indemnity and Public Liability insurance?
Public Liability insurance can cover you if you accidentally injure a customer, supplier or other person, or damage their property (including items) during the policy period.
Professional Indemnity insurance can cover you for claims made due to incorrect or misleading advice.
Is Professional Indemnity the same as Errors & Omission insurance?
Yes, the terms are interchangeable and refer to the same insurance.
What does “Claims Made” mean?
Claims Made is a term used to describe an insurance policy that covers claims which are notified during the policy term. This may not necessarily be the same period in which the accused incident or error resulting in the claim occurred.
Professional indemnity policies provide a 'claims made' basis of cover because advice or service errors in many professions are often discovered weeks, months or even years after the mistake was made.
For example, if a professional made a service or advice error for a client in 2017, but the client did not discover their loss until 2020, the accused professional's 2020 policy would be the correct policy to respond to any resulting claim. Therefore, a professional indemnity policy or 'run-off' policy must be in place for a claim to be met by an insurer.
It’s also important to note that, if the limit of indemnity was changed, it is the limit purchased when the claim is notified that applies, not the limit purchased when the work was completed.
Got questions?
Contact a Marsh Insurance Broker today.
Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage.
LCPA 22/188