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.
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:
Barristers and Solicitors
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
✔ Lost or damaged documents
✔ Reputation repair
✔ Claims investigation costs
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.
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Protect your business against third party claims resulting from accidents or injuries that occur as result of your business activities with Public Liability insurance.
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.
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.
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.
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.
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“MAI”) arrange this insurance and is not the insurer. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). JGS is part of the Marsh group of companies. Any advice in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) which is a related entity of MAI. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions. This website contains general information, does not take into account your individual objectives, financial situation or needs and may not suit your personal circumstances. For full details of the terms, conditions and limitations of the covers and before making any decision about whether to acquire a product, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh Advantage Insurance on request.