Professional indemnity insurance protects businesses and individuals who provide professional services to clients against legal costs and claims for damages that may arise from an act, omission, or breach of duty in the course of their business.
Professional indemnity insurance in Sydney is designed for professionals who provide advice or service to their clients. If the client alleges that you have made a mistake, that you have overlooked a critical piece of information, that you have missed a fact, or that the client has misinterpreted you in the course of your work, and that results in a financial loss for them, they may take legal action against you to recover those losses. Whether or not the accusation is valid, professional insurance is intended to protect both your finances and reputation.
About National Corporate Broking
Our service’s standard focuses on our well-trained, professional staff and our serious, attentive attitude towards our clients. Each of our Customer Service Representatives is a licenced insurance broker and we continue our training to try and respond to the latest trends, coverage, and techniques. We are engaged in our communities and we have deliberately organised ourselves to give our clients the most flexibility to do so.
You can fully depend on NCB insurance solutions. Why? Here’s your answer
- Business insurance brokers
- Business insurance
- Commercial insurance
- Industrial insurance
- Liability programs
- Plant and machinery equipment insurance
- Film and television equipment insurance
- Transport insurance
- Trade insurance
- Strata insurance
- Risk management advice
- Claims administration
- And much more.
What does professional indemnity insurance cover?
Civil liability claim: Infringement of duties, unintentional defamation, unintentional infringement of intellectual property, loss of or harm to documents.
Body injury and property loss claim: Arising from the specialist services covered by the policy.
Legal Costs and expenses: Costs of investigation, attendance at the court, defence, and resolution of lawsuits.
Public relation expenses: Costs to hire a public relations consultant to defend your image.
Estate and legal representatives: In the event of your death or incapacity, we protect your properties, heirs, and legal representatives for claims arising out of the professional services rendered.
Anyone may make a mistake, but the loss can be financially devastating if the company is found to be responsible for negligence. Not only can this lead to a costly lawsuit, but the hard-earned credibility of your company can be destroyed as a result.
That’s why professional insurance benefits help protect your assets and brand if your advice leads a customer to take legal action against you.
A claim for professional indemnity may result from:
- Negligence in the provision of professional services
- Legal costs of defending actions relating to professional services
Irrespective of the validity of such a claim, professional indemnity insurance shall pay for your legal defence, as well as any judgments or settlements that you or your company will have to pay to the party concerned, to the degree set out in the policy limits.
Benefits of professional indemnity insurance
We will give you peace of mind
When you dare to carry out the professional services that you have been educated to provide with confidence, you will see much better results. Whether or not you find yourself holding accountable or, at the very least, being blamed for someone else’s financial or reputational harm, it would not be such an emotional or financial strain on you or the business that your professional indemnity insurance will have a helping hand in such situations.
We will protect you financially
The lawsuits are costly, pure and simple. However, you don’t need to think about technical indemnity insurance. Defence expenses, such as attorneys’ fees, court fees, paperwork, etc., will all be taken care of. If the claimant is awarded compensation, you will then be covered from the costs of the compensation.
We will increase your credibility
Being insured with the aid of professional insurers will significantly improve the brand image. It not only tells clients and customers but also demonstrates that you are prepared to be held accountable or found guilty in a professional manner. Your customers would be much more secure in doing business with you as a whole.
How does it work?
Professional indemnity is intended to protect companies that offer professional advice or services to customers.
If the complainant alleges an accident that your company has caused them injuries or financial harm, Professional indemnity shall cover the expenses of your legal defence and the damages that you have to pay.
Who needs it?
If you offer advice or professional services, Professional Indemnity will help prevent a mistake from costing your company.
It will support companies such as accountants and accountants, IT experts, advertising agencies, and management consultants.
Here is the list of things that we covered to protect your business:
Breach of duty
For example, if you make an online checkout for a client’s website and it’s not safe.
Intellectual property infringement
For example, if you accidentally infringe copyright on designs, you give them to a client.
Lost or damaged documents
As if you misplaced your client’s financial records after they gave them to take care of you.
Claims investigation costs
We shall pay the legal costs and expenses of the investigation, defence, and resolution of charges against you (up to the amount of cover you have).
Breach of privacy or confidentiality
Like if you accidentally disclose a client’s personal information.
For example, if anyone believes that their credibility has been harmed by the TV ad.
There are some things which we don’t cover:
We’re not covering allegations or conditions that you hear about before your policy begins.
We do not reimburse costs or losses incurred by you dealing with the contractual obligations that you have agreed to enter into with the customer.
We do not compensate for the intentional damage you cause to a third party.
We do not cover claims made against you because your company has gone bankrupt or has become insolvent.
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