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Professional Indemnity

Professional indemnity insurance protects you from legal action taken against you, if someone suffers a loss following your professional advice or as a result of receiving your service.

Why is this cover important?

You might take out professional indemnity insurance if you give professional advice or perform services to customers through the course of your work.

There are also specific types of professional indemnity insurances for certain professionals. For example, the medical profession will usually have medical indemnity insurance as a requirement of professional registration or licensing.

Professional Indemnity Insurance will protect professionals against claims for financial loss arising out of an act, error or omission, as a result of the conduct of Professional Services that you provide.

Policy cover can include:

Personal Indemnity (PI) Insurance can pay for any resulting judgments against you, including legal defence costs and court costs up to the coverage limits in your policy.
Public Relations Expenses
To help mitigate reputation damage following a claim against your business.
Civil Liabilities
Covers you against claims of breach of duty, defamation, loss of or damage to documents, infringement or intellectual property.
Claims Investigation Costs
Investigations, defending and settling claims made against you.
Injury and Property Damage
Property Damage and Bodily Injury claims arising from your professional services.

Common industries

Common industries to purchase Professional Indemnity include:

Accounting and Financial Services
Building Professions
Information Technology
Training Organisations
Management Consultants
Medical Professionals
Transport Industries

Why us?

When you take out a Professional Indemnity policy, you will immediately have access to Austbrokers Comsure’s expert claims team for personal service on any claim (we work and represent you), and our experienced Advisers for advice on Risk Management.

  • We have access to a large range of quality professional indemnity policies. We will work with you to you to ensure the coverage best meets your needs.
  • Our claims team has years of experience and expertise in successfully managing complex and difficult claims.

Frequently Asked Questions for Professional Indemnity Insurance

What is a claims-made policy?

A Professional Indemnity policy is a Claims-made policy. It is triggered when a claim is made against the Insured during the active policy period, regardless of when the wrongful act that gave rise to the claim took place. Often claims are made years after they took place.

Can I pay my premiums by the month?

Yes. All insurance offered by Austbrokers Comsure can be paid by the month through premium funders. If you chose to use the premium funder’s service, your monthly installments will be tax deductible.

Why can’t I let my policy lapse when I am taking a break?

If you don’t renew or replace a ‘claims made’ policy, then there is no ‘new’ 12-month window to cover any new circumstances that may arise and therefore you have no cover for the past.

Does a professional indemnity policy cover court attendance costs?

Yes. Most of the insurers provide cover to pay, on behalf of the policyholder, any court attendance costs. It will cover any officer or employee who is legally compelled to, and has to attend court as a witness in the event of a claim.

The amount per day could be different as per various policy wordings.

What is the Retroactive Date on a Professional Indemnity policy?

A retroactive date is generally the date from which you have held uninterrupted professional indemnity insurance cover. It is applied to all professional indemnity insurance policies and its purpose is to exclude claims arising from any work undertaken prior to this date shown.

What does a cost (exclusive) and cost (inclusive) policy mean?

Cost Exclusive means: The Excess DOES NOT apply to Claims Investigation Costs (defence costs).

Cost Inclusive means: The Excess APPLIES to Claims Investigation Costs (defence costs).

How do I make a claim?

As your Adviser, you will always contact Austbrokers Comsure in the first instance and we will guide you through the claims process as this can vary from insurer to insurer.