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.
|Public Relations Expenses|
|Claims Investigation Costs|
|Injury and Property Damage|
Common industries to purchase Professional Indemnity include:
|Accounting and Financial Services|
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.
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.
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.
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.
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.
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.
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).