Cover Your Risk with Professional Indemnity InsuranceAugust 17, 2017
If you think that Professional Indemnity Insurance is reserved only for doctors and lawyers, you need to think again. With the number of risks many professionals face in your day to day work, it’s no wonder that indemnity insurance becoming increasingly necessary. If you provide professional advice or services as part of your job, you may need to consider having Professional Indemnity Insurance in place.
What is Professional Indemnity Insurance?
Professional Indemnity Insurance protects you against legal costs and claims following an act, error omission or breach of your professional duty which has led to damage or loss to a third party. This cover is designed for professionals who provide advice or services as part of their work. If you’re in a job where the advice you provide or an action you take could potentially result in a third party loss, you need to think about having indemnity cover in place. Without Professional Indemnity Insurance to cover your professional risks, you leave yourself wide open to an expensive liability claim.
Do I really need Professional Indemnity Insurance?
For some professions, it’s obvious that you need to have Professional Indemnity Insurance in place and you’ll have a legal requirement to have this cover. However, other professionals can overlook the need for this cover because it’s so easy to assume that an indemnity claim will never happen to you. After all, you’re careful with the advice you provide and always consider the potential risks.
Unfortunately, the reality is that we live in a litigious society and it’s all too easy to find yourself at the receiving end of an indemnity claim which would be financially crippling. Even if the indemnity claim is ultimately rejected, you could be left with serious legal bills which could have a significant financial impact. Remember, if you’re paid to act in a professional capacity then you have professional obligations. Professional Indemnity Insurance provides you with the ultimate peace of mind that the risks associated with your professional activity will be adequately covered if a claim proceeds.
The cost of your Professional Indemnity Insurance will depend on your level of risk. This is determined by your broker taking a close look at your situation and tailoring a policy which suits your specific needs. Remember, you need to have the right level of cover in place so you’re properly protected when things go wrong
GSK Insurance can help protect your professional risk
Here at GSK Insurance, we provide Professional Indemnity Insurance across Australia. Indemnity insurance is a challenging area which is why you need insurance brokers who know their stuff. The team at GSK Insurance understand the complexities involved with Professional Indemnity Insurance and can develop solutions which cover your specific risks. We pride ourselves on our professionalism and exceptional customer service – give us a call today and find out how we can help you with your insurance needs.
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