Professional Indemnity (PI) Insurance is a claims made insurance policy that protects organisations who provide professional design, advice specification or supervision services against claims brought against them by clients or regulators. Professional liability insurance is required by law for certain kinds of professional practice, and is also sometimes required under contract by other businesses that are the beneficiaries of the advice or service.
ProRisk’s Professional Indemnity Insurance Policy is made up of four insuring clauses. The following is a brief summary of what each of those clauses covers:
Professional Indemnity insurance seeks to protect the assets and professional reputation of policyholders. Below are some of the main things the ProRisk Professional Indemnity policy provides cover for:
Professionals such as lawyers, accountants, bookkeepers, architects, engineers and marketing specialists are a few of the professions where Indemnity Insurance can apply. Professions that have more hands-on jobs are less likely to need Professional Indemnity Insurance, however it can still apply in some cases. For example, agricultural consultants, event managers, life coaches and marriage celebrants. Whatever the industry a policyholder works in, if they are providing professional services then they have an exposure and Professional Indemnity Insurance is a must have. Talk to one of our underwriters about obtaining a quotation today. Our get a quote and bind online at www.probind.com.au.