Not yet sold on whether you should get Professional Indemnity insurance or not? Let our simple guide show you some of the benefits Professional Indemnity insurance can provide for your business. We delve into how having a Professional Indemnity insurance policy in place can help you stay in business for the long haul, something small business owners strive to achieve.

For busy professionals, providing expert advice and specialised services assisting your clients is all in a day’s work. But even though you take great care to deliver a high standard of expertise, the reality is claims can still occur, even when you least expect it.

Whether you’re an architect, an IT consultant or or a real estate agent, Professional Indemnity insurance* is something you may wish to consider to help safeguard your business.

When you’re in the business of giving advice or providing a specialist service, you may need insurance to protect against mistakes, negligence, and other types of professional wrongdoing. In Australia, having coverage may even be a legal requirement.

If you are a professional and have your own company, then it is advisable that you have professional insurance, which can also be referred to as professional indemnity insurance. Professionals are expected to possess extensive technical knowledge in their specific area of expertise. They are also required to perform their services as per standards of conduct. Therefore, the professionals can be held legally responsible if they fail to use the degree of skill, which is expected from them.

Professional service providers face unique on-the-job risks. Providing expert advice, designing custom solutions, and representing a client’s interests on their behalf create professional indemnity exposures that could have a huge impact on your small business.

Professional Indemnity claims often arise from alleged negligence. A client may assert that your work, advice, or service caused them a financial loss. Even if this is not true, the impact can be devastating. For small businesses without legal teams or big financial buffers, these allegations and lawsuits can be especially draining.

There are many different types of industry experts that fall into the professional’s category from real estate agents to architects, education consultants and allied health specialists.