What is Professional Indemnity Insurance?
Professional Indemnity Insurance is cover for liabilities that result from professional malpractice or negligence. It can provide cover for legal costs and damages resulting from allegations of acts, errors, or omissions.
What's in it for you?
If you or your employees provide professional services involving specialised knowledge or expertise such as advice, design, consultancy, opinion or analysis, then you may need Professional Indemnity Insurance protection. Any professional service provider can be faced with allegations about their service or advice, which can lead to costly legal expenses and liability for damages.
You may also be required to hold Professional Indemnity Insurance as a part of a contractor’s agreement.
Claims can arise because you’re accused of:
- Negligence or a failure to exercise reasonable care in the provision of professional services
- Misleading or deceptive conduct
- Breach of contract.
You could be liable to pay compensation as well as legal costs and expenses.
In addition to protecting you against claims for compensation, GIO’s Professional Indemnity Insurance incorporates the following coverage benefits:
- Cover for legal costs and expenses;
- Court attendance costs;
- Cover for contractors;
- Extended reporting period;
- Legal consultation of up to 2 hours;
- Public relations expenses.*
*This is a summary only, for the full details of claim limits and what is and is not covered, refer to the Product Disclosure Statement.
Businesses we insure
Frequently asked questions
Professional Indemnity Insurance offers cover to businesses that provide advice or recommendations to clients.
Public Liability and Professional Indemnity cover different types of risks so, depending on your business, you may benefit from both policies.
Looking for more detail?
Information provided is general advice only and doesn’t take into account your particular objectives, financial situation or needs. Conditions, exclusions and limits apply. Consider the Product Disclosure Statement before making a decision about this insurance.
Speak to a GIO Business Insurance consultant on 13 10 10 (8am-7pm AEST/AEDT, Mon-Fri).
Our knowledgeable, Australian-based call centre team are passionate about Business Insurance. We’re ready to answer your questions about our products and services. We can also assist you with purchasing or renewing a policy, updating your details and more.