Professional Indemnity Insurance. Done Right.
When it comes to professional indemnity insurance, Bruce Insurance takes care to identify and minimise every risk.
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We recognise this requires trust on your part, so we strive to gain that through honesty and transparency.
Professional indemnity insurance is a form of business insurance that covers for a company’s financial consequences in association with negligence, violation of fair trading legislation, or inaccurate advice.
No matter how diligently you prepare to overcome challenges in business, you’ll always face potential hazards. Some obstacles just can’t be anticipated and vary depending on industry sector.
Without indemnity insurance, your business may be liable for an array of legal costs and financial claims arising from fault or negligence.
Why is professional indemnity insurance important?
Almost every organisation will potentially face reputational pressures arising from claims of professional wrongdoing. What’s more, these risks can increase as your company grows, although smaller businesses can still be targeted.
Safeguarding your business from the potential harm to its long-term success arising from damage claims of a professional (and hard to identify) nature demands vigilance and expertise.
What areas does professional indemnity insurance cover?
Comprehensive professional indemnity insurance is an investment that will cover your company adequately against any claims brought against it and its professional services. It can also provide cover for your principals, partners and employees in case any legal action is taken against them.
The types of behaviour covered by these policies will also vary depending on your company’s circumstances. Most professional indemnity insurance policies will cover settlements, judgements, investigation costs and legal fees associated with any legal challenge to your professional conduct.
What does professional indemnity insurance usually not cover?
Although Professional Indemnity Insurance can save you hundreds of thousands of dollars in the event of a claim, there are some areas that it won’t cover you for. Some of these can be found below:
- Damages or losses that have occurred outside of a business’s advice or work.
- Personal injury or damages to clients that are covered by other forms of insurance such as public liability insurance.
- Criminal prosecution
- Breach of contractual obligations
What is the difference between Professional indemnity insurance and public liability insurance?
Although similar, public liability insurance covers a business from claims arising from members of the public in relation to a physical loss, injury, illness or damage. Professional indemnity insurance covers claims arising from a company’s clients in regards to mistakes or negligence From a professional service of a financial loss
Who needs professional indemnity insurance cover?
Any business providing a professional service that provides design or advice service for a fee. Although some businesses physically require professional indemnity insurance to gain a license to trade, some of the common business types that require this business insurance cover will include advice services such as:
- IT consultants
- Financial Advisors / Accountants
- Management Consultants
- Marketing Agencies
- Healthcare Professionals
- Engineers
We help you navigate professional indemnity insurance with the right advice.
Professional indemnity insurance is an extremely complicated area to grasp. Regulations depend on the state in which you operate, which is a problem for companies operating across state lines who are facing financial loss from client claims.
Complexities also arise from the sheer variety of work certain firms undertake. Every industry and company face different challenges and situations which need to be taken into account.
Many industries require professional indemnity insurance simply to gain an operating licence. With your business licence dependent on having a relevant policy, getting the right cover becomes very important when notifying you of a circumstance and covering legal costs.
The easiest and quickest way through it is to talk to our insurance brokers who will partner with you through professional indemnity insurance and give you the best professional advice.
It’s important to us that your experience with Bruce Insurance is outstanding.
Our process is rigorous, proven and diligent. Get your professional indemnity insurance policy now.
