Professional Indemnity insurance Qld provides essential financial protection for a wide variety of traditional and non-traditional professions and occupations to safeguard individuals and firms for claims made against them in carrying out your professional services. Generally, businesses/professionals require professional indemnity to comply with professional association requirements, professional standards legislation or to meet the requirements of many clients.
What is professional indemnity insurance?
Professional indemnity insurance is designed for professionals who provide advice or services to their customers. It protects your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business.
So for example, this means that if you do something (or neglect to do something) in the course of your work, and a client suffers injury or financial loss as a result, they may take legal action against you. With the right policy, you can defend your business against the claim and prevent financial loss.
Do I need Professional Indemnity Insurance?
You could be held responsible not only for your own actions, but also for those of your partners, employees or volunteers even subcontractors. It costs you time and money to defend against a claim of malpractice, professional misconduct, or breach of duty.
A professional indemnity insurance policy safeguards your business by providing cover against such claims, including legal defence costs. So you can confidently go about your work, knowing that if the worst happens, you have cover in place to assist you.
For many professions, the associated governing body sets strict guidelines specifying a level of professional indemnity insurance cover that is required to trade. Sometimes you may be asked to explain your actions or advice given to a client in an enquiry from a complaint made, in front of the governing body