Professional Indemnity Insurance
Contact Baynyi Ausure for your Professional Indemnity Insurance needs.
What is professional indemnity insurance?
Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result.
That’s why professional indemnity insurance matters – for help protecting your assets and brand if your advice causes a client to take legal action against you
Who should consider it?
Professional indemnity insurance is mandatory in some industries, such as medicine, accounting, law and financial advisers – with the requirements differing from state to state.
But even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee – like, graphic designers, IT consultants and more. Regardless of your legal obligation, it’s often a customer requirement that you have this cover in place.
What can it cover?
The primary purpose of professional indemnity insurance is to provide cover for liability arising from a breach of professional duty.
Depending on your policy, professional indemnity insurance can cover:
| Type of Cover | Potential Benefits |
|---|---|
|
Civil Liability |
Civil liability to a third party arising out of the conduct of their professional business. |
|
Inquiry costs |
The cost of defending an inquiry by a regulatory body into the professional conduct of the insured. |
|
Defence costs |
The costs involved in defending a claim triggered by the policy |
|
Fidelity cover |
Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance. |
|
Advancement of costs and expenses |
Additional costs and expenses incurred during a claim. |
What usually isn't covered?
What usually isn’t covered?
Exclusions, the excess you need to pay and limits of liability can vary greatly depending on your insurer. Policies generally won’t include cover for:
- Commercial liabilities
- Liabilities which results from fraud and dishonesty
- Pollution
- Unpaid fees.
INDUSTRIES WE SERVE
- Indigenous Corporations and Enterprises
- Local and State Government
- Construction & Infrastructure
- Health, Community, and Disability Services
- Education & Childcare
- Licensed Clubs & Sporting Organisations
- Agriculture & Land Councils
- Not-for-Profit and Social Enterprises
- Transport and Logistics
- Mining and Resources
- Manufacturing
- Professional Services
- Hospitality
- Real Estate and Property Development
- And many more
Speak to us about your Professional Indemnity Insurance Needs:
Contact Baynyi Ausure
Our Insurer Partners
Let us do all the hard work for you! We compare policies from multiple insurers to ensure you have the right policy, the right price and most importantly – the right coverage.
Let Baynyi Ausure help you with your Professional Indemnity Insurance needs.
Baynyi Ausure specialises in delivering tailored insurance and risk solutions for indigenous and non-indigenous businesses across a diverse range of sectors. . We are part of Australasia’s largest general insurance broker network, the Steadfast Group. We leverage Steadfast’s scale to ensure our clients have access to a wide range of insurance companies, a broad range of products, exclusive policy options, and of course, competitive pricing. And when the time comes and you need to make a claim, you will have the backing of Steadfast behind you.
