Professional indemnity insurance

Professional indemnity (PI) insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered. Even something as simple as providing casual advice about the use of a product, for example, could leave your business exposed.

Imagine if you accidentally breached your client’s privacy or confidentiality, missed out important information, made an error or provided incorrect advice. Any of these simple oversights could lead to a claim against your business, making it vital to protect yourself, your business and your reputation.

Another important consideration is the potential legal costs associated with defending any claim or allegation. The court and legal fees are often underestimated, and it can be especially difficult to fund this element of the claim, whilst also trying to keep your business running as normal.

Depending on the policy, professional indemnity insurance may provide cover for:

Breach of professional duty

including certain privacy and confidentiality-related issues.

Defamation

claims arising from allegations of defamatory statements made in connection with your professional services.

Consumer, competition and fair trading breaches

cover for certain claims relating to relevant consumer, competition and fair trading obligations.

Loss or damage to documents

cover relating to the loss or damage of important documents, subject to the policy.

Intellectual property infringement

cover for certain claims involving the infringement of intellectual property rights.

Public relations costs

assistance with eligible costs associated with managing reputational damage following a claim.

Claim investigation and defence costs

costs associated with investigating, defending and settling an eligible claim.

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Maple Insurance & Risk

Level 5, 20 Bond Street
Sydney, NSW, 2000
info@mapleinsurance.com.au
(02) 8329 0999

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Maple Managed Risk Pty Ltd trading as Maple Insurance & Risk is a Corporate Authorised Representative of Insurance Advisernet Australia Pty Ltd. AFSL No. 240549.

Corporate Authorised Representative No. 1288279. Visit the Insurance Advisernet website.

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