What is Professional Indemnity Insurance?
Professional Indemnity Insurance provides protections for the advice given by a range of professions. Normally Public Liability Insurance will exclude the advice given when it is not incidental to a sale. Professional Indemnity Insurance covers your firm in the event that a client suffers a financial loss due to your action or inaction. It typically covers neglect and omissions and will meet the costs of defending claims and any damages payable.
By giving advice or designing you are perceived as both a professional and an authority in your field of expertise. Therefore, if a professional holds themselves out as having a special skill, which can be relied upon by another, they should consider Professional Indemnity Insurance as crucial.
How much cover should I have?
While the amount of covers and type of covers may be governed by the requirements laid down by professional bodies. It is critical that the sums insured reflect your profession correctly. In today’s litigious business world the claim can take anything up to 5 years to make it to the court system and while sum insured need to reflect your needs they also need to reflect what may happen in a court room of the future.
What is Directors and Officers Insurance?
Increasing corporate governance and regulatory surveillance is placing greater pressure on company directors and officers to perform meticulously.
Professional Risks Directors and Officers Liability Insurance (D&O Insurance) is designed to protect the personal assets of directors and officers by providing indemnity for loss arising from a claim as a result of a ‘wrongful act’ committed by them in the course of performing their duties.
Directors and Officers extends to meaning trustees of trusts including Superannuation Trustees, and board members of associations.
Why use WebInsure ?
We use a panel of Professional Indemnity Insurance providers, in order to obtain the best price, some of these Professional Indemnity Insurance companies offer very specialised product(s) and have limited capacity and because of this the Insurer list is flexible and does change.