In today’s world, client expectations of the service and quality of advice provided by their professional advisers is on the increase.
As a result, the need for professional indemnity insurance has never been greater. It's an essential risk management strategy - without the right insurance, you're putting your business and personal assets at risk. It's not just the potential damages that may be payable, it's the cost of defending claims that may be made against you.
A professional indemnity policy needs to be broad enough to cover you and your business for civil liabilities arising from the acts, errors or omissions in the performance of the professional services provided by anyone who has worked for you, whether in the past, present or future – not just the professional services that you have actually provided yourself.
Some of the risks we can cover include:
- Breach of duty (including duty of confidentiality)
- Unintentional defamation
- Dishonest/fraudulent/criminal or malicious (innocent party cover)
- Loss of or damage to documents
- Breach of fiduciary duty
- Unintentional infringement of intellectual property
- Misleading and deceptive conduct under the ASIC Act 2001
- Breaches of the Trade Practices Act 1974 and the Fair Trading Acts (Australian and New Zealand)
- Unintentional breach of warranty of authority
- Bodily injury and property damage claims arising from the professional services covered by the policy
- Claims investigation costs
- Claims preparation costs
- Compensatory civil penalties cover
To consider your own requirements talk with a Cartwright professional.
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