Professional Indemnity Insurance

Professional Indemnity Insurance is suited for businesses that provide professional advice or service and it comes with its own risks. At MA Insurance Services we recommend you protect your business against claims of mismanagements, or insufficient or inaccurate advice could result in financial loss or personal damages. Professional Indemnity insurance is mandatory for some professions in Australia. This is because these professions are fairly high-risk and mistakes can have serious consequences. Some professions that require professional indemnity insurance include:

• Legal practitioners
• Medical practitioners
• Architects
• Real estate agents
• Tax agents

In case of manufactures & repairs there is an exposure to a financial loss claim where the product fails without causing any damage to property. Public & Liability insurance will not respond as there is no damage to property. Errors & Omissions cover should be considered to cover this exposure. We can arrange the following cover to include:

• Negligence arising from a breach of professional duty, due to an act, error or omission
• Fraud and dishonesty of staff
• Libel, slander or defamation against a third party
• Loss of client documentation
• Legal liability for damages and claimants’ costs/expenses arising from the act, error or omission/civil liability of the “Company’s” employees
• Wrongful or inadequate advice to client(s)
• Acting without proper instructions from the client
• Failure to act in accordance with client’s instructions or at all
• Failure to advise client
• Breaches of Trade Practices Act/fair trading legislation
• Breaches of statute – eg Corporations Law, Uniform Consumer Credit Code

We can help you get back to running your business with peace of mind.