Insurance
Professional Indemnity Insurance
Professional Indemnity insurance protects you when a client claims your advice, design or professional service caused them loss. It covers your legal defence and any compensation you become liable to pay.
Do I need Professional Indemnity insurance?
If you are paid for advice, expertise or professional services, you are exposed. Many industries and client contracts require Professional Indemnity as a condition of engagement, and some professions must hold it to be licensed.
What does it cover?
- Claims of negligence, error or omission in your professional work
- Legal defence costs, even for claims without merit
- Breach of professional duty, including unintentional breach of confidentiality
- Claims arising from work by contractors acting on your behalf, depending on the policy
Important tips
- Check the limit your client contracts and industry body require before choosing a limit.
- Professional Indemnity works on a claims-made basis, so keep cover continuous and consider run-off cover when you retire or sell.
- Notify circumstances early. Waiting until a formal claim arrives can prejudice your position.
General advice warning
The information on this page is general advice only. It does not take into account your objectives, financial situation or needs. Before acting on it, consider whether it is appropriate for you, and read the relevant Product Disclosure Statement before deciding to buy or hold any insurance product.
How Loyed can help
We match your policy to the work you actually do, the contracts you sign and the limits your industry expects, then place it with insurers who understand your profession.
Request a quote
Tell us a little about your business and a member of the Loyed team will contact you within one business day.