Australia

Professional Indemnity Insurance

Mistakes happen, but if your business is found liable, it can result in costs being awarded against the business for negligence. As well as a potentially significant financial implication, this can be particularly damaging to one's hard earned reputation.

So that means that it's not just your reputation that is at stake.

Should you find yourself in a situation where your advice or potential errors result in a client taking legal action, Professional Indemnity (PI) insurance can provide protection for your business and brand assets.

Whilst PI is mandatory in some industries (e.g. - accounting, medicine, law, financial advisory), for others it offers a sensible precaution and a wise transfer of the risk to insurers.

BMS’s vast PI experience offers a great resource and means that we can help you understand the implications of any potential action against your business before advising on the best type of cover for your business.

What can it cover?*

  • Civil liability - Civil liability to a third party arising out of the conduct of the insured’s professional services.
  • Inquiry costs - The cost of defending an inquiry by a regulatory body into the professional conduct of the insured.
  • Advancement of defence costs - The defence costs as and when they are incurred prior to the final resolution of a claim.
  • Fidelity cover - Direct financial loss of the business caused by the dishonest or fraudulent conduct of an employee which is first discovered during the period of insurance.

Professional Indemnity insurance is not something that can be easily dismissed. BMS can provide a full personal assessment of your needs and support you with the best advice on those key areas of risk that you should consider.

*This is a summary only. You should refer to the policy wording or product disclosure statement for any policy you are considering purchasing to find out what is and isn’t covered by the policy.

“If you own a business, you can be liable for damages or injuries to another person or property… consider [professional indemnity insurance] for your business if the likelihood of legal action is high.”

Australian Government - Business.gov.au

Key
Contact

Stuart Davies

Director

Office Contact

Level 3,
222 Clarence Street,
Sydney NSW 2000

T: +61 1800 931 070

Personal Contact

M: +61 (0) 413-173-975
Email Me