What are common exclusions in Professional Indemnity insurance policies?

Exclusions can vary depending on the insurer and policy, but common exclusions may include claims arising from criminal acts, intentional wrongdoing, contractual liabilities not covered by the policy, and certain types of liabilities (e.g. bodily injury or property damage, which are typically covered by other types of insurance).

Professional Indemnity insurance is essential for those engaging in professional practice, including consultants, lawyers, financial planners, architects, engineers and more.

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How much Professional Indemnity insurance do I need?

The amount of coverage needed depends on factors such as the nature of your business, the level of risk associated with your profession, contractual requirements from clients, and regulatory obligations.  It's important to assess your specific risks and consult with an insurance advisor to determine appropriate coverage limits. Typical limits of cover range from $250,000 to $10 million.

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What does Professional Indemnity insurance cover?

Professional Indemnity insurance typically covers legal defense costs, settlements, and damages awarded in claims arising from allegations of professional negligence, errors, or omissions. It may also cover legal costs associated with defending against allegations, even if the claims are groundless.

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Who needs Professional Indemnity insurance?

Professional Indemnity insurance is essential for businesses and individuals that provide professional services or advice, such as consultants, lawyers, accountants, architects, engineers, IT professionals, and healthcare practitioners.  It's also commonly required for contractors, freelancers, and small businesses.

For many businesses, Professional Indemnity insurance is an absolute must-have, protecting their business and providing peace of mind.

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Is Professional Indemnity insurance mandatory?

In some industries or for certain professions, Professional Indemnity insurance may be required by law or professional regulatory bodies.  Even if not mandatory, it is often a contractual requirement for businesses working with clients who want reassurance of protection against potential errors or negligence.

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What is Professional Indemnity insurance?

Professional Indemnity insurance (PI insurance) provides coverage for businesses and professionals against claims of negligence, errors, or omissions in the services or advice they provide to clients.  It protects against financial losses incurred by clients or other third parties as a result of these mistakes.

For many working professionals, Professional Indemnity insurance cover should definitely be considered.  For more information and a confidential chat, contact the team at Westralian Insurance.  Call (08) 9302 1388, or visit www.westralianinsurance.com.au

Can I add additional insureds to my Public Liability policy?

Yes, many insurers allow you to add additional insured parties, such as clients, landlords, or event venues, to your public liability policy. This can provide them with coverage under your policy for claims related to your business activities.

If you've got insurance questions, Westralian Insurance has the answers!  Give the friendly, professional team a call today on (08) 9302 1388, or visit www.westralianinsurance.com.au