Professional Indemnity

Cover for your advice and professional services

Cover Built for the Way You Work

If you provide advice or professional services, it’s vital in protecting your business against claims of incorrect or incomplete advice.

COVER FOR

Civil liability

Legal defence costs

Damages & Specification errors

Design issues & Incorrect advice

What is Professional Indemnity Insurance?

Covered Professions: Builders, Design & Construct Professionals, Project Management Professionals, Construction Management Professionals, Architects, Draftspeople, Engineers, Height Safety Professionals, Surveyors and Building Inspectors

Professional Indemnity Insurance protects you against claims made against you arising from your advice or professional services, causing financial loss or other damages to third parties.

It costs time and money to defend against a claim. You could be held responsible not only for your actions but also for those of your partners, employees and even consultants.

Professional Indemnity Insurance protects your business against legal costs and claims made by third parties.

Examples of exposures include:

Design and construct
Incidental design and specification alterations made during construction
Building design work
Project and construction management
Vicarious liability for negligence of other professionals, i.e. architects and engineers
Product specification

We have the expertise to advise on the critical coverage requirements relevant to your specific business activities.

KEY BENEFITS

Covers costs of investigating, defending and settling claims

Covers the cost of public relations consultancy

Tailored solutions to suit your needs

Protects your business against legal costs

Why do you need this policy?

Here is an example:

Max is a residential builder who promotes his business as a custom home builder. The architect and engineer he engages incorrectly design the slab for a sloping block build, resulting in severe structural issues to the home.

When the homeowner pursues recovery of costs, the builder is involved in the lawsuit, incurring over $60k in legal expenses, and a small portion of the damages, which ended up being an additional $45k.

Because Max had a professional indemnity policy, the Insurer covered the total $105k cost incurred, less his excess.

What’s the cost of defending a claim?

Even if found to have had no or minimal responsibility for a financial loss or damage, the legal cost for a defending a claim could easily be $50k–$100k, or much higher.

Many businesses would not have the funds to pay these costs, let alone afford any settlement or damages to a third party.

Professional Indemnity Insurance enables you to access expert legal firms to assist in defending a claim. Where you are legally liable to pay the third party’s costs, they assist in settling the claim to a third party – protecting your business and your livelihood.