If your business gives advice, provides a professional service or delivers work that clients rely on, professional indemnity insurance protects the thing your reputation is built on. A single allegation that your advice or service caused a client a financial loss can lead to an expensive dispute, even when you have done nothing wrong. At Axle Insurance, we arrange professional indemnity insurance that defends your business and your reputation, tailored to your profession and compared across multiple insurers.
Professional indemnity insurance covers claims that your professional advice, services or work caused a client financial loss. It responds to the compensation a client seeks, along with the legal costs of defending the claim, including matters that are never proven. Where public liability insurance covers injury and property damage, professional indemnity covers financial loss from your professional work, which is why many businesses hold both. Our guide to what professional indemnity insurance is explains the detail.
Professional negligence or a breach of your duty of care
Errors, omissions and mistakes in your work
Incorrect, misleading or incomplete advice
Breach of professional confidentiality
Loss of documents or data you were responsible for
Legal defence costs, even when the claim is unfounded
If people pay you for your knowledge, skill or advice, this cover is usually relevant. It is commonly held by consultants and advisers, accountants and bookkeepers, engineers and designers, IT and digital professionals, marketing and creative agencies, real estate and property professionals, and many registered practitioners. In several professions it is not optional, as licences, professional bodies and contracts require a minimum level of cover before you can trade.
Common limits start at 1 million, 2 million or 5 million dollars, set by your profession, the size of the projects you take on and any minimum your clients or licence require. We help you check your contracts and regulatory obligations, then match your cover to them so you are protected where it counts without over insuring.
As business insurance brokers, we work for you. We compare professional indemnity cover across multiple insurers, tailor the policy to your profession, and stand beside you at claim time. We can also arrange it alongside public liability and other covers in a single business insurance program, which is often more affordable than buying each policy on its own. To see how the covers fit together, read our overview of the types of business insurance.ed.
It is not universal, but many licences, professional bodies and contracts require it. For some professions you cannot legally practise without it.
Public liability covers injury or property damage to third parties. Professional indemnity covers financial loss caused by your advice, services or professional work. Many businesses need both.
Professional indemnity is usually arranged on a claims made basis, which means the policy in place when a claim is made responds. Keeping continuous cover is important, and we can explain how this works for your situation.
Protect your advice and your reputation. Get a free quote and we will help you get the cover right.
