Professional Indemnity Insurance is essential protection for professional consultants who provide a service for a fee. It provides indemnity for claims brought against the insured for financial loss, injury or damage arising from a breach (or an alleged breach) of professional duty in the course of conducting business and aims to protect the company’s position and assets in the event of a claim so that they are able to carry on their business. Policy Cover and Features Professional Indemnity Insurance aims to provide protection for: • Settlements, compensation and/or damages awarded against the insured; and/or • Legal costs and other expenses associated with defending a claim. Policy features may include: • Trade Practices Legislation • Libel and slander dishonesty • Loss of documents • Defence costs • Official enquiries cover What are the benefits of having Professional Indemnity Insurance cover? • Peace of mind. • Saving valuable time in the incidence of an allegation. • Reduction in the possibility of interruption to your business. • Reduction in the probability of lost income from an interruption to your business if you had to defend an allegation. How? • Knowing there are legal professionals in the claims department waiting to take care of any allegation made against you. • Knowing any claim will be represented by solicitors experienced in the area of Professional Indemnity Insurance. • Knowing the legal costs incurred will not only be covered by a Professional Indemnity policy, but will be reduced because of the experienced professionals engaged to defend your claim. Amanda Smith is an award winning insurance specialist with over 14 years of experience. As the senior principal of Optimum Insurance Services, she provides qualified and tailored insurance broking services to business and corporate markets.
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