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PROFESSIONAL INDEMINTY
INSURANCE
Anyone can make a mistake – but if your business is found liable for negligence, the costs can be financially devastating. Not only can it lead to an expensive lawsuit, but your business’ hard-earned reputation may be damaged as a result. That’s why professional indemnity insurance matters – for help protecting
your assets and brand if your advice causes a client to take legal action against
you. Package your professional indemnity insurance and public liability insurance together.
Professional Indemnity Insurance is mandatory in some industries, such as medicine, accounting, law and financial advisers – with the requirements differing from state to state. Even in cases where it’s not required by law, it’s recommended for anyone who is providing professional services or advice in exchange for a fee like, graphic designers, IT consultants and more.
AS A WIDE-RANGING INSURANCE SOLUTIONS, PROFESSIONAL INDEMNITY COVER MAY INCLUDE ANYTHING FROM ACCIDENTS TO ERRORS AND OMISSIONS AND MAY ALSO COVER:
â–º Civil liability
â–º Enquiry costs
â–º Defence costs
â–º Fidelity costs
â–º Advancement of costs and expenses
27.7%
In 2014 alone, professional indemnity and public and product liability claims increased 27.7%.
$1362 MILLION
$1,362 million of gross premium during the 2016 underwriting year.
701000
701,000 PI risks written in the 2016 underwriting year.
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