What is Professional Indemnity Insurance?
Professional indemnity insurance is designed for professionals who provide professional advice or services as part of their job. It provides financial protection against claims from a third party following financial loss due to a breach of profession duty or negligence resulting from an act, error or omission. It not only covers the costs associated with a claim but also legal bills involved with the process.
Errors and omissions insurance is a form of professional indemnity insurance which is aimed at individuals who don’t typically provide professional advice as part of their job. Even through tradies don’t tend to offer professional advice, you may incidentally give advice which places you at risk of exposure to an indemnity claim. In these instances, errors and omissions insurance will provide financially protection against negligence resulting from an act, error and omission.
For more information about professional indemnity insurance, speak with All Trades Cover today.
Why is Indemnity Insurance important?
As a tradie, you probably haven’t thought much about any form of indemnity insurance and for good reason – it often doesn’t apply to you due to the more hands on nature of your work. However, many tradies are still vulnerable to indemnity claims after providing incidental professional advice, even if you don’t charge for this advice. If you find yourself at the receiving end of an indemnity claim, this can be a very time consuming and costly process which is where indemnity insurance comes in. Your insurance will cover costs involved with a claim and the level of cover will depend on your specific policy.
In some cases, you may be required to have errors and omissions insurance in place as a requirement of a contract. If you’re not sure if this form of cover is necessary for your work, have a chat to one of our experienced insurance brokers.
What does All Trades Cover offer?
At All Trades Cover, we understand that you sometimes need a little extra protection which is why we have extensions available on your trade insurance package. As optional additional coverage on your package, we can provide errors and omissions insurance. This policy provides an optional extension for errors and omissions cover up to a certain limit. If you require more comprehensive indemnity cover, speak to one of our insurance brokers and we can discuss higher levels of professional indemnity insurance.
To find out more about errors and omissions insurance Australia and how it applies to your work, speak with the team at All Trades Cover.
Get a quote today!
For an errors and omissions insurance quote, contact All Trades Cover today. We can also provide a professional indemnity insurance quote if you require a higher level of coverage.
- Friendly, professional service
- Easy online quote
- Optional coverage