Professional Indemnity Insurance QLD

Professional indemnity insurance QLD is important for businesses that deal with customers and suppliers. For example, a tax advisor can be financially liable for mistakes in the calculation of a tax return. Also, lawyers can be sued for misrepresentation or breach of contract. A contractor can also be sued for damages related to a faulty job.

The main benefit of professional indemnity insurance is that it protects you from the cost of damages and legal costs if you are found liable for negligence. This type of insurance is also a good way to protect your reputation. For example, a libel can cause severe reputational damage to a client.

The cost of professional indemnity insurance depends on the amount of cover you wish to purchase. You can choose an excess and deductible, which will affect the premium. Also, the cost will depend on the type of work you do. It is also important to consider whether you want a run-off policy. This can protect you from claims made by your previous insurer.

Professional indemnity insurance is not a legal requirement, but many professional bodies will require you to carry it. You may also need to have it if you plan on joining a trade body.