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Professional protection
Occupational indemnity insurance is not a new type of insurance but as the cost of living rises and people become more legalistic the risk of a claim increases. For some industries, professionals cannot hold a certificate to practice without being insured. Lacking the correct level of cover could put your business and personal assets at risk if and when an event occurs, and paying for damages is not the sole financial concern to take into account - legal costs can also add up. Various industry associations - such as the Insurance Council of Australia - can offer assistance finding reputable brokers who can suggest a level of cover that will suit your situation.
Occupational indemnity insurance includes:
- Protection against financial loss arising from a mistake, failure, act, error or omission committed by your business during the conduct of professional activities
- Protection against mistakes without negligence
- Protection of personal assets against damages awarded by a court
- Protection in a negotiated financial settlement
- Cover for legal costs and expenses of defending claims
Occupational indemnity insurance is compulsory for most professional businesses and professional services including architects, engineers, brokers, solicitors, financial advisors and accountants. It can be applied to areas such as design work, the provision of advice or technical information, or the management of a project on behalf of other joint ventures.
It can also be extended to financial protection against third party liability claims and/or internal losses arising from IT, including use of the Internet, the provision of IT and telecommunications products and services (including eRisk Protection), Internet Liability, Cyber Risks, Cyber Liabilities and involvement in the eCommerce arena. Under the Australian Corporations Law, the organisation is legally able to indemnify its employees, directors and officers via the policy.
