INSURANCE SPECIALTIES / Professional Indemnity Insurance
Everest Risk Group provides comprehensive professional indemnity insurance broker services to Accountants, Management Consultants, Real Estate Agents, Travel Agents, Financial Planners and Financial Services (AFSL holders), in Sydney and Australia wide.
What is it?
Professional Indemnity (PI) Insurance isn’t just limited to typical ‘professions’ such as accountants, engineers, lawyers, doctors and architects. Essentially, anybody providing advice or consultancy services for a fee has an exposure that needs to be considered. Even something as simple as providing casual advice about the use of a product, for example, could leave your business exposed.
What does it cover?
Imagine if you accidentally breached your client’s privacy or confidentiality, missed out important information, made an error or provided incorrect advice. Any of these simple oversights could lead to a claim against your business, making it vital to protect yourself, your business and your reputation.
Another important consideration is the potential legal costs associated with defending any claim or allegation. The court and legal fees are often underestimated and it can be especially difficult to fund this element of the claim, whilst also trying to keep your business running as normal.
Amongst other risks, PI Insurance typically covers:
Breach of professional duty – can include privacy related issues
Breach of consumer, competition and fair trading laws
Loss or damage to important document
Infringement of intellectual property
Public relations costs – to assist with any reputational damage following a claim against your business
Claim investigation and defence costs – costs of investigating, defending and settling a claim.
Everest Risk Group is a Corporate Authorised Representative of Insurance Advisernet, one of Australasia’s biggest General Insurance Brokers. Whilst we can achieve the most competitive pricing given our buying power, we pride ourselves on educating our clients and tailoring the cover appropriately. With our intimate knowledge, rest assured you are dealing with a specialist who knows your industry and your unique insurance exposures.