What is Professional Indemnity Insurance?
Professional Indemnity Insurance can provide peace of mind for business owners, by protecting the business from financial losses arising from court costs and compensation claims for professional services that you are providing.
Professional Indemnity Insurance protects your business against claims that come from actual or negligent acts or omissions when you are providing your services.
What can be covered with Professional Indemnity Insurance?
- Damages and claimant costs awarded against you
- Legal and defence costs
- Claims investigation costs
- Court attendance costs
- Public relations costs
What is typically not covered?
- Intentional damage
- Fraud and dishonesty
- Bodily injury
- Property damage
- Known claims and circumstances (pre-existing events)
Why is Professional Indemnity Insurance Important for Business Owners?
Even when you’re taking the utmost care in your work, mistakes can happen. Professional Indemnity Insurance is a critical operational insurance, in particular for those providing a professional service or advice. Whether a claim is valid or not, you’ll be protected against court and compensation claims that could financially put you out of business.
Professional Indemnity Insurance gives you the peace of mind of knowing that the future of your business isn’t put at risk by an unintentional error or disagreement with a client.
What type of Businesses need Professional Indemnity Insurance?
Professional Indemnity Insurance is critical for businesses that provide professional services to clients. Pet trainers and Vets provide services that carry the risks of unintentional negligence or false claims that can be subject to a legal action.
For example, you provide a pet training service, and give advice that your client feels was harmful or inappropriate for their pet and which they feel resulted in a negative outcome. Vets of course give advice and provide medical treatment every day, and so can be vulnerable to claims being made against them, especially when there is the emotion of the pet involved.
No matter how good you are at what you do and the services you offer, defending a false claim not only takes up a lot of emotional energy but can have serious financial consequences that can threaten your livelihood and reputation as a pet professional.
For example, you can be vulnerable to a Professional Indemnity claim if you provide training or medical treatment that a client feels was harmful to their pet. The emotion involved in pet care can often be a factor in claims and can lead to stressful and costly resolutions for business owners. The financial consequences can threaten your livelihood and reputation as a pet professional.
Don’t forget your discount
If your occupation falls under Pet Minding/Boarding, Training, Grooming or Walking Service, you can get 80% off the base premium cost of Professional Indemnity policies from Dual Australia when you purchase through Pet Professional.
Simply use the code WWG when you purchase.
Dont forget you can purchase online and get instant cover with no paperwork to complete!