No one is perfect and we all make mistakes. Some mistakes are more expensive than others. Deceptively simple actions such as employees leaving paperwork containing client information on their desk or throwing old invoices in the recycling bin are errors which could potentially have a damaging impact on any business. Leaked confidential information can not only hurt a company’s reputation but also put them on the wrong side of the law. 

Breach of confidentiality and copyright is just one reason you might claim on your Professional Indemnity Insurance. Other examples of cover available under Professional Indemnity for negligence in the following areas:

  • Breach of contract
  • Loss of documentation or data
  • Misleading information
  • Fraud and dishonesty of staff
  • Acting without proper instructions
  • Defamation
Why is Professional Indemnity Insurance Important??

The associated legal costs with defending these types of claims can be significant. Small businesses especially can struggle to find money to pay these, irregardless if they are found liable or not. Court cases can drag on for extended periods of time, with ongoing fees over years which can have a significant financial and emotional impact on you and your business.

Professional Indemnity Insurance is important as it can protect you from bearing the full cost of these claims. This can allow you to keep your business up and running as normal, without too many disruptions to your normal operations.

If you are a Professional in an industry, you have a responsibility that your advice and services are of an expected quality. You could be potentially liable to pay for losses occurring from advice or services to a client which are incorrect.

Professional Indemnity Insurance gives your business the ability to pursue legal avenues to clear your name and defend your reputation – with the backing of a legal and insurance team.

When advice and good service is essential to your livelihood, the right Professional Indemnity Insurance can give you and your business peace of mind, security and most importantly, protect your valuable reputation.

How would your business cope if a professional negligence claim was made against you? If this sounds like it would affect your business, and you would like to talk through your business’s risk management requirements, even if you are positioned with another brokerage, we’d be only too happy to sit down over a coffee and discuss your needs. There are options available to you should you wish to have Mitchell’s take over the management of your insurance program, allowing you the control of a strong insurance program that is positioned correctly to your requirements. More information on how that can be achieved is here.

At any time though, feel free to call Mitchell Insurance Management on 02 6113 0478 or contact us. Again, we are only too happy and would enjoy the opportunity to talk through your potential business risks, proposing solutions that will fit and support your business activities going forth.

The information contained in this blog provides only a general overview of subjects covered. It is not intended to be taken as advice regarding any individual situation and should not be relied upon as such. Insureds should consult Mitchell Insurance Management regarding specific coverage issues. All insurance coverage is subject to the terms, conditions, and exclusions of the applicable individual policies. Mitchell Insurance Management cannot provide any assurance that insurance can be obtained for any particular client or for any particular risk.