The purpose of Indemnity Insurance is to protect the indemnity insurance policy holder from incurring a financial loss from legal fees to defend a claim and for damages awarded.
Indemnity Insurance in Australia
Indemnity is the act of making "whole" (give equal to what they have lost) or protected from (insured against) any losses which have occurred or will occur. In Australia indemnity may also be referred to as the "act of holding harmless".
Professional Indemnity insurance is the form of indemnity insurance required by many small business owners in Australia.
With professional indemnity insurance, professional consultants, contractors and businesses seek to protect their business assets and reputations.
While all Professional Indemnity policies are different Professional Indemnity insurance will typically cover claims for accidental mistakes, breach of contract/responsibility and errors and omissions. It won't cover deliberate breaches.
For more information on how indemnity insurance can help cover your business or for a suitable and affordable professional indemnity insurance quote call
1300 542 574 to speak to a SMART Business Insurance broker or email firstname.lastname@example.org.