Professional Indemnity Insurance Brokers
What is Professional Indemnity Insurance?
Professional Indemnity Insurance provides protection for your business against claims made by a client or customer alleging they suffered a financial loss as a result of your negligence, errors, or omissions. It covers legal costs and damages, ensuring financial stability and safeguarding reputations in the face of professional liability risks inherent across all businesses operating within Australia.
The importance of securing Professional Indemnity Insurance cannot be overstated. As a leading Professional Indemnity insurance broker in Australia, Cowden understands the potential liabilities professionals face every day. That’s why we tailor insurance solutions to the unique needs of your business. Through our comprehensive network of professional insurance brokers in Australia, our commitment is to offer robust protection, enabling you to conduct business with confidence and security.
Why You Need Professional Indemnity Insurance
It not only protects your business from financial liabilities arising from claims of professional negligence, errors, or omissions but also safeguards your reputation.
Coverage against legal costs and claims awarded for damages, ensuring your business remains financially viable.
Supports a defence against claims, helping maintain your professional reputation.
Provides confidence in knowing you are protected and allows you to focus on your core business activities.
What Does Professional Indemnity Insurance Cover?
- Error or Omission in rendering Professional Advice/Service
- Unintentional Misleading and Deceptive Conduct
- Inaccurate Advice, Faulty Designs
- Loss or Damage to Documents
- Unintentional Breaches of Contracts/Intellectual Property Rights
- Fraudulent & Dishonest Acts
- Unintentional Defamation
- Legal Defence/Investigation Costs
- Damages Awarded
What Businesses Need Professional Indemnity Insurance?
- Accountants
- Advertising Agents
- Architects
- Builders
- Consultants
- Draftsperson
- Design Professionals
- Engineers
- Financial Advisors
- IT Professionals
- Lawyers
- Manufacturers
- Medical Practitioners
- Mortgage Brokers
- Project Managers
- Real Estate Agents
- Travel Agents
- Quantity Surveyors
Cowden – Your Professional Insurance Brokers
At Cowden, we deliver specialised insurance brokerage services to business professionals across Australia. With a deep understanding of the challenges faced by professionals and a solid commitment to excellence, our Professional Indemnity insurance brokers create insurance solutions that are as robust as they are relevant, ensuring your business is comprehensively protected.
Choosing Cowden as your Professional Indemnity insurance broker means partnering with a firm that truly understands your business needs.
Our brokers possess a wealth of industry knowledge, ensuring your cover aligns perfectly with your specific needs.
We believe in providing personalised insurance solutions, allowing for the customisation of coverage to suit your business's scale and complexity.
With a network of Insurance Brokers in Perth, Adelaide, Melbourne & Sydney, Cowden offers localised service with a national reach.
Our commitment to our clients is unwavering, focusing on delivering exceptional service and support.
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Our ability to consistently find the correct solution based on our clients needs has built the trust and loyalty that thousands of Australians have in us.
Cowden Limited was founded in 1972 and through growth and acquisition has become a major force in the Australian insurance market.
95% of new business is by-way-of referrals from our satisfied clients.
We use cutting-edge technology to give you the most cost effective insurance solution.
Along with our 50 years of experience, we hold an Australian Financial Services Licence.
Providing you with peace of mind that we have proven and authoritative service.
Yes, Cowden specialises in creating customised Professional Indemnity Insurance solutions tailored to your business's specific needs and risks. Our brokers work closely with you to ensure your coverage meets your requirements.
Professional Indemnity Insurance protects against claims resulting from mistakes, omissions, or professional negligence that can occur despite the best precautions. It covers the costs of legal defence and any damages awarded, ensuring that an unforeseen mistake does not jeopardise your business’s financial health.
While not mandatory for all occupations, Professional Indemnity Insurance is highly recommended for all professionals, regardless of industry. Specific clients or professional associations may require it as part of their contractual agreements.
Choosing the right level of coverage involves understanding the specific risks associated with your business activities. Cowden’s professional insurance brokers can provide expert guidance, helping assess your risk exposure and select the appropriate level of coverage. As a guide, for small to medium businesses, levels of cover vary from $1 million to $10 million
Professional Indemnity Insurance covers claims arising from professional advice or services, while Public Liability Insurance covers injury or damage to third parties or their property.
It's advisable to review your coverage annually or when significant changes to your business operations, services, or risk exposure occur.
The cost is influenced by your profession, the size of your business, the level of risk involved, the amount of coverage needed, and your claims history.
Claims-made means you are covered for claims made against you during the current period of insurance, regardless of the date when the incident occurred. This is why it’s important to notify claims as soon as you first become aware.