Professional indemnity insurance protects you and your business against claims for alleged negligence or breach of duty arising from an act, error or omission in the performance of professional services.
Many businesses underestimate the real cost of legal action. The cost for a defence could be around the $100,000 mark. Many businesses – especially small businesses – would struggle to fund these costs.
For example, a case study saw a professional involved a lawsuit that extended to $1 million in legal fees alone over several years.
Their insurance premium covered all associated costs and the case was handled by the company. More importantly, he was proven not to have been negligent.
Call the friendly team at Orchard Insurance Brokers or drop into our office at Maroochydore on the Sunshine Coast, to discuss a suitable Professional Indemnity insurance policy for your needs.