Why NZI for your insurance?
Some Professions who may need Professional Indemnity cover?
Accountants
Surveyors
Management and Business Consultants
Medical and Health workers
Creative Services
IT Consultants
Financial/Investment Advisors
Professional Services FAQs
Anyone that is in the business of offering advice, design or consultancy services of any kind should have Professional Indemnity protection. It’s a common misconception that only traditional professions such as accountants, architects, doctors, engineers and lawyers need Professional Indemnity cover.
Any advice given or services you undertake while working as a consultant or contractor can lead to you being sued for that work after the contract ends. If you do not continue to buy Professional Indemnity cover after the contract ends, you won’t be protected if a claim is made against you outside of the period of insurance. You can protect yourself by making sure you keep your Professional Indemnity insurance cover going.
Professional Indemnity insurance protects you and your business by providing cover for legal costs arising from an allegation made against you for any perceived error or omission in advice you have provided. It also covers damages that are awarded by a court arising from an action, or the cost of settling the claim.
It can also cover some costs associated with:
- Court attendance
- Disciplinary proceedings
- Dishonesty of employees
- Fair Trading Act breaches
- Unintentional breach of intellectual property rights
- Public relations expenses
