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What is professional indemnity insurance in Australia?
Professional Indemnity insurance protects you against claims of negligence or breach of duty made by a client arising from the services or advice you provided to them. Your clients rely on you to deliver quality services and advice.
What is professional indemnity insurance in the UK?
Professional indemnity insurance protects you against claims for loss or damage made by clients or third parties as a result of the impact of negligent services you provided or negligent advice you offered. Compensation claims can be brought against you even if you provided a service or offered advice for free.
What does professional indemnity insurance provide?
PII protects estate agents and salespersons, who can be held legally liable for claims arising from wrongful acts (such as negligent acts, errors, and omissions or breaches of professional duty) committed during the performance of professional services.
Is professional indemnity insurance compulsory in Australia?
Professional Indemnity insurance is a mandatory requirement for some professions in Australia, including some registered professions or as part of a professional membership.
What is the minimum professional indemnity insurance Australia?
The minimum professional indemnity insurance requirements under CPA Australia's By-Laws are: coverage of at least $2 million with an APRA registered insurer for members in Australia or NZ$1 million for members in New Zealand with an insurer licensed by the Reserve Bank of New Zealand.
Do I legally need professional indemnity insurance?
A client requires your business to be insured for professional indemnity before awarding you a contract. It provides advice/ professional service to clients. It handles confidential information.
Is professional indemnity insurance compulsory in UK?
Professional indemnity insurance is not a legal requirement – but professionals who work in certain sectors should still consider it one of their core business needs.
Do I legally need professional indemnity insurance?
A client requires your business to be insured for professional indemnity before awarding you a contract. It provides advice/ professional service to clients. It handles confidential information.