National Corporate Broking

Have you ever heard of "Professional Indemnity Insurance"? Are you also wondering what it means and what it entails? Wondering whether this is insurance you or members of your family needs? Keep reading to find out all you need to know about Professional indemnity insurance in Sydney.    What is Insurance and How Does it Work?   Insurance refers to a coverage contract that takes the shape of a financial protection policy. It is a tool for financial risk management.    Insurance helps you purchase protection against unforeseen financial losses or circumstances. If something unpleasant happens to you, a family member, or whatever property you have insured, the insurance company pays you or someone else of your choosing, providing a sort of compensation for damages incurred.   In the business of insurance, t he policyholder is called the INSURED, whereas the insurance provider, carrier, or underwriter is the INSURER. The insurance works by offering the policyh...

It is quite easy to assume that you would not need indemnity cover, unless you are in a profession in which it is obvious that professional indemnity insurance is required , such as lawyers or doctors. Not only does professional indemnity insurance protect you financially against claims of negligence but also safeguards your business against any potential breach of duty which has occurred as the result of you r carrying out your professional duties. Therefore, today, we will be looking at some of the main reasons why a third party may make investing in indemnity insurance important for your business.   Protect Your Business   Even the most professional of professionals can make mistakes and it's important to be prepared for any potential legal actions that may come your way. Indemnity insurance is crucial for any business as it protects you from any financial losses that may arise from mistakes, errors, or oversights that may happen in the course of your business operatio...