Professional Indemnity Insurance
Insurance Cover for those who provide professional advice or services. Does your business provide advice or skilled services?
If you do, a claim against you for incorrect advice or services could set your business back severely or lead to insolvency.
Complimentary policy reviews
No hidden fees
Protect your business against claims
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.
The threat of potential claims and litigation is very real in today’s business environment and can potentially bankrupt businesses, small or large. Making sure you have the right cover for professional indemnity is vital to protect your business and financial assets.
CMX works with businesses across all industries to ensure they have the right Professional Indemnity cover.
Claim Against an Advertising Agency
A claim was issued against an Insured Advertising Agency for damages suffered by a baby food manufacturing client.
The client provided strict instructions for the ad copy to include that the product did not contain nuts. The client approved the final copy which was to run in a Parenting Magazine. Unfortunately, the copy which was ultimately run included the pre-amended draft which failed to mention that the product did not contain nuts. This error was put down to a miscommunication between the agency’s staff.
The client sued for damages of $230,000 for a drop in sales as a result of the incorrect ad.
The agency’s insurer settled the matter at mediation for $180,000 plus $40,000 in legal costs.
Review your insurance cover
Does your insurance program need a fresh set of eyes? Are you getting the most out of your insurance program? We often find that insurance buyers are made aware of deficiencies in their policies when its too late, i.e. when their claim is denied by the insurer. One size does not fit all when it comes to insurance policies. All too often “off the shelf” insurance products don’t cater for risks specific to your business.
CMX can provide obligation free review services, such as:
Review and audit of your existing insurance program or policies. Identify uninsured risks and assess the impact it may have on your business if untreated.
Examine your claims history with professional indemnity insurance Sydney and also explore the potential benefits or risks associated with adjusting your deductibles.
Explore your risk tolerance and help you use insurance as a risk transfer tool.
Speak to your CMX risk specialist about how we can help with your risk management plan.