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Professional indemnity and companion insurance

Professional indemnity insurance and other liability insurance policies provide protection to you and your business against legal liability to pay claims. Making sure you have the right cover is essential.

Professional indemnity insurance

Provides indemnity for the cost of claims brought against your company, yourself or your employees when a client or third party alleges you’ve breached your professional duty. The claim may be that you haven’t completed your services satisfactorily, or that there’s been a breach of duty because of a specific act, error or omission.

Professional indemnity insurance also covers the legal costs and expenses for your defense, as well as any damages or costs that are awarded as described above.

You need to have the insurance in place when the problem is identified – this could be several years after the alleged mistake was made.

General or public liability insurance

Protects you and your business against claims that you’ve negligently caused personal injury or property damage to third parties. For example, it could cover the costs of you accidentally damaging a contractor’s surveying equipment during a site inspection.

Statutory liability insurance

Covers the costs of fines and penalties if unintentionally you breach a statute that is not excluded from cover. The insurance also covers the cost of the defense of your claim. For example a fine for breach of the Health and Safety at Work Act 2015 is not insured but the cost of defense is covered.

Employers liability insurance

The Accident Insurance Act 1998 provides cover, through ACC, for employees who are injured at work because of an accident.

Employers liability insurance protects your business against compensation claims from employees claiming for personal injuries not covered by ACC. It covers the costs of your defense and any compensation that needs to be paid to your employee.

Employment practices liability insurance

Provides protection for you against personal grievance claims taken by an employee, or prospective employee, because of unjustified dismissal, discrimination or other disadvantage. This insurance covers your legal costs and compensation, and your defense of any injunctions or applications for reinstatement that the employee might bring against you. It is a condition of the policy that you must first advise the insurer before taking any preemptive action.

Cyber liability insurance

This policy provides indemnity for other liabilities which can occur for a Member, including the transmission of viruses to various other sites, defamation, infringement of intellectual property, breach of copyright, and confidentiality.

The policy also identifies Business Interruption caused by Denial of Access as well as Cyber Extortion Costs.

Click here to Learn more about this rapidly emerging risk

How to apply

Contact Bryce Wilson or Doug Morton at Aon for more information: