Professional Indemnity Insurance - The Complete Guide. Why is indemnity insurance? If you provide professional services or advice as part of your job, chances are that you’re going to need professional indemnity insurance. What is indemnity cover? Indemnity cover will protect against the cost of damages or legal bills following a legal claim from a third party if they suffer damage or loss as a result your professional actions.
In many sectors, professional indemnity insurance is a basic requirement of operating in Australia. They understand the key role brokers play in educating and advising healthcare clients about their insurance risks, and look forward to working closely with you. The policy wording, schedule and endorsements form part of your legal contract with us. The Medical Board has a registration standard that sets out the Medical Board of Australia’s requirements for professional indemnity insurance (PII) arrangements for medical practitioners. The standard applies to all registered medical practitioners except those with non-practising registration.
It does not apply to registered students. Those intending to practice as a medical practitioner must ensure they are insured or indemnified for every context in which they practice including private practice and employment or contractual arrangements in the public sector.