Understanding Indemnity Insurance in Australia

If you happen to be a professional whose job description is to provide advice, recommendations and services to clients, indemnity insurance is required for you especially if work for healthcare services. The main purpose of indemnity insurance is to provide financial support in case the policy owner is being sued for such acted violations against other party. Indemnity insurance in Australia has different types namely personal, professional and health insurance.

Personal indemnity

This type of insurance is a policy that is being offered to homeowners or renters. The insurance company will cover the policy owner for any losses. Any individual who pays for the rent and committed damages to the property or a landlord who fails to conduct repairs and problems that are being complained by the renters are both entitled to file a case. Whoever is found to be guilty and as long it is covered by the personal indemnity insurance, the insurer will pay for the claim including expenses during the litigation.

Professional indemnity

Professional indemnity insurance is required to people whose businesses are to provide advices, recommendations and render professional services. This includes doctors, lawyers, financial advisors and accountants. The main function of the policy is to protect the policy owner who performed violations against the other party including malpractice, errors or omission, breach of duty and civil liability. The insurance provider will pay the any legal costs and other expenses of the policy owner in relation to the filed case by the other party. The insurer will also pay for the claims in case the policy holder is found guilty depending on the total amount of coverage paid by the holder. Any exceeded amount of claims will be shouldered by the policy owner.

Coverage

The amount of coverage will definitely depend on the type of policy is purchased by the user.

For more details, go here https://www.indemnityinsuranceprofessional.com.au/business-insurance/