Agririsk Has Expanded Its Services To Offer Professional Indemnity and Management Liability Insurance to professionals working in agribusiness. The new Professional Services Division was established to help fill a major gap in agricultural insurance, with AgriRisk’s own research indicating many agribusinesses do not have adequate or appropriate professional insurance under their existing policies.
Professionals offering advice to clients, for example agronomic consultants, should protect themselves against claims made by a third party for financial compensation. This usually arises from a breach of professional duty in the conduct of business activities, for example some poor advice that had an adverse impact on a client.
Without insurance, a claim brought against you as a result of the advice you have provided can have a major impact not only on your business but also on your personal circumstances.
What is covered by a Professional Indemnity Insurance policy?
• Legal liability for negligent acts, errors and omissions I Contractual liability
• Liability under the Trade Practices Act
• Libel & Slander
• Infringement of intellectual property rights
• Liability for the acts of sub-contractors and consultants Legal costs incurred in the investigation and defence of a claim I Compensation and claimant’s costs and expenses
Professional Services Insurance Policies (such as professional indemnity) may contain significant differences from Insurer to Insurer, and can change annually. AgriRisk can help you sort out what you’re currently covered for, what you need and the best product for your business.
Tanya Payne in the Tamworth office manages the new Professional Services Division at AgriRisk, and can be contacted on her direct line by calling (02) 6765 1449.