Solicitor indemnity insurance

The Legal Practitioners’ Liability Committee (LPLC) is the compulsory professional indemnity insurer to legal practices in Victoria and many national firms. Solicitors are required to have a minimum of $2 million in professional indemnity cover. 

Our top-up professional indemnity insurance solution is based upon the LPLC’s approved policy wording, and is provided when the LPLC agrees to indemnify, subject to the terms and conditions of the top-up policy. 

Professional indemnity insurance is among the most highly recommended covers for any business – particularly if it offers advice or recommendations as part of its services.

This policy covers claims made by clients if your advice or guidance causes them or another third-party financial loss.

A typical professional indemnity policy can cover allegations relating to:

• Breach of duty

• Breach of privacy or confidentiality

• Intellectual property infringement 

• Defamation

• Lost or damaged documents

• Reputation repair

• Claims investigation costs

• Negligence.

Professional indemnity insurance typically cannot cover:

• Existing circumstances

• Intentional damage

• Contractual obligations 

• Bankruptcy.

Coverage is defined on a case-by-case basis and will depend on the nature of your business, including size of risk, your risk appetite and capacity. No two businesses are the same.

Each solicitor and practice will face different risks. But, generally speaking, some common risk exposures for solicitors include:

• Professional negligence

• Incorrect advice

• Fraud and dishonesty

• Conflicts of interest

• Documentation mistakes

• Misleading information

• Cybersecurity breaches

• Breach of duty

• Poor client communication.

Some risks are more prevalent for individual businesses. Whatever your risk profile, our brokers will tailor your policy to you.

Yes. Professional indemnity insurance and errors and omissions insurance are interchangeable terms referring to the same cover.