Why should you choose Marsh to arrange your insurance solutions?
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.
Small mistakes can bring big risks. But you don’t need us to tell you that. Keep yourself covered with insurance arranged by Marsh.
In migration, a slip-up can cost your clients everything. So let us take care of everything for you – with tailored, comprehensive cover.
Need to make a claim? We’re in your corner. Help keep your legal practice protected with insurance arranged by Marsh.
Need a range of covers to suit your business needs? Explore Marsh’s business bundles for glass, theft, contents cover and more.
With personal accident cover you can be sure your medical expenses are covered in the event of an on-the-job injury.
Your assets face the same risks as your premises: theft, damage and more. Keep your inventory covered with insurance arranged by Marsh.
When considering this insurance, we recommend you review the relevant statutory requirements or approved policies to be held under your state or territory’s professional standards legislation and the Policy Wording/Product Disclosure Statements to see whether these products suit your needs.
LCPA 23/154
Marsh Advantage Insurance Pty Ltd (ABN 31 081 358 303, AFSL 238369) (“Marsh”) arranges the general insurance (i.e. not the Discretionary Trust Arrangement) and is not the insurer. This page contains general information and does not take into account your individual objectives, financial situation or needs. For full details of the terms, conditions and limitations of the covers, refer to the specific policy wordings and/or Product Disclosure Statements available from Marsh on request. Marsh makes no representation or warranty concerning the application of policy wordings or the financial condition or solvency of insurers or re-insurers. Marsh makes no assurances regarding the availability, cost, or terms of insurance coverage. Any statements concerning actuarial, tax, accounting, or legal matters are based solely on our experience as insurance brokers and risk consultants and are not to be relied upon as actuarial, accounting, tax, or legal advice, for which you should consult your own professional advisors. The Discretionary Trust Arrangement is issued by the Trustee, JLT Group Services Pty Ltd (ABN 26 004 485 214, AFSL 417964) (“JGS”). Any advice or dealing in relation to the Discretionary Trust Arrangement is provided by JLT Risk Solutions Pty Ltd (ABN 69 009 098 864, AFSL 226 827) (“JLT”). JGS and JLT are businesses of Marsh McLennan. The cover provided by the Discretionary Trust Arrangement is subject to the Trustee’s discretion and/or the relevant policy terms, conditions and exclusions.
