Professional Indemnity for
ACS Distance Education Graduates

OAMPS welcomes Professional Indemnity insurance applications from all ACS graduates. See contact details below.
 
What is Professional Indemnity Insurance?
Professional Indemnity Insurance protects you and your business for liability arising out of act, errors or omissions in the provision of the professional services. Professional Indemnity will cover the legal costs of investigating, defending or settling a claim under the policy.
 
Who needs Professional Indemnity Insurance?
You need Professional Indemnity insurance if you hold yourself out to be a professional and provide advice or designs to customers. This is irrespective of whether you charge a fee or not. Professionals include Accountants, Bookkeepers, Engineers, IT Consultants, Masseurs, Naturopaths, Personal Trainers, Hairdressers and Real Estate Agents.
 
Why takeout Professional Indemnity Insurance Cover?
The financial cost of investigating, defending and settling a Professional Indemnity matter can be enormous. In addition to the financial costs of defending a matter the insurer and legal advisers will guide you through the process and ensure the matter is dealt with in the most effective manner.
 
What is Public Liability Insurance?
Public Liability insurance protects you and your business from liability arising out of an occurrence causing bodily injury or property damage in connection with your business activities. Public Liability insurance covers your legal liability to compensate a third party who has suffered bodily injury or property damage arising out of the occurrence.
 
Different types of Policies OAMPS can offer:
  • Professional Indemnity
  • Public Liability
  • Products Liability
  • Combined Liability Policy - If eligible OAMPS can offer a Combined Liability Policy that is placed in the Natural Therapies scheme. This includes Public Liability, Professional Indemnity and Products Liability for anyone doing Natural Therapies work. We can also offer a combined policy to most professionals.
  • Business Packages (Covering contents and stock)
  • Management Liability
  • Association Liability
  • Personal Lines Insurance including Home, Motor Vehicle and Landlords
  • Personal Accident & Illness policy
 What is a typical Professional Indemnity claims example?
Example 1
A bookkeeper or tax accountant incorrectly advises a client that an expense is tax deductible. The ATO investigates the matter, fines the tax payer and applies penalty interest. A professional Indemnity policy will cover the costs of the defence and the liability of the professional who gave the incorrect advice.
 
Example 2
An IT Consultant designs a software package for a company which is intended to combine purchasing, sales and financial statements. The software package is implemented but does not work correctly resulting in loss of business and additional costs incurred by the company. A professional Indemnity policy will pay the legal liability of the IT Consultant for the damages to its client.

Example 3
As an event organiser you are responsible for booking a venue for an event but forget to confirm the booking. As a result, the venue was not available for your client and the event had to be cancelled. Consequently, you may be liable to the client for cancellation fees it had to pay to speakers and caterers as well as printed literature that could not be reused.

Example 4
A landscape designer is requested to design the gardens for a new office complex. The brief is to design a low maintenance garden using drought tolerant plants. The plants chosen are drought tolerant but the roots dig into the foundations as the plants are well known to have aggressive root system and should not be used around a building as they are well known for destroying foundations

What is a typical Public Liability claims example?
Example 1
A person slips on a wet floor in a shop and breaks their leg in the fall. If it was foreseeable that the wet floor would cause a person to injure themselves then the shop would be liable to compensate the injured person. A Public Liability policy would respond to the matter.

Example 2
A company imports and supplies a product to a customer which causes the customer injury. A Public/Products Liability policy will respond to this incident.

For more information or a quote contact OAMPS:
Phone: 1800 222 012 
Fax:     1800 000 472
Post:    PO Box 852, East Melbourne VIC 8002
Email:  acs@oamps.com.au
NB: Although all enquiries are directed through the Natural Therapies Team, they have been specially trained to take applications across all disciplines.

Comments included above are for your general guidance only
and should be read in conjunction with the full policy wording, schedule
and any endorsements that apply.