What is professional indemnity insurance? Professional indemnity insurance is designed for professionals who provide advice or services to their customers. It protects your business against legal costs and claims by third parties for damages arising from acts, omissions or breaches of professional duty in the course of your business. In real terms, this means that if you do something (or neglect to do something) in the course of your work, and a customer suffers injury or financial loss as a result, they may take legal action against you. With the right policy, you can defend your business against the claim and prevent financial loss. Do I need Professional Indemnity Insurance? In recent years, the risk of legal action has increased for Real Estate Agents - from slip and fall incidents to misleading advice. All individuals are recommended to have Professional Indemnity insurance. This is in place to guard you against a range of risks including claims of misconduct and patient injury. Our professional indemnity insurance provides accessible legal advice so you can quickly deal with allegations and meet your legal obligation to respond. It also satisfies the REIQ membership requirement to maintain at least $1 million professional indemnity insurance cover.