As long as you are running a business that provides advice/designs/services to customers, you are exposed to the possibility of having to face claims derived from the negligent conduct of business. The claims are usually related to financial losses caused by your actions as a result of a breach of professional duty.
Regardless of your experience and qualifications, if you own a business in Australia that provides professional services, designs, and/or advice you can become the subject of a claim based on an (alleged) mistake related to your advice, service or design. Your professional reputation will be at stake in this unpredictable scenario! That is why it is imperative to get professional indemnity insurance in Australia and protect your work, reputation, and business. Professional indemnity covers the costs of litigation and protects your professional assets.