Professional indemnity insurance for advisers and professionals
If you give advice or provide a professional service, a client can claim you made a mistake that cost them money, even if you did nothing wrong. Professional indemnity insurance covers the legal costs of defending that claim and any compensation you're found liable to pay. We arrange PI cover for consultants, designers, IT professionals, allied health practitioners and other professionals across Australia.
Who needs professional indemnity insurance?
- Consultants, contractors and freelancers who give advice
- Architects, engineers, designers and drafters
- IT, marketing and technology professionals
- Accountants, bookkeepers and business advisers
- Professionals whose association or registration requires PI cover
What professional indemnity insurance can cover
Every policy is different. Depending on the insurer and options you choose, cover can include:
- Claims for breach of professional duty, errors and omissions
- Legal defence costs and investigation costs
- Compensation and damages awarded against you
- Loss of documents and data, depending on the policy
- Optional run-off cover after you retire or close the business
- Cover tailored to your profession and contract requirements
What to check before you buy
Professional indemnity is usually written on a 'claims made' basis, which means the policy that responds is the one in force when the claim is made, not when the work was done. That makes continuous cover, your retroactive date and run-off cover especially important. We'll also check your contracts, because many clients ask you to accept liability beyond what a standard policy will cover.
Why arrange professional indemnity insurance through a broker?
Policies that look similar on price can differ a great deal in what they actually pay for. As your broker, we act on your behalf. We’ll ask the right questions, compare options, explain the fine print in plain language and be there to support you if you need to make a claim, wherever you are in Australia.
Professional Indemnity Insurance: common questions
Is professional indemnity insurance compulsory?
For some professions it is, through legislation, professional registration or association membership. For many others it's not compulsory but is often required by clients in their contracts.
What does 'claims made' mean?
Your policy responds to claims first made against you during the policy period, provided the work was done after your retroactive date. If you let cover lapse, claims about past work may not be covered.
What's the difference between professional indemnity and public liability?
Public liability covers injury or property damage to third parties. Professional indemnity covers financial loss a client suffers because of your advice or service. Many businesses need both.
Do I need PI insurance after I retire?
Claims can arrive years after the work was done, so run-off cover is often worth considering when you close or sell a business.
What is a retroactive date?
The retroactive date is the date from which your past work is covered. Claims arising from work done before that date generally aren’t covered. Keeping continuous cover with the same retroactive date, even when you change insurers, protects you for work you’ve already completed.
Does professional indemnity cover fines and penalties?
Generally not. Fines and penalties are usually excluded, and in many cases they can’t legally be insured. Some policies offer cover for legal costs during regulatory investigations or inquiries, which can be valuable for regulated professions. We’ll explain exactly what your policy includes.
How to get a professional indemnity insurance quote
Getting a quote is simple, and there is no obligation. Call Carly on 0497 100 469 or send an email with your business name and ABN, a short description of what you do, your approximate turnover and number of staff, a copy of your current policy schedule if you have one, and details of any claims in the last five years.
If your contracts or lease set specific insurance requirements, send those too.
We will ask a few questions about your operations, approach suitable insurers on your behalf and come back with options explained in plain language, including what is and isn’t covered. Once you choose, we arrange your cover and send your documents, then review it with you at every renewal so your insurance keeps pace with your business.
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