Professional Indemnity Insurance

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What Professional Indemnity Insurance Covers Factors to Consider When Determining Coverage What is the Cost of Professional Indemnity Insurance? Who Needs Professional Indemnity Insurance?

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Professional Indemnity Insurance, also known as PI Insurance, can help protect professionals and practices against claims alleging negligence, errors or omissions in their advice or services. Depending on the policy, it may cover legal defence costs and compensation for covered claims, subject to limits, exclusions and an excess.

What does professional indemnity insurance cover?

A claim might arise if a client alleges that incorrect advice, a design error or an overlooked detail caused them financial loss. Cover depends on the professional services described in the policy and its wording; not every mistake or dispute is insured.

Consultants, accountants, designers and other professional service providers may need PI insurance. Requirements vary by profession, registration rules and client contracts, so check any applicable obligations rather than assuming one policy meets them all.

Policy features and exclusions to check

• Cover limits and defence costs: Check the limit for each claim, any overall policy-period limit, and whether legal costs sit within or outside those limits.
• Excess: Review what you must contribute to a claim and whether an excess applies to defence costs.
• Scope of cover: Make sure the policy describes your actual services and check how it treats work by employees or subcontractors and work for overseas clients.
• Exclusions: Review provisions relating to known claims or circumstances, deliberate wrongdoing and liability assumed under a contract. Their scope varies between policies.

Claims timing and continuity of cover

PI policies commonly operate on a claims-made and notified basis, so when a claim is made and reported matters, not just when the work was done. Check the retroactive date, notification conditions and treatment of circumstances that could lead to a claim. Ask about continuity when changing insurers and run-off cover when retiring or closing a practice, as claims may arise after work has finished.

If a complaint or claim arises, keep relevant records and contact your insurer or broker promptly. Check the policy's requirements before admitting liability, agreeing to a settlement or incurring defence costs.

Costs and comparing quotes

Premiums can depend on your profession, services, turnover, claims history, cover limit and excess. When comparing quotes, review the total cost, including applicable fees and charges, alongside the policy wording. A lower premium may come with a higher excess, narrower cover or different limits.

PI insurance differs from public liability insurance, which generally addresses claims for injury or property damage arising from business activities, subject to policy terms. Some businesses need both. For that product, you can request a public liability insurance quote.

Explore Professional Indemnity Insurance Options

We help connect you with our National Broker Referral Network to review professional indemnity insurance options.

A broker can discuss available quotes and policy features. Have details of your services, turnover, existing cover, claims history and any contractual insurance requirements ready.

For information about how your personal information is handled, see our privacy statement.

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Please note that some of our calculators may use assumptions that are not necessarily applicable to your current specific circumstances and we therefore cannot always guarantee their accuracy. You should always seek professional financial advice from a licensed professional before proceeding with any financial recommendations.

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