Who needs Professional Indemnity insurance?

Professional Indemnity Insurance may be relevant to professionals who provide advice, services or expertise to clients, including consultants, architects, engineers, accountants and lawyers. Depending on the profession and applicable industry or regulatory requirements, holding Professional Indemnity Insurance may also be a condition of membership or registration with certain professional bodies or regulators.

How does Professional Indemnity insurance benefit my business?

Professional Indemnity Insurance can help businesses manage the financial risks associated with claims arising from their professional services. Depending on the policy, cover may extend to legal defence costs, compensation and settlements relating to claims alleging professional negligence, errors or omissions. This insurance can help manage potential financial losses and legal expenses associated with professional liability claims.

Is Professional Indemnity Insurance compulsory in Australia?

Professional Indemnity Insurance is compulsory for certain professions in Australia, depending on industry regulations, licensing requirements and professional memberships. Even where it is not mandatory, professionals may consider this insurance to help manage financial risks associated with claims arising from their services.

How much does Professional Indemnity Insurance cost?

The cost of Professional Indemnity Insurance varies depending on factors such as the type of profession, business size, annual turnover, claims history and level of cover required. Our brokers can help assess your requirements, explore available insurance options and obtain quotes from insurers based on your circumstances.

Professional Indemnity | Angel Insurance Brokers

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Protection for professionals

Professional Indemnity Insurance can help professionals manage the financial risks associated with providing advice, consultation or professional services that may result in financial loss to their clients. Depending on the policy, cover may extend to legal defence costs, compensation and settlements arising from claims alleging that a professional's actions, errors or omissions caused financial harm. This type of insurance may be particularly relevant to professionals working in fields where errors or oversights can have significant consequences, such as law, accounting, architecture and consultancy.

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Core coverage

Professional Indemnity Insurance may provide cover for legal defence costs, legal fees and court-related expenses incurred when responding to covered claims. Depending on the policy, cover may also extend to compensation or settlements that the insured professional is legally required to pay. This type of insurance can help professionals manage the potential financial costs associated with legal claims and disputes arising from their professional services.

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Retroactive coverage

Some Professional Indemnity Insurance policies may include retroactive cover, which can extend to claims arising from professional services provided before the policy's commencement date, provided the relevant circumstances fall within the policy's retroactive date and other applicable conditions. This feature may be particularly relevant for professionals starting a new practice or changing insurers, as it can help address potential claims relating to previous professional work.

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Run-off coverage

Some Professional Indemnity Insurance policies may offer run-off cover, which can extend cover for certain claims made after a policy expires or is cancelled, relating to professional services provided during the period of insurance. The availability and duration of run-off cover depend on the policy's terms, conditions and any applicable reporting requirements.

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Review your policy

Professionals should carefully review the terms, conditions, exclusions and limits of their Professional Indemnity Insurance to understand the extent of cover available. Consulting with an experienced insurance broker can help professionals assess their individual requirements, understand potential exposures and explore suitable insurance options. Having appropriate insurance arrangements in place can help manage the financial risks associated with providing professional services.

Professional Indemnity