How much does Professional Indemnity Insurance cost for IT Professionals?
As an IT Professional, you might be required to comply with specific professional standards and/or obligations which may require you to have a minimum amount of PI cover.
There are a number of factors that influence the cost of PI insurance. These factors include things like:
- Business turnover and size.
- The amount of insurance cover required.
- The individuals being covered – Are they qualified for the job they are performing, and do they have a previous history of claims?
We have put together a snapshot of how much Professional Indemnity insurance can cost for IT professionals using the BizCover platform.
Did you know?
For some IT professional claims there can be a grey area as to whether the claim falls under a Professional Indemnity or Public Liability policy. So it may be wise to consider a liability package with combined Professional Indemnity and Public Liability cover from the same insurer. That way there will be no dispute between insurers as to which cover should respond to the claim.
What is the average premium for Professional Indemnity insurance?
Starting at $43 per month,^ IT professionals can typically expect to pay this amount for Professional Indemnity insurance. However, many IT professionals prefer to consider a liability package with combined Professional Indemnity and Public Liability insurance which on average could cost $98 per month.*
How does revenue affect the premium?
Typically, the higher the revenue your business generates, the higher your PL insurance premium will most likely be. For example, an IT professional generating between $50,001 to $250,000 could pay around $43per month.* The cost doesn’t increase significantly until revenue reaches over $500,000. An IT professional earning $500,000 per year could pay around $60 or more per month.*
This is mainly because a high turnover indicates that your business is undertaking a greater amount of work, creating a higher exposure to more risks and a greater chance that something may go wrong.
Do the number of employees affect the premium?
Similarly, the more employees you have can also demonstrate a higher volume of work. And with more people comes an increased risk of a claim occurring. This means your premium is most likely to increase as your business grows in size.
IT professionals who are sole traders and hold their PL insurance combined with PL insurance through BizCover can pay on average $81 per month* for their cover. However, those with threeto five employees pay anywhere between $117 to $161 per month.*
*Customer Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply.
^ The pricing information provided is based on insurance quotes available through the BizCover platform as of April 2025. The quotes reflect indicative premiums for sole traders with annual revenue up to $50,000, $250,000 and $500,000, a coverage level of $500,000, and an excess of $0. This information is intended as a general guide only and does not constitute personal financial advice. It does not consider your individual objectives, financial situation, or business needs. All pricing includes applicable monthly platform and credit card fees and is subject to change without notice.
