How the cost of Professional Indemnity insurance is calculated

... the cost of a Professional Indemnity (PI) insurance policy is calculated and ... impact the cost of Professional Indemnity insurance. Insurance ... more than another? We look some of the key factors that that impact the cost of Professional Indemnity insurance. Insurance policy pricing is generally calculated on risk factors and put simply, the higher the level of ...

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How Does Professional Indemnity Insurance Benefit You?

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What is Professional Indemnity Insurance?

... of the judge, make sure it's not costing you an arm and a leg! Do I really need Professional Indemnity Insurance? If you're getting paid for your professional advice or opinion then you need to make sure you are ...

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Do I need Professional Indemnity insurance?

... it or not, a claim must be defended - ignoring it won't go away. Don't despair. Professional Indemnity insurance is your best defence when faced with a claim. You get the assistance of an expert insurer by your side ...

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Professional Indemnity

... what you do. However, mistakes happen even with the most professional operators . Professional Indemnity (PI) insurance* is an important form of protection for businesses that provide specialist services or ...

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Do I need Public Liability insurance?

... contract, or as part of a lease agreement for renting a commercial property. Do I need Public Liability Insurance if I have a home-based business? Running your business from home can bring a whole host of benefits ...

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Professional Indemnity Insurance for Civil Engineers

... . As a professional, considering Professional Indemnity insurance to protect* you and your ... ... risks of something going wrong and having a claim made against them. This is where Professional Indemnity insurance for Civil Engineers comes into play. Civil engineers are involved with work that involves the design ...

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What Limit of Professional Indemnity Insurance Do I Need?

... is 'What limit of Professional Indemnity insurance do I need?' While this ... ... a good idea to contact the association and check whether there is a minimum limit of Professional Indemnity Insurance you are required to maintain to comply with their compliance requirements. They may also be able to ...

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Misconceptions Around Professional Indemnity Insurance

... is that the claims professional indemnity insurance covers are only the experiences ... ... can spread like wildfire over the internet and community. This is where the value of professional indemnity insurance can be recognized. If you were somehow involved in consulting or advising a client and they have ...

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Professional Indemnity Insurance 101: For Allied Health Professionals

... protect yourself is with professional indemnity insurance. This type of policy provides ... ... their lives are also properly protected. One of the best ways to protect yourself is with professional indemnity insurance . This type of policy provides cover for people who risk legal action as a result of carrying ...

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Sometimes Professional Indemnity Insurance is Needed

Professional indemnity insurance is handcrafted to provide coverage ... ... any potential policy holder needs to consider when deciding upon whether or not they should buy professional indemnity insurance is the potential financial loss that can occur as a result of legal fees whether or not ...

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Additional Cover for Professional Indemnity Insurance

... Fernando for his certificates of insurance - it's just part ... not only insured with professional indemnity, but also with the additional ... ... cover option of public liability. Hish says his clients expect his business to be covered by professional indemnity insurance to ensure there is cover in place in the case of any potential legal action they may take ...

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Professional Indemnity Insurance for Consultants

A large number of people that start businesses, in Australia have been experiencing a steady growth in business for the past few years. One area that is growing in magnitude ... a very safe option to assure you are covered in the event that someone files suit against you. Professional Indemnity Insurance works by insuring you the cost of a claim made that is equal to your client's monetary loss ...

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Insurance for Architects

... to plan. A simple error or omission could lead to a costly Professional Indemnity claim. Thankfully, Professional Indemnity insurance is designed to provide your business with a solid plan. It helps protect ...

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Insurance for Civil Engineers- what you need to know

... about what kinds of business insurance coverage you may need to ... ... with defending a claim can take a toll on your business and its daily operations. Having Professional Indemnity insurance for Civil Engineers means that you and your business can be protected in the event of a costly ...

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Insurance for Professionals

... party due to alleged or actual negligence in your professional services or advice.  Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs ...

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7 Types of Insurance Your Small Business Should Consider

... is Small Business Insurance. But what kind of insurance do you actually ... ... be enough to put a small business out of business! Public Liability Insurance explained. Professional Indemnity Insurance If your business or profession involves providing a service or advice, then Professional ...

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A Guide to PI Insurance

... and omissions insurance, PI or Professional Indemnity). What is Professional Indemnity Insurance? Professional Indemnity Insurance is ... know if they are getting the best deal. This is where BizCover steps in to satisfy your Professional Indemnity Insurance needs. BizCover allows you to get live online quotes in under 2 minutes , and purchase in only ...

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Business Insurance Guide for the Self-Employed - Part 2

Navigating the world of business insurance can be confusing which is ... created a guide to business insurance for the self-employed that ... ins and ... . This can tak e you away from your business and the potential to earn an income. Professional Indemnity insurance helps bear the on-going legal costs involved with the claim and allow s you to have a ...

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Professional Indemnity for Real Estate Agents

... the Real Estate Industry Professional Indemnity Insurance provides essential financial protection against ... minimum of $1 million Professional Indemnity ... under the Property, Stock and Business Agents Act 2002 hold a minimum of $1 million Professional Indemnity Insurance with a number of set policy inclusions. 1 Even with this requirement, it is worthwhile looking ...

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Insurance for Disability Workers

... your professional support service such as a failure to follow emergency procedures. Your Professional Indemnity insurance will cover matters such as: An award or settlement of compensation payable to a ...

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Insurance for IT Professionals

... be difficult to determine. BizCover is able to offer a liability package with combined Professional Indemnity and Public Liability insurance from the same insurer. That way, there can be no dispute between insurers as to ...

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Insurance for Nurses

... misconduct. As a registered nurse, you must not practice unless you are covered by a Professional Indemnity Insurance policy that meets the minimum requirements set out by the Nursing and Midwifery Board of Australia ...

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Insurance for Engineers

... to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will pay compensation to a third party together with your defence costs (which can include legal ...

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Keep calm and stretch on with Yoga Teacher insurance

... of arranging your yoga teacher insurance go. As a yogi or ... business. Let us centre your insurance chakra by exploring some of ... ... who will be held liable. So don't leave it up to chance and consider Professional Indemnity insurance to protect you and your business. What it typically covers? The financial consequences of negligent acts ...

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Insurance for Consultants

... , yet all are required to provide a professional service or specialist advice. Professional Indemnity insurance is designed to protect you from losses claimed by clients that are incurred as ...

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Insurance for Social Workers

... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which ...

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Understanding Insurance for Interior Designers

... where having the right business insurance in place is vital. Let ... and outs of how business insurance can protect your interior design ... ... down some of the main ones you may need to consider as an interior designer. Professional Indemnity insurance* Clients hire you for your expert interior design skills and advice and no matter how much ...

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Understanding Insurance for Graphic Designers

... , that's when your business insurance comes into play. We've ... ... of an unhappy client making a claim. This is why Professional Indemnity insurance is an important coverage to consider. Professional Indemnity (PI) insurance is a form of protection for businesses that provide ...

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Insurance for Civil Engineers

... to your professional advice and services. This is where Professional Indemnity insurance becomes vital to you and your business. Professional Indemnity insurance is an important form of protection for businesses that ...

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Insurance for Yoga Teachers

... and unfortunately it could be you as the teacher who will be held liable. That's why Professional Indemnity Insurance is an important form of cover for Yoga teachers. It helps respond to claims against you or ...

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What are the Insurance Options for Land Surveyors?

... yourself and your company with insurance is a smart investment. Land ... ... the land surveyor has the legal support required to defend their rights, Professional Indemnity Insurance can be crucial. PI insurance is designed to respond to claims against your business for losses as a result ...

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Insurance for martial art teachers

... your client's injury could lead to a claim being made against you . Having Professional Indemnity insurance can help you respond to claims made against you or your business for losses incurred ...

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Insurance for pharmacy and pharmacists

... actual negligence or errors in your professional pharmac y services or advice.  Your Professional Indemnity insurance will cover the associated compensation payable to a third party together with your defence ...

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Professional Indemnity PPC Landing Page

... Nobody is perfect, and we all make mistakes (even professionals!). That's why it's called 'Professional' Indemnity insurance, or PI. It's designed to protect people who give advice or provide a professional service. If ...

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5 Tips for an Insurance Health Check

If your insurance is due for renewal or ... a health check of your insurance to ensure that if the ... ... extra responsibilities in the service or advice you provide, you may want to increase your Professional Indemnity insurance. Also, consider any new contracts you may enter into or updates to legislative requirements that ...

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5 Questions to ask yourself before buying Insurance for your Small Business

Know you need business insurance but aren't sure how ... while and looking to buy insurance for the first time; there ... ... that you have. Often they will require you to have a minimum level of Public Liability or Professional Indemnity insurance however, you may decide that you need a higher level of cover than what is stipulated. Consider ...

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Small Business Insurance Index

... price increases in the business insurance market, SMEs are continuing to ... the cost of business insurance, the BizCover SME Insurance Price ... over the last few years, however this year the increases were minimal. SME Professional Indemnity insurance prices have also remained flat over the last 10 quarters, this is contrary to what is happening in the broader ...

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Social Media Insurance

... charge of your feed, confusing hashtags and even for terrible spelling errors. This is where Social Media Indemnity Insurance comes in, you can now #cover yourself and your business from errors, egregious posts and ...

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Business Interruption Insurance: Your 'Get Out of Jail Free' Card

... 'lock up' operations. Business interruption insurance can provide both peace of ... ... establish your loss. Losses beyond the indemnity period – The indemnity period is a period which you ... plan - a plan that should include both a broader insurance package and (crucially!) a clear guideline for how ...

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Management Liability Insurance

... itself from the many exposures relating to the management of a company. Think of it like this: where Professional Indemnity insurance covers the advice or service you provide to your clients, Management Liability ...

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Insurance for Registered Tax Agents

... by TPB which are based on your businesses turnover (as set out in the table below). Professional Indemnity insurance can be complicated, but with BizCover you can easily compare quotes from some of Australia's leading ...

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Insurance for Bookkeepers & BAS Agents

... The Tax Practitioners Board (TPB) has made it so since 2011 and with good cause - Professional Indemnity Insurance covers you against the risk of a client claiming damages. Your professionalism and service often aren’t ...

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Insurance for Real Estate Agents

... Agents Act 2002 (and associated Regulations) hold a policy that provides not less than $1 million Professional Indemnity Insurance cover for any one claim and $3 million in the aggregate for all claims made during the ...

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Insurance for Finance & Mortgage Brokers

... a result of your actual or alleged negligencefrom the delivery of your professional service. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims covered ...

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Insurance for Allied Health Professionals

... party due to alleged or actual negligence in your professional services or advice.  Your Professional Indemnity insurance will meet the associated compensation payable to the third party together with your defence costs ...

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Insurance for Accountants

... mistakes, and these errors or omissions could result in financial losses for your clients . Professional Indemnity insurance will protect your business from losses arising out of acts, errors and omissions from a ...

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Insurance for Nurses

... only takes one thing to go wrong to disrupt your career or possibly drain your assets. Thankfully, Professional Indemnity insurance is there to give you peace of mind if you do face legal action as a result of actual ...

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Insurance for Massage & Alternative Therapies

... must be a recognised provider with the fund. Most health funds require providers to hold a current Professional Indemnity insurance policy with at least $1 million worth of cover, or $2 million if you wish to be ...

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Understanding Insurance for Physiotherapists

Your clients rely on your expert advice and services as a physiotherapist. You help ease their aches and pains from minor sprains to long-term rehabilitation programs ... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which ...

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Insurance for Psychologists

... if something does go wrong. Even if you're not at fault, Professional Indemnity insurance may be able to assist you. Professional Indemnity insurance is there to give you peace of mind if claims arise as a ...

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Insurance for Electrical Engineers

... design to not go to plan and the consequences (and costs) can be severe. Professional Indemnity insurance  is designed to protect you against losses claimed against you due to alleged or actual negligence ...

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Insurance for Hair & Beauty Services

... against you could be very costly to your business, not to mention damage your reputation. Professional Indemnity insurance is designed to protect your business from losses claims made against you arising from actual or ...

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Insurance for Carpenters

... due to alleged or actual negligence or errors in your professional services or advice. Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs ...

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Insurance for Registered Migration Agents

... ; errors on visa applications; late lodgement of documentation and the list could go on. Professional Indemnity insurance is designed to protect you by responding to claims against you or your business for losses ...

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Insurance Considerations for Personal Trainers

Working as a personal trainer can be a rewarding career. Not only do you get to help your clients achieve their goals and transform their lifestyles, but it's also the ... were to go wrong because of this advice. To cover yourself against this risk you should consider Professional Indemnity Insurance, which can help protect you for any claims that may arise due to any advice that you have ...

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Insurance for Pet Professionals

... to alleged or actual negligence or errors in your professional services or advice.  Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs ...

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Insurance for Recruitment Consultants

... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity Insurance will also assist with the legal costs associated with responding to or managing claims which ...

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Insurance for Personal Trainers

... , mistakes happen, accusations can be thrown around, and claims are made, whether right or wrong. Professional Indemnity Insurance * is designed to have your back. It protects your business from losses incurred as a ...

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Insurance for Marketing Consultants

... negligent acts or omissions in the provision of your professional service or advice. Having Personal Indemnity insurance will let you breathe easy, assisting with the payment of compensation to a third party, together ...

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Insurance for Plumber

... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which ...

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Insurance for Land Surveyors

... safety standards and recording the correct measurements of properties and sites. That is why Professional Indemnity (PI) insurance is an important form of protection for surveyors.  It is designed to respond to claims ...

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Insurance for architects- the blueprint to success

The career of an architect is an exciting one, yet it's not one without risk. From the ground up, your responsibilities are skyscraper high. Beginning with the first ... , the minimum amount of cover that your state or territory requires. Professional Indemnity Insurance Professional Indemnity insurance should be one of the first projects on your drawing board! Designed to ...

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Insurance for Project Managers

... Did you know? Even if your projects take you across the country, your Professional Indemnity insurance covers you anywhere in Australia.   Get the cover for  your business Professional ...

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Insurance for makeup artists

... be at risk if you don't have the appropriate insurance cover to protect you and your business. Insurance for Makeup Artists Professional Indemnity Insurance* As a makeup artist you're an expert when ...

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Professional Indemnity Claims: when should I notify my insurer?

Your Professional Indemnity (PI) insurance is no doubt one of ... against your business. Like all insurance policies, there are several important Your Professional Indemnity (PI) insurance is no doubt one of the most vital covers you have for your business. If things don't quite go to plan it can provide much needed financial assistance for legal and ...

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Things you didn't know about small business insurance

Getting the insurance sorted for your small business ... , compare quotes and buy the insurance that suits your business. But ... not know about small ... they may require you to have Professional Indemnity cover. Make sure your policy stays relevant ... your business is on the move and changing and so your insurance needs will also be changing and you'll want to make ...

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Insurance Premiums for Retailers Continue to Climb

Insurance Premiums for Retailers Continue to ... The latest BizCover Small Business Insurance Price Index has been released ... an increase in small ... increase however is not universal. Graph 1 – BizCover Insurance Price Index (Financial Year 2017 2nd Quarter) There was no change in the Professional Indemnity sector, but the index for Public Liability and ...

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Small Business Insurance Index Q2: 5 point increase, largest in 10 quarters

The Quarterly BizCover Small Business Insurance Index has shown that Australian ... enjoyed the end of declining insurance premiums with an increase ... the first increase seen in 10 quarters. This brings the insurance rates back to the same level as Q4 2013/14 (6 ... which saw premium rates increase 10%. Professional Indemnity have just normalised back to the average ...

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BizCover SME Insurance Price Index Q1 FY21

... clients buck the trend of insurance price hikes. Whilst the Australian ... the availability and pricing of insurance for SMEs, BizCover can report ... were also able to capitalise on a 1.3% decrease in prices quarter on quarter for Professional Indemnity insurance. The one area that has seen ongoing fluctuations and an increase in prices this quarter is in ...

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Insurance for Sole Traders and Self Emplyed

... for sole traders who offer professional advice and services who are often required to hold a Professional Indemnity insurance policy*. Whether you own your own business premises, work on site or have a mobile business ...

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Beauty to go! What Mobile make-up artists need to know about insurance

There are some obvious pros to working as a mobile freelance make-up artist - you have control over the hours you work, you get to work with a wide range of clientele ... without one. So, let's look at the various forms of insurance mobile makeup artists should consider for their business… Professional Indemnity Insurance You're an expert when it comes to creating that perfect look ...

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6 Areas You May Not Have Thought Business Insurance Covers

Your business is your livelihood. So it's vital to protect your business assets and revenue against potential risks that may impact your business, such as fire, storms ... a policy to suit your needs and include other essential covers such as Public Liability and Professional Indemnity insurance to ensure you are not left financially responsible for the costs of a legal claim should a ...

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Business Insurance Guide for the Self-Employed - Part 3

... in the world of business insurance, it can feel like you ... guide on all things Business Insurance for the self-employed. In ... back to basics ... potential risks . A way to look at what business insurance options your business may need is by gauging what you ... in legislation Losses beyond the indemnity period Voluntary closures Losses due ...

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STABLE INSURANCE RATES A REASSURANCE FOR SMEs

BizCover's SME Insurance Price Index has unveiled a ... the COVID-19 pandemic with insurance rates remaining flat for a ... acquired from BizCover's ... quarter,” he said. “Key sections of business pack insurance that are frequently used by retailers such Contents, ... in the cost of Public Liability and Professional Indemnity in other industries,” he said. BizCover's ...

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Who is Covered Under an IT Liability Policy?

Information Technology Insurance Professionals in the information technology ... ... commercial contracts between consultants and clients requiring these insurances in addition to professional indemnity. The benefit of having professional indemnity, products liability and public liability contained in ...

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BizCover expands into New Zealand and launches BizCover.co.nz

... leading provider of online professional indemnity insurance, has announced today the launch ... ), BizCover.co.nz provides professional indemnity ... (over 10,000 policies sold in the past two years), BizCover.co.nz provides professional indemnity insurance for over 100 different professions from New Zealand's leading insurers. BizCover provides a simple, secure ...

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Small Business Index July 2015

SMEs benefiting from declining insurance rates but is the tide ... capacity and competition in the insurance market over the last few ... the price ... low number of catastrophes and low interest rates, and those with capital chasing returns in insurance.” The Professional Indemnity rates reduced the most this financial year finishing 3% lower. Over the time of ...

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PI Index: Premiums Decline 10 Straight Quarters

Business Insurance Premiums Decline 10 Straight Quarters, ... healthy competition in the business insurance market. The BizCover Small Business ... ... years and are now at levels where insurers are no longer willing to reduce any further. As an example, the cost of Professional indemnity insurance for some Allied Health professionals can be as low as $20 per month.”

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New Territory - how to adapt your real estate business during COVID-19

COVID-19 has had a significant impact on the real estate industry with social distancing and mandatory bans on open homes and auctions. Riding the roller coaster of ... alleged negligent acts or omissions in the provision of your professional service or advice. Professional Indemnity insurance will also assist with the legal costs associated with responding to or managing claims which ...

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Five Tips for Starting your Home-based Business

Sometimes it takes extraordinary circumstances to take the leap of faith to start your own home-based business. The COVID-19 pandemic has made this an option for many ... to alleged or actual negligence or errors in your professional services or advice.  Your Professional Indemnity insurance will meet the associated compensation payable to a third party together with your defence costs ...

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So You Want to Start a Side Hustle? Here's What You Need to Know - Part 2

Welcome back to part 2 of our guide on what you need to know when starting a side hustle. In part 1 we explored some of the steps involved with setting up your side ... involves providing professional advice or services, then you may want to take out Professional Indemnity insurance*. Professional Indemnity protects you against losses claimed by a third party due to alleged or actual ...

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Help Protect your small business' reputation

When it comes to running a small business, your brand and its reputation are priceless. No doubt you've spent countless hours establishing your name by building strong ... too. And let's face it, we are all human and mistakes do happen. Fortunately, Professional Indemnity insurance is designed to protect your business should you or your staff make an error, omission, or, breach ...

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The Remaining Risk: What Isn't Covered and Why it Matters

... most common issues with Business Insurance is that policy owners often ... ... idea of what's covered will certainly come in handy. For example, if you purchase Professional Indemnity (PI) insurance you should know that you're covered for any damages claims awarded against you, plus defence costs ...

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A Broker Divided - Is BizCover's Michael Gottlieb a Threat to Broking or its Future?

... unknown. He started his own insurance brokerage despite never having worked ... in the world selling commercial insurance through an aggregator website ... “We had created some relationships and what we started trying to do was sell insurance - whether it was D&O or professional indemnity - but really focusing on what we knew well, which was the financial services industry ...

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Survival of the Fittest - How Your Fitness Business Can Adapt

The mandatory closures of gyms and fitness studios due to COVID-19 has forced personal trainers to come up with new ways to keep their businesses running. Take a look ... -up to date and that you have the right cover. I f you have an active Professional Indemnity insurance* policy and are running online classes, it will still cover you for claims against your business . ...

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How to hire quality tradesmen for your small business with Oneflare

When hiring tradesmen for your small business, you don't have any room for error so every tiny detail counts. It can be daunting and time-consuming sorting through ... to cover the costs of the damage they have caused. Professional Indemnity Insurance Professional Indemnity insurance is not commonly required for your average trade person, as it covers against negligence ...

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You’re a professional and there is no doubt you are good at what you do. However, mistakes happen even with the most professional operators

Professional Indemnity (PI) insurance* is an important form of protection for businesses that provide specialist services or professional advice.  It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy. 

Professional Indemnity claims can arise from simple things like giving incorrect advice, a miscalculation, incorrect diagnosis or treatment 

Professional Indemnity explained further…



Independent feedback from our customers rated our service at excellent.

What’s typically included?*

Depending on the Professional Indemnity policy selectedyour policy could cover: 

  • Payment of compensation as a result of a claim, including but not limited to Court awarded damages 
  • An award of legal costs against you  
  • Reasonable legal costs incurred in defending or responding to the claim 
  • Claim investigation costs 
  • Disciplinary proceeding costs 

What is typically not covered? *

  • Intentional damage  
  • Contractual liabilities  
  • Professional fees  
  • Known claims and circumstances 
  • Fraud and dishonesty 

Download Professional Indemnity Fact Sheet

How Much Cover Should I have ?

With BizCover you can choose policies with levels of cover between $250,000 to $10 million, from the leading insurers on our website.

When considering how much cover you may need you should think about:

*As with any insurance, cover is subject to the terms, conditions and exclusions contained in your policy document.  The information contained on this webpage is general only and should not be relied upon as advice.