How the cost of Professional Indemnity insurance is calculated

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Professional Indemnity

... 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 ...

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Do I need Professional Indemnity insurance?

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What is Professional Indemnity Insurance?

... ? No matter how good you are at your job, we're all human and we all make mistakes. Professional Indemnity Insurance allows you to cover yourself if and when you do slip up in your normal course of work. Here ...

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How Does Professional Indemnity Insurance Benefit You?

If you are a professional and have your own company, ... also be referred to as professional indemnity insurance. Professionals are expected to possess ... own company, then it is advisable that you have professional insurance, which can also be referred to as professional indemnity insurance . Professionals are expected to possess extensive technical knowledge in their ...

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Do I need Public Liability insurance?

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Professional Indemnity Insurance 101: For Allied Health Professionals

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Professional Indemnity PPC Landing Page

Why do I need Professional Indemnity Insurance? 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 ...

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A Guide to PI Insurance

... Professional Indemnity Insurance simple (also known as errors and omissions insurance, PI or Professional Indemnity). What is Professional ... as errors and omissions insurance, PI or Professional Indemnity). What is Professional Indemnity Insurance? Professional Indemnity Insurance is a form of business insurance for professionals who are in industries ...

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Insurance for Disability Workers

... a guide only.  It may not reflect pricing for your particular business as individual underwriting criteria ... Professional Indemnity insurance is a 'claims made' type of insurance, meaning your current Professional Indemnity ...

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Insurance for Nurses

... be given enough protection. Holding your own Professional Indemnity Insurance (PI) policy is the best way to ensure ... trusted Australian insurers and guarantees the best price on the market *Provides cover for ...

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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 ... ... your business or profession involves providing a service or advice, then Professional Indemnity (PI) Insurance is a must have. It protects professionals against liability for damages, and the legal costs associated with ...

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Insurance for Registered Migration Agents

... advice. PI Insurance also helps with the costs associated with responding to or managing claims covered by your policy. Tip: Migration Alliance members receive a discount of on Professional Indemnity policies with ...

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Insurance for Nurses

... Did you Know? The Nursing and Midwifery Board of Australia has set minimum requirements for Professional Indemnity Insurance (PI) for all enrolled nurses, registered nurses and midwives. You are required to have your ...

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Insurance for Accountants

... of Professional Indemnity cover. And don't forget our Price Promise - to show to you our commitment to providing the most competitive insurance prices we can! Business Insurance* Business ...

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Insurance for Massage & Alternative Therapies

... a guide only.  It may not reflect pricing for your particular business as individual underwriting ... health funds require providers to hold a current Professional Indemnity insurance policy with at least $1 million worth ...

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Insurance for Psychologists

... not reflect pricing for your particular business as individual underwriting criteria will apply.  Get a hassle-free quote for your business here. Insurance for Psychologists Professional Indemnity * ...

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Insurance for Real Estate Agents

... ensure your reputation doesn't go under the hammer should something go wrong. That's where Professional Indemnity Insurance comes in. It is designed to respond to claims against your business for losses as a ...

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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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Small Business Insurance Index

Despite strong price increases in the business insurance market, SMEs are continuing ... to benefit from flat pricing. ... BizCover SME Insurance ... 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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Insurance for Civil Engineers

... expectations when it comes 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 ...

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Insurance for Professionals

... caused financial loss? Luckily there is an insurance policy for that and it's called Professional Indemnity insurance. Professional Indemnity insurance protects you against losses claimed by a third ...

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Insurance for Engineers

... wrong. From bridges collapsing to roads rupturing - the consequences (and costs) can be severe. Professional Indemnity insurance is designed to provide your business with a solid foundation when things don't go ...

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Insurance for Consultants

... exposure , which may affect your personal assets if things go wrong. Insurance for Consultants Professional Indemnity* There are literally hundreds of different consulting professions, yet all are ...

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Insurance for Registered Tax Agents

... an agent may in fact be more than what is set as the minimum requirement. ^Minimum PI insurance requirements source from TPB tpb.gov.au/professional-indemnity-insurance-tax-agents on 8 August 2019 What could cause a ...

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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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Insurance for Allied Health Professionals

... claimed by a third 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 ...

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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 Marketing Consultants

... the terms you agree too, including the or KPIs you are expected to meet. Insurance for Marketing Consultants Professional Indemnity* As a marketing consultant, you are expected to wear many hats and each hat ...

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Insurance for Recruitment Consultants

... of actual or 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 ...

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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 ... ... you may want to increase your Professional Indemnity insurance. Also, consider any new contracts ... And while your choice of insurer should not be driven by price you could possibly even save a dollar or two by shopping ...

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Things you didn't know about small business insurance

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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 ... rates increase 10%. Professional Indemnity have just normalised back to the average prices for 2015. ...

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The Risky Business of Insurance

What are the Real Costs to Australian Small Business? Small business owners tend to be juggling many balls - managing clients, cash flow, staff, stock and future planning ... Professional Indemnity ... - protects against losses for any legal action taken against your business for advice or services you have provided. All businesses providing advice should have PI Business Insurance ...

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BizCover SME Insurance Price Index Q1 FY21

... clients buck the trend of insurance price hikes. Whilst the Australian Small ... inquiry into the availability and pricing of insurance for ... from a 4.1% decrease in prices and Professionals a 3.5% decrease. Professionals were also able to capitalise on a 1.3% decrease in prices quarter on quarter for Professional Indemnity insurance. The one area that has ...

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Insurance prices remain steady despite market predictions of higher premiums

... Small Business Insurance Index is showing little change, with prices again remaining ... stricter underwriting criteria and higher prices ... Small Business Insurance Index is showing little change, with prices again remaining ... price rises in the short term from the highly profitable small business sector.” Public Liability and Professional Indemnity prices ...

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Insurance by Industry

... professionals and that's why our comprehensive insurance offerings include: Professional Indemnity, Public Liability, Business Insurance , Management Liability, Cyber Insurance ... at the right price. Industries & ...

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STABLE INSURANCE RATES A REASSURANCE FOR SMEs

BizCover's SME Insurance Price Index has unveiled a rare ... the COVID-19 pandemic with insurance rates remaining flat for a ... insurance platform ... Retail industry segments. Prices for insurance across its Professionals industry segment showed ... by increases in the cost of Public Liability and Professional Indemnity in other industries,” he said. BizCover's index ...

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SMEs continue to benefit from low premiums; despite talk of price rises.

... , the latest BizCover Small Business Insurance Price Index is showing no change ... in pricing for the SME sector, with ... ... insurance for larger businesses, the latest BizCover Small Business Insurance Price Index is showing no change in pricing ... competition which is keeping prices down. Professional Indemnity and Public Liability, including ...

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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 (Graph ... an increase in ... 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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Finding the Right Business Insurance Can Be Hard but BizCover Makes it Easy

... and your assets with business insurance. However, figuring out exactly what ... price is no easy task. That's why a group of insurance .. ... , professional indemnity , cyber liability, business interruption and tax audit insurance . ... right coverage or best prices , make your life easier by choosing BizCover , where insurance is made easy. ...

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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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Professional Indemnity Insurance for Civil Engineers

... your pearls of wisdom and professional services. Like any profession there ... providing your services. As a professional, considering Professional ... of structures typically used by the general public. What is Professional Indemnity insurance? Professional Indemnity (PI) insurance* is an important form of protection for businesses that provide specialist ...

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Additional Cover for Professional Indemnity Insurance

... Fernando for his certificates of insurance - it's just part ... is not only insured with professional indemnity, but also with the additional .. ... expect his business to be covered by professional indemnity insurance to ensure there is cover in place ... damage, it is vulnerable to costly legal action. PI Insurance protects small businesses from this type of action. ...

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What Limit of Professional Indemnity Insurance Do I Need?

... consumers is 'What limit of Professional Indemnity insurance do I need?' While this ... . If you belong to a professional association, it is always ... ; some provide Defence Costs in addition to the limit of Professional Indemnity insurance . You need to ensure your limit of Professional Indemnity Insurance is adequate to encompass both the claim and the costs in ...

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Top 5 Reasons for Having Professional Indemnity and Public Liability Insurance

... should hold and maintain Professional Indemnity and Public Liability insurance. #1 Protection against ... claims of negligence, malpractice and ... membership requirement As a practicing full member of the NHAA you must hold a current Professional Indemnity insurance policy in the appropriate modality/modalities, with a minimum of $2 million coverage (each claim ...

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Professional Indemnity for Real Estate Agents

... In the Real Estate Industry Professional Indemnity Insurance provides essential financial protection against ... acts, errors and omissions from professional ... licenses 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 ...

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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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Sometimes Professional Indemnity Insurance is Needed

Professional indemnity insurance is handcrafted to provide coverage ... the policy holder due to professional carelessness or accusations. Sometimes ... that 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 ...

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Misconceptions Around Professional Indemnity Insurance

... misconception is that the claims professional indemnity insurance covers are only the experiences ... ... the word 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 ...

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What are the Insurance Options for Land Surveyors?

... yourself and your company with insurance is a smart investment. Land ... ... and ensure 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 ...

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Insurance for Bookkeepers & BAS Agents

... , 2011, the Tax Practitioners Board required Bookkeepers and BAS Agents to have Professional Indemnity (PI) insurance. Professional Indemnity insurance coverage helps to reduce the risk that an Agent will be made liable ...

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Insurance for Architects

... to a costly Professional Indemnity claim. Thankfully, Professional Indemnity insurance is designed to ... you know that PI insurance is known as 'claims made' cover, which means you need PI insurance to be in ...

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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 ... the ins ... and the potential to earn an income. Professional Indemnity insurance helps bear the on-going legal costs involved ... was paid (and covered by the architect's PI policy) . What is run-off cover? Run ...

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Who is Covered Under an IT Liability Policy?

Information Technology Insurance Professionals in the information technology sector ... ... combine Professional Indemnity (PI), Public Liability and Products Liability to cover the IT professional from a ... insurances in addition to professional indemnity. The benefit of having professional indemnity ...

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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 ... ... a rough 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 ...

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Insurance for Civil Engineers- what you need to know

... about what kinds of business insurance coverage you may need to ... ... your business. Professional Indemnity insurance Professional Indemnity insurance is a type of insurance coverage selected by professionals, including civil engineers. Professional Indemnity (PI) insurance* is ...

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The Risks of Growing Your Small Business

The only strategy that is guaranteed to fail is not taking risks. Mark Zuckerberg There comes a time when every successful enterprise needs to ditch the baby steps ... production gives you the opportunity to have a lower price point, consider passing on a discount to your ... of themselves, but the primary insurances - public liability and professional indemnity - are crucial. Ignore them ...

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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 ... , it is a registration requirement for physiotherapists practi s ing within Australia. Professional Indemnity (PI) insurance is designed to respond to claims against your business for losses as a ...

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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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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 ... ... to make a claim . In scenarios like these, Professional Indemnity insurance can help protect your business. Professional Indemnity (PI) insurance is an important form of protection for interior designers ...

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Insurance for Land Surveyors

... with 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 ...

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Insurance for Project Managers

... you across the country, your Professional Indemnity insurance covers you anywhere in Australia.   ... in the provision of your professional consulting service or advice. PI Insurance will also assist with the ...

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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 ... trying to do was sell insurance - whether it was D&O or professional indemnity - but really focusing on what ... did
not impact price, coverage or appetite, Gottlieb soon had the ability to offer quotes for PI cover from his ...

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

... and leading provider of online professional indemnity insurance, has announced today the launch ... years), BizCover.co.nz provides professional indemnity ... platform (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 ...

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Insurance for IT Professionals

... be no dispute between insurers as to which policy should respond to a claim. Insurance for IT Professionals Professional Indemnity* The IT world is a fast-changing environment, and whether you're involved in ...

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Insurance for Finance & Mortgage Brokers

... incurred as 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 ...

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Insurance for Social Workers

... that could take a huge toll on your life.. This is where Professional Indemnity insurance comes into play. Professional Indemnity insurance* is an important form of protection for businesses that provide specialist ...

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Insurance for Electrical Engineers

... is for a 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 ...

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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 ... ... the teacher 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 ...

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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 ... has helped ... with capital chasing returns in insurance.” The Professional Indemnity rates reduced the most this ... /Business Packs have not enjoyed as much of a drop in prices, falling only 20 points since FY 2012/13, and in ...

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Insurance for Carpenters

... a third party 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 ...

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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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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 ...

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Insurance for Pet Professionals

... third party 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 ...

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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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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 ... of actual or 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 ...

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Insurance for Plumber

... sustain property damage as a result of your negligent business activities. Professional Indemnity Professional Indemnity insurance* is an important form of protection for businesses that provide specialist services ...

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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 ... third party 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 ...

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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 ... your reputation 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 ...

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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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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 ... third party 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 ...

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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 ...

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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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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 ... paid-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 ... have caused. Professional Indemnity Insurance Professional Indemnity insurance is not ... to the situation than meets the eye. Get the right price As a small-to-medium business owner, you may have ...

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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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Investec Acquisition of BizCover the Right Decision

... BizCover, an Australian-owned online professional insurance broker marks another key milestone ... ... globally. The Australian-owned online professional insurance broker, which launched early 2008, is where mid-market professionals can compare and buy professional Indemnity insurance in minutes. In the past ...

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What is Civil Engineering

Civil engineers are responsible for overseeing the development, planning, construction, maintenance, and repair of roads, buildings, and other infrastructure projects ... engineers, with the support of advanced technology such as drones, 3D printing, BIM, and cloud computing. Civil Engineers should also consider insurance cover options , including Professional Indemnity insurance.

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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.