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Professional Indemnity
DUAL Australia
  • Docs available A S
  • No contract required

Coverages: Professional Indemnity

DUAL Australia's Professional Indemnity insurance offers tailored coverage for professionals against claims of negligence or professional misconduct. Designed for various occupations, including consultants, engineers, and accountants, the policy covers legal defence costs and potential damages. With industry-specific wordings and flexible solutions, DUAL ensures comprehensive protection, allowing professionals to operate with confidence and meet contractual or regulatory requirements.

Financial Lines - Professional Indemnity
CFC
  • No contract required
Min Premium AUD 1K/Year

Coverages: Professional Indemnity

CFC's Professional Indemnity insurance offers comprehensive protection for businesses against legal expenses, damages, and financial liabilities arising from professional services. Key features include full civil liability coverage, continuous cover, and protection against intellectual property rights infringement. This modular policy is tailored to address the diverse exposures faced by professional services firms, ensuring resilience in the face of unexpected challenges.

Financial Lines - PI Excess Layer
CFC
  • No contract required
Max Coverage AUD 5M Min Premium AUD 5M/Year

Coverages: Professional Indemnity

Financial Lines – PI Excess Layer insurance from CFC provides additional professional indemnity coverage above primary policy limits. Designed for high-risk sectors like finance, legal, and consulting, it ensures extended protection against large or unexpected claims. This excess layer helps firms manage complex liability exposures, maintain regulatory compliance, and safeguard their financial stability with responsive support and tailored risk solutions from CFC’s expert team.

Professional Indemnity
Keystone Underwriting Pty Ltd
  • Docs available S
  • Contract required
Max Coverage AUD 10M Min Premium AUD 250/Year

Coverages: Professional Indemnity

Keystone's Professional Indemnity insurance safeguards professionals against claims arising from alleged breaches of duty to third parties. It features a claims-made Civil Liability wording, with coverage limits up to $10,000,000. Key benefits include packaging options with other products, individual or scheme-based quotes, a broad selection of automatic and optional extensions, standard inclusion of costs and expenses beyond the limit, and availability of excess layers.

Excess Professional Indemnity
Keystone Underwriting Pty Ltd
  • Contract required
Max Coverage AUD 10M

Coverages: Umbrella / Excess

Keystone's Excess Professional Indemnity insurance provides additional coverage beyond primary professional indemnity policies, offering higher limits up to $10 million. This ensures enhanced protection against significant claims arising from alleged breaches of professional duty. Key benefits include the ability to package with other products, individual quotes or scheme solutions, a wide range of automatic and optional extensions, and costs and expenses in addition to the limit as standard.

Professional Indemnity
FTA Insurance
  • Docs available F
  • No contract required
Max Coverage AUD 20M Min Premium AUD 400/Year

Coverages: Professional Indemnity

FTA Insurance's Professional Indemnity Insurance safeguards businesses against claims alleging financial loss, personal injury, or property damage due to negligent acts, errors, or omissions in professional services. Offering coverage limits up to $20 million, the policy features a full civil liability insuring clause, Extended Continuous Coverage, and Difference in Conditions and Difference in Limits provisions.

Professional Liability - Professional Services
CFC
  • No contract required
Max Coverage AUD 10M Min Premium AUD 300/Year

Coverages: Professional Indemnity

CFC’s Professional Liability – Professional Services insurance offers comprehensive protection for consultants, advisors, and other service providers against claims of negligence, errors, or omissions. Covering legal defence, compensation costs, and reputational harm, it helps businesses manage professional risks. Tailored to a wide range of industries, this policy ensures financial stability and expert support when facing client disputes or regulatory challenges.

Excess Layers
FTA Insurance
  • No contract required

Coverages: Umbrella / Excess

FTA Insurance offers Excess Layer Insurance, providing additional coverage beyond primary policy limits. This structure involves one insurer covering the initial portion of a claim, while FTA supplies insurance for subsequent layers. For instance, if a primary insurer covers up to $5 million, FTA can extend coverage by an additional $5 million. This ensures comprehensive protection for claims exceeding primary limits.

Professional Liability - Recruitment Firms
CFC
  • No contract required
Max Coverage AUD 10M Min Premium AUD 300/Year

Coverages: Professional Indemnity

CFC’s Professional Liability – Recruitment Firms insurance provides specialist coverage for recruitment and staffing agencies facing claims of negligence, misrepresentation, or failure to deliver services. It protects against legal costs, settlements, and reputational damage. Tailored to the recruitment industry, the policy supports firms placing permanent, temporary, or contract staff, ensuring they are protected from the unique risks involved in talent placement and workforce solutions.

LARI - Labour Hire / Recruitment PI/PL
Edge Underwriting Pty Ltd
  • Docs available A P
  • No contract required
Max Coverage AUD 20M Min Premium AUD 10K/Year

Coverages: Professional Indemnity | Public Liability

Edge Underwriting's LARI (Labour Hire and Recruitment) insurance offers comprehensive coverage for recruitment agencies, encompassing Professional Indemnity (PI) and Public Liability (PL). It includes vicarious liability for placed personnel, protection against contractual breaches, intellectual property infringements, cyber risks, and dishonesty by placed personnel. The policy also covers court attendance costs and reimburses withheld fees to mitigate potential larger claims.

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What is professional services insurance? 

Professional services insurance protects businesses that offer expert advice or services. It covers legal costs and damages from claims of negligence, errors, and other risks. This insurance is essential for maintaining trust and credibility. 

In Australia, professional services insurance is vital due to high standards and strict regulations. This insurance includes niche categories like legal firm insurance, gardening, tattoo piercing shops insurance, and more, ensuring diverse professional needs are met. 

Professional services insurance: industry trends and emerging risks 

Rising issues in the Australian professional services insurance sector include the increasing use of AI in law firms, which can introduce significant liability risks if not properly managed. Insurance professionals must also consider high premiums for businesses like tattoo shops, as it affects their operations.  

Other issues brokers need to note include: 

Another important issue to focus on is shoplifting, which affects the clothing accessories retailer business by increasing their insurance needs and operational costs.  

Brokers must understand Australian professional services insurance issues to provide tailored advice and comprehensive coverage. 

Professional services insurance FAQs 

How much does PI insurance cost? 

The cost of professional indemnity (PI) insurance varies based on several factors. On average, small business owners in Australia pay around $84 per month. Factors influencing the cost include: 

  • industry and occupation: riskier professions have higher premiums 
  • business size and turnover: larger businesses typically pay more 
  • claims history: previous claims may lead to higher premiums 

Is PI insurance compulsory? 

PI insurance is compulsory for certain professions in Australia, such as legal practitioners, medical professionals, and architects. These professions are considered high-risk, and errors can have serious consequences. 

What are the legal requirements for PI insurance? 

In Australia, specific requirements vary by profession and are mandated by industry regulations and standards. Examples include: 

  • accountants: must follow CPA Australia’s guidelines, including specific risk coverage and minimum amounts. 
  • lawyers: must comply with the Law Council of Australia’s standards for adequate consumer protection and mutual recognition. 

Many professions are governed by state-based laws, such as the Professional Standards Act 1994 (NSW). This act promotes risk management practices and limits liability for registered professionals, ensuring they can meet claims while protecting clients.  

Specific requirements also apply to: 

  • bookkeepers 
  • BAS and tax agents 
  • electricians 
  • plumbers 
  • mortgage brokers 

Minimum coverage 

The required amount of PI coverage varies by occupation and is set by state or federal legislation, professional regulators, or industry bodies. 

Proof of coverage 

Individuals may need to show a certificate of currency to prove their PI policy is active when renewing a professional licence, bidding on government contracts, or signing contracts with clients. 

What qualifies as a professional service provider?  

A professional service provider offers specialised knowledge or expertise to clients. Providing these services typically needs training, education, or certification. Examples of professional services include: 

  • accountancy 
  • legal services 
  • consulting 

Many other professions, such as recruitment firms, beauty services, and security companies, also qualify as professional service providers. This is due to their specialised nature and client-focused services. 

What is the difference between managed services and professional services? 

Managed services involve ongoing support and maintenance, typically under a long-term contract. For example, IT support and network management are managed services. Professional services are project-based, focusing on specific tasks or challenges, such as consulting on a business strategy or designing a building. 

Can you cancel professional services insurance? 

Yes, professional services insurance can be cancelled. However, this may leave the insured unprotected against future claims for past work. 

How to cancel professional services insurance in Australia 

  1. contact the insurer: the insured should reach out to their insurance provider to inform them of their intention to cancel 
  2. follow the cancellation process: the insured must complete any required forms or procedures as directed by their insurer 
  3. review implications: the insured should understand the financial and legal consequences, such as losing coverage for past work 

It is important to carefully consider the impact of cancelling professional services insurance. For businesses and brokers, maintaining continuous coverage is needed to avoid potential gaps that could expose them to significant risks.