Specialist insurance experts for advisers, consultants, firms, and businesses requiring complex placements for professional indemnity, public liability, product liability insurance, and more.
Business Insurance Experts
Professional
Indemnity
Insurance
Australia
- Tailored advice from experienced brokers
- Comprehensive insurance account management
- General business packages & customisable insurance solutions
Professional Indemnity
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What is Professional Indemnity Insurance in Australia?
Professional indemnity (PI) insurance is a type of cover that protects professionals and businesses if a client claims they have suffered financial loss due to the professional’s advice or services. It protects against claims arising from negligence, errors, omissions, or breaches of professional duty, including the legal costs and compensation associated with defending such claims.
In Australia, PI insurance is essential because many regulated professions (such as accountants, financial advisers, engineers, lawyers, and consultants) are legally or contractually required to hold it. It helps ensure professionals can meet their legal obligations, maintain client trust, and continue operating if a claim is made.
Why You Need Professional Indemnity Insurance?
Professional indemnity (PI) insurance is commonly required in situations where professional advice leads to a client’s financial loss, where errors or omissions occur in the delivery of services, or where a client alleges a breach of professional duty. These claims can arise from incorrect or incomplete advice, mistakes in reports or calculations, missed deadlines, or failures to meet expected professional standards. Even when unintentional, such issues can result in costly legal action, making PI cover essential for protecting professionals and their businesses.
A professional indemnity insurance policy typically protects you against:
- Damages awarded to claimants
- Legal costs incurred by you and, possibly, the claimants
- Claims investigation costs
- Public relation costs
- Other expenses associated with the claim
Professional indemnity insurance is sometimes a contractual requirement or compulsory insurance, such as the ASIC requirement to comply with RG 126 for Australian Financial Service Licensees (AFSL) who deal with retail clients.
Comprehensive Professional Indemnity Insurance for Your Industry
At KBI, we provide Professional Indemnity Insurance solutions for a wide range of professions across Australia.
From consultants and contractors to specialised service providers, our brokers help you find options to safeguard your business against claims of negligence, errors, or omissions. With industry-specific expertise, we ensure you’re covered for the unique risks of your profession.
Geologists/Geoscientists
Consultants
Real Estate Agencies
Accountants & Tax Agents
Property Consultants
Migration Agents
Law Firms
Corporate Advisors
Private Equity
Fund Managers
Corporate Secretaries
Engineers
Human Resources Consultants
Graphic Designer
Public Relations
Property Consultants
Mining Consultants
Oil & Gas Consultants
IT Consultants
Technology Firms
Allied Health
Management Consultants
Key Factors When Applying for Professional Indemnity Insurance
The cost of an average professional indemnity insurance policy can vary widely.
Key considerations in the price paid include:
01
Profession/Occupation
02
Scope of Advice Being Given
03
Experience of Directors/Employees Providing the Professional Service
04
Turnover/Fees for Services
05
The Number of Employees
06
Contract Management
07
Limit Chosen
08
Risk Management Framework/Quality Assurance Controls
09
Claims History
10
Territory Where the Services Are Being Provided
Our difference
Why Choose KBI for Professional Indemnity Insurance in Australia?
KBI has a dedicated team that focuses on professional indemnity insurance.
We provide advice to some of the largest professional service firms in Australia and have our finger on the pulse of all Australian and Lloyd‘s professional indemnity insurers. As experts in this area of insurance, we work closely with your management and board to understand your unique needs. We then approach insurance companies on your behalf, getting a range of coverage and pricing options. Next, we compare these options and present them in an easy to read comparison with our recommendations to help you make an informed decision. Finally, we secure the insurance that you select and review it with you when required, depending on the growth and changes applicable to your organisation.
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Professional Indemnity
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