What Is Professional Indemnity Insurance in Australia?

Professional indemnity insurance protects you and your business against claims for alleged negligence or breach of professional duties from an error or omission in the course of your business.

If you make a mistake, error or omission that causes a financial loss to a third party (typically a customer), there is a chance that they may take legal action against you to recover their loss.

Why Is Professional Indemnity Insurance Needed?

Buying professional indemnity insurance in Australia has become standard practice for businesses providing professional services and advice. It offers a straightforward way to transfer risk, enabling you to manage your business with confidence, knowing your assets are well protected.

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.

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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.

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Fund Managers

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Corporate Secretaries

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Engineers

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Public Relations

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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.

Quote requirement

Please complete this proposal form and return to our brokers below to arrange a professional indemnity insurance quote. (Download Here)

 

Our Professional  
Indemnity  
Insurance Team

Get to know the talented individuals behind KBI.

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Gilbert Chionh

Account Manager

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Travis Kenzle

Managing Director

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Nick George

Director

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Tyler Speers

Account Manager

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