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Why do Consultants need insurance?

Your love of solving real business problems has led you to pursue a career in consulting. But while you’re busy getting your clients’ business into the best shape, small mistakes such as sending a presentation to the wrong client; overlooking a loose wire in your office or accidentally downloading malware onto your computer can all have costly consequences. And while you might have mastered the art of assisting your client’s businesses out of tricky situations, you may find when faced with one yourself it’s not such an easy job. Insurance for consultants has been designed to safeguard your financial livelihood in the event of certain incidents, and help make sure you stay in business.

Why Aon?

Consultants Insurance. Easy.

Easy to Understand

  • Easy to digest information about what insurances your business needs and buy online
  • Or it’s an easy call to one of our experienced, friendly brokers on 1300 836 028 

Easy to Buy

  • Quick quotes available online
  • Purchase in just a few clicks
  • Options available to pay monthly

Easy to Manage

  • Manage your renewals online and adjust your policy anytime you require, with a quick call
  • Request certificates of insurance quickly and easily
  • Aon can assist you in filing complex claims

Why choose Aon for Consultants Insurance?

When it comes to insurance for Consultants, there are a few options available to you, and deciding which ones you need might not be easy. Aon is committed to making life easier for you by arranging insurance that’s easy to understand, buy and manage, so you can get quotes and take out a policy online in just a few clicks. Or if you do need help, our team of friendly experienced brokers are a phone call away to help you understand what insurances you may or may not need, but more importantly, why; helping give you confidence that you’re making a better decision for you and your business.

What insurance do Consultants need?

Professional Indemnity
This may cover you for legal costs and compensation you’re ruled to pay which arise from a client alleging they’ve suffered a financial loss due to your advice.1
Public Liability
This may be a requirement for any business that deals with members of the public. It provides cover against claims where a client or a member of the public alleges your business activities caused them physical injury, or damage to their property.1 For example, if someone was to slip and fall while visiting your office.
Business Insurance
Business Insurance is a package insurance that allows you to bundle different coverages into one policy. It is designed to include cover for your physical business premises and/or your business assets and equipment. Cover options include damage to building & contents, theft, money, business interruption and portable property, along with computer and machinery breakdown.1
Cyber Insurance
Cyber insurance provides cover for financial loss suffered as a result of a cyber attack. This can include phishing, malware and ransomware.1

In providing your service, you likely deal with some very sensitive information, and this data may make you a very lucrative target for cyber criminals.
Management Liability
As the owner of a business, you are responsible for making management-related decisions, including decisions about your company’s finances, about your employees, and about the general running of your business.

Management Liability is designed to protect you as a business owner and manager against allegations of mismanagement and actions brought by regulatory authorities.1

Cover benefits of Professionals Indemnity Insurance for Consultants

Flexible Professional Indemnity cover limits
Choose a level of Professional Indemnity that suits you: $1 million, $2 million, $3 million, $4 million, $5 million, or $10 million with 4 reinstatements.1

Flexible Public and Products Liability cover limits
Choose a level of Public and Product liability that suits you: $5 million, $10 million or $20 million combined Public and Products Liability limit per occurrence and the limit chosen in the aggregate.1

Run-Off Cover
You can be subject to claims for professional wrong-doing even after you retire, cease practising or sell your business. Run-off cover extends your insurance policy for up to 7 years after your business ceases, to respond to claims which arose while the business was operating. 1

Unlimited Retroactive Date
You may be covered for claims relating to events that happened before you purchased cover, as long as you weren’t aware of a claim or facts or circumstances which could give rise to a claim before you purchased the policy.1

No Excess
No excess for certain claims against the Professional Indemnity section.1

Complimentary Legal Consultation
During the Period of Insurance, you’re entitled to 1 hour of free legal advice from the appointed firm and legal practitioner listed in your Schedule, on any matter relating to the Professional Services.1

Contractor Cover
The policy we arrange extends to cover actions of contractors you engage.


Frequently Asked Questions
Here are some questions commonly asked by Consultants.
If I’m a Consultant, do I need both Professional Indemnity (PI) and Public Liability (PL)?
PI insurance helps provide cover for claims made against your business by clients claiming that your specialist services or advice caused them financial loss. Public Liability insurance may help you to pay the costs associated with a third party injuring themselves or damaging their property as a result of your business, or due to using products that you offer. PL can also be taken out as part of a Business Insurance policy or some PI policies.
I run my consulting business from home, what insurance do I need?
The insurance you need will vary depending on the nature of your work. You can take out Professional Indemnity Insurance to cover you if a client alleges your advice caused them financial loss. If you use the internet to conduct any aspect of business, or if you store any client data on your computer, you may be susceptible to cyber risks, so Cyber Insurance would be another consideration. If you operate your business from home, it’s also a good idea to check the coverage under your Home Insurance to see what is covered and decide whether you also need to take out Business Insurance or Public Liability Insurance.
How much Professional Indemnity Insurance do I need?
This will depend on a number of factors such as your business activity, your business needs, the size of your business and the clients you work with. Some clients may require you to have a minimum level of cover to work for them. Most PI Insurance policies start at a minimum cover of $1 million, but the minimum may not be enough for you, so you should speak to a qualified solicitor or financial advisor before deciding how much cover you need.
Explore more FAQs
Why do I need Cyber Insurance?
If you use the internet for work, or if you store any client data, you may need Cyber Insurance. This may cover expenses and legal costs associated with a data breach, loss of client information or cyber-attack. Costs can include computer expert services, data recovery, ransom and legal costs.

Do I need to take out separate insurance to cover my employees?
Yes, if you employ staff, you will need to take out Workers Compensation Insurance. You can speak to your state regulator about your needs as coverage and legislation varies between different states.

What if I retire or leave the profession?
Professional Indemnity insurance policies arranged by Aon are ‘Claims made and notified’ policies.  This means that the policy only provides cover for claims made against you whilst the policy is in force (subject to policy terms and conditions).  If the policy lapses, is not renewed or is cancelled, there is no cover available under the policy for claims made against you after that time

If you plan to retire or leave the professional, you may need to arrange Run-Off cover. Run-off cover provides cover for claims made against you after your current Professional Indemnity policy expires. Run-off cover is NOT automatically provided; you must apply for run-off cover AND be accepted by your insurer in order to have run-off cover apply. If your policy is lapsed, not renewed or cancelled, and you have not applied for run-off cover, you may be uninsured for any claims made against you after your current policy expires, lapses or is cancelled

For example if a client makes a claim against you for an act, error or omission due to that past work performed then the policy you have in place at the time of the claim, not the time of the work will respond.


Call 1300 836 028

8:30am - 7:00pm AET
Mon - Fri (except public holidays) 
1Subject to full terms, conditions and limits of the policy. Please review the full policy wording for more information.

Consultants Professional Indemnity and Broadform Liability is arranged by Aon Risk Services Australia Limited ABN 17 000 434 720 AFSL 241141 (Aon) as agent for the insurer, Insurance Australia Limited trading as CGU Insurance, ABN 11 000 016 722 AFSL 227681. If you purchase this insurance Aon will receive a commission that is a percentage of the premium. Please let us know if you would like any further information.