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What is Professional Indemnity insurance?

Professional Indemnity insurance (also known as PI insurance) is designed for professionals who provide advice or a service to their customers. It helps to provide cover for claims made against your business by customers claiming that your specialist services or advice caused them financial loss.

Professional Indemnity insurance helps to provide cover for legal costs, settlements and court costs associated with claims which are covered by the policy.

“The service is always excellent and the staff very helpful. I always receive excellent service from the receptionist through to our account manager.”
Laraine Clarke, GH Engineers Pty Ltd

Why do I need Professional Indemnity insurance?

If you receive a claim from an unhappy client or regulator, you may have to pay legal costs and compensation, which could interrupt the running of your business or even worse, lead to the closure of your business.

Professional Indemnity insurance can help to cover the costs associated with the claim. This can include compensation that is payable and depending on your policy, it can also include legal costs.* Without insurance, you would need to pay the costs for any claims made against you out of your own pocket.

What does Professional Indemnity insurance typically cover?*

  • Claims investigation costs

    Includes cover for the cost of investigating, defending and settling claims made against you.

  • Public relations costs

    Includes cover for the cost of a public relations consultant to help reduce damage to your reputation following a claim against your business.

  • Retroactive and run off cover

    Many policies include cover for incidents that happened before your insurance start date and include cover after you retire or leave the profession.

  • Cover for contractors

    Many policies provide cover for claims arising as a result of a breach of professional duty committed by any consultant, contractor, subcontractor or agent of the insured (you) for breaches you are legally liable for.

  • Public and products cover

    Many policies also include Public and Products Liability cover, which can help you to pay the costs associated with a third party injuring themselves or damaging their property while on your premises, or due to using products that you offer.

    *Cover is always subject to full terms and conditions of any policy.

Common reasons

A Claims story

An architect designed 1000mm high balustrades for two external stairs. After installation it was discovered that these were non-compliant with council building regulations. The client requested the architect pay for rectification of the balustrades so that compliance requirements were met. The architect had Professional Indemnity insurance arranged through Aon and the insurance paid out a sum of $10,000.

Common reasons that customers may use to form a PI claim against you
Incorrect Professional Advice Icon

You provided incorrect professional advice or services

Breached a contract icon

You breached a contract

Breached confidentiality or copyright icon

You breached confidentiality or copyright

Caused injury icon

You caused injury to a customer

recycle bin icon

You lost a customer’s documentation or data

Frequently asked questions

What is the difference between Professional Indemnity insurance and Public Liability insurance?

Who needs Professional Indemnity insurance in Australia?

What is the average cost of Professional Indemnity insurance in Australia?

Why choose Aon?

Common reasons
Insurance tailored for your profession

We arrange insurance tailored for many different professions, from health professionals and musicians, to real estate agents and accountants and many in between.

Common reasons
Flexible payment options

Pay by month or by year, whatever works best for you.

Common reasons
Claims management

If the worst should happen and a claim is made against you, as an insurance broker we can help manage the claim for you.

Backed by leading insurers
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qbe logo

aig logo

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