Cheap professional indemnity insurance

See some cheap professional indemnity insurance prices

To help you find cheap professional indemnity insurance, we calculated the average monthly cost of policies from 5 Australian business insurance providers for 5 different jobs. Remember, these prices won't be the exact same for you. Costs differ depending on several factors including job, employee numbers, the amount of cover you take out and how much you earn.

• Event Management
• Accountant
• Business Administrative Service
• Plumbing Services
• Doctors Surgery - Veterinary

Provider	Monthly cost for $250,000 cover	Monthly cost for $500,000 cover	Monthly cost for $1,000,000 cover	Excess payable on claims
	$52.25	$52.25	$54.66	$0
	n/a	n/a	n/a	n/a
	n/a	n/a	n/a	n/a
	$85.94	$98.45	$110.00	$0
	$49.84	$52.25	$61.88	$0
Average	$62.68	$67.65	$75.51	$0

Provider	Monthly cost for $250,000 cover	Monthly cost for $500,000 cover	Monthly cost for $1,000,000 cover	Excess payable on claims
	$42.63	$42.63	$42.63	$0
	$691.60more info button	$749.93more info button	$837.42more info button	$750
	$45.05	$45.05	$51.79	$2,500
	n/a	n/a	$57.06	$1,000
	$89.55	$94.60	$114.81	$2,500
Average	$59.08	$60.76	$66.57	$1,350

Provider	Monthly cost for $250,000 cover	Monthly cost for $500,000 cover	Monthly cost for $1,000,000 cover	Excess payable on claims
	$52.25	$52.25	$54.66	$0
	$720.77more info button	$749.93more info button	$837.42more info button	$0
	$40.28	$40.28	$52.02	$0
	$46.23	$51.87	$57.06	$0
	$49.84	$52.25	$61.88	$0
Average	$47.15	$49.16	$56.41	$0

Provider	Monthly cost for $250,000 cover	Monthly cost for $500,000 cover	Monthly cost for $1,000,000 cover	Excess payable on claims
	$52.25	$52.25	$54.66	$0
	n/a	n/a	n/a	n/a
	n/a	n/a	n/a	n/a
	n/a	n/a	n/a	n/a
	$75.11	$79.20	$95.56	$2,500
Average	$63.68	$65.73	$75.11	$1,250

Provider	Monthly cost for $250,000 cover	Monthly cost for $500,000 cover	Monthly cost for $1,000,000 cover	Excess payable on claims
	$52.25	$52.25	$54.66	$0
	n/a	n/a	n/a	n/a
	n/a	n/a	n/a	n/a
	$103.98	$119.63	$134.06	$0
	$35.41	$36.85	$42.63	$0
Average	$63.88	$69.58	$77.12	$0

_{Quotes were based on a policy that commenced on 26 July 2021. The employee had a revenue of $150,000 and lived in the 2000 postcode. The business had 3 employees.}

What does cheap professional indemnity insurance cover?

Professional indemnity insurance covers you for legal costs, so you can defend yourself and pay damages if you're found to have done something wrong. It can cover you for:

• Breach of duty. For example, if you fail to lodge a client's paperwork in time.
• Breach of privacy or confidentiality. For example, you misplace or lose a client's personal information.
• Defamation, libel or slander. For example, you damage someone's reputation by publishing something online.
• Intellectual property infringement. For example, you accidentally breach copyright laws.
• Legal fees. For example, legal costs associated with defending yourself should you be accused of negligence.
• Reputation repair. For example, public relations costs associated with repairing your reputation if it's damaged.

How to find cheap professional indemnity insurance cover

Get multiple quotes

Although we can't tell you exactly how much you'll pay for a policy, there's nothing preventing you from clicking through, answering some questions about your business and getting quotes from a handful of insurers.

Speak to a broker

An experienced insurance broker can be a pretty effective way of finding a cheap policy. They can look at multiple different brands for you and provide you with a bunch of different options.

Select a higher excess

The higher the excess you choose, the cheaper your professional indemnity insurance premiums will be. Just remember that you'll need to pay this excess whenever you make a claim.

Who can get cheap professional indemnity insurance?

If you offer expert services or advice to clients, you probably need professional indemnity insurance. It can be useful for:

Talk to a broker about cheap professional indemnity policies

Frequently Asked Questions

• What is the reasonable amount for professional indemnity insurance?

  The reasonable amount to spend on professional indemnity insurance depends on your industry and the risk level of your work. Most professionals typically choose coverage between $1 million and $10 million, though some industries may require higher coverage based on regulatory standards or client contracts.

• How can I reduce my professional indemnity insurance?

  To reduce professional indemnity insurance costs, you can compare quotes from multiple insurers, raise your excess, or improve your risk management practices to demonstrate lower risk to insurers. Additionally, maintaining a clean claims history can help lower premiums.

• Is professional indemnity insurance tax-deductible with the ATO?

  Yes, professional indemnity insurance is generally tax deductible in Australia. According to the ATO, premiums paid on business insurance that protects against potential lawsuits and claims, such as professional indemnity insurance, can be claimed as a tax deduction.

• What is the standard professional indemnity policy?

  A standard professional indemnity policy typically covers claims related to negligence, errors, or omissions made in the course of providing professional services. It usually includes coverage for legal costs and any compensation awarded to the claimant. Coverage amounts and exclusions vary by provider and industry.

• What is the limit for Protection & indemnity?

  The limit for protection and indemnity (P&I) insurance depends on the specific policy and can range from $1 million to $10 million or more, depending on the industry and level of risk. These limits are designed to cover potential liabilities, including legal costs and settlements.

• What is the excess on professional indemnity insurance?

  The excess on professional indemnity insurance is the amount you are required to pay out-of-pocket before your insurer covers the rest of the claim. Excess amounts can vary but typically range from $500 to $5,000, depending on the insurer and the level of coverage.

Written by

Gary Ross Hunter

Editor, Insurance

Gary Ross Hunter was an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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Gary Ross has written 646 Finder guides across topics including:

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