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.
| 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 |
| $691.60 | $749.93 | $837.42 | $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 |
| $720.77 | $749.93 | $837.42 | $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.
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:
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.
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.
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.
If you offer expert services or advice to clients, you probably need professional indemnity insurance. It can be useful for:
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How much would it cost to have PI minimum $2M and PL minimum $5M?
Hi Kris, To get a quote specific to your situation you can enter your details in the form and a broker will follow up with you directly.