Finder makes money from featured partners, but editorial opinions are our own.

Cheap professional indemnity insurance

Cheap professional indemnity insurance does exist. Get covered against claims of negligence from $42.63 a month.

What you need to know

  • We compared prices from 5 business insurers and found that the cheapest professional indemnity insurance policy cost around $43 a month.
  • While prices will differ depending on factors like the business you operate and how much you earn, the quotes can be a helpful gauge of what you could be paying.

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.

ProviderMonthly cost for $250,000 coverMonthly cost for $500,000 coverMonthly cost for $1,000,000 cover Excess payable on claims
AIG Business Insurance$52.25$52.25$54.66$0
Berkeley Business Insurancen/an/an/an/a
Dual Business Insurancen/an/an/an/a
QBE Business Insurance$85.94$98.45$110.00$0
Vero Business Insurance$49.84$52.25$61.88$0
Average$62.68$67.65$75.51$0
ProviderMonthly cost for $250,000 coverMonthly cost for $500,000 coverMonthly cost for $1,000,000 cover Excess payable on claims
AIG Business Insurance$42.63$42.63$42.63$0
Berkeley Business Insurance$691.60$749.93$837.42$750
Dual Business Insurance$45.05$45.05$51.79$2,500
QBE Business Insurancen/an/a$57.06$1,000
Vero Business Insurance$89.55$94.60$114.81$2,500
Average$59.08$60.76$66.57$1,350
ProviderMonthly cost for $250,000 coverMonthly cost for $500,000 coverMonthly cost for $1,000,000 cover Excess payable on claims
AIG Business Insurance$52.25$52.25$54.66$0
Berkeley Business Insurance$720.77$749.93$837.42$0
Dual Business Insurance$40.28$40.28$52.02$0
QBE Business Insurance$46.23$51.87$57.06$0
Vero Business Insurance$49.84$52.25$61.88$0
Average$47.15$49.16$56.41$0
ProviderMonthly cost for $250,000 coverMonthly cost for $500,000 coverMonthly cost for $1,000,000 cover Excess payable on claims
AIG Business Insurance$52.25$52.25$54.66$0
Berkeley Business Insurancen/an/an/an/a
Dual Business Insurancen/an/an/an/a
QBE Business Insurancen/an/an/an/a
Vero Business Insurance$75.11$79.20$95.56$2,500
Average$63.68$65.73$75.11$1,250
ProviderMonthly cost for $250,000 coverMonthly cost for $500,000 coverMonthly cost for $1,000,000 cover Excess payable on claims
AIG Business Insurance$52.25$52.25$54.66$0
Berkeley Business Insurancen/an/an/an/a
Dual Business Insurancen/an/an/an/a
QBE Business Insurance$103.98$119.63$134.06$0
Vero Business Insurance$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

One

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.

Two

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.

Three

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:

  • Pest inspectors
  • Building inspectors
  • Accountants
  • Tax agents
  • Lawyers
  • Solicitors
  • Engineers
  • Architects
  • Bookkeepers
  • PR consultants
  • Business consultants
  • Real estate agents
  • Life coaches
  • Mortgage brokers

Talk to a broker about cheap professional indemnity policies

Gary Ross Hunter's headshot
Editor, Insurance & Innovations

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

Gary Ross's expertise
Gary Ross has written 730 Finder guides across topics including:
  • Health, home, life, car, pet and travel insurance
  • Managing the cost of living

More guides on Finder

  • Run-Off Insurance

    Want a professional indemnity insurance policy that also covers you for past projects and services? Find out more about run-off insurance.

  • Professional Indemnity Insurance for Physiotherapists

    Are you a practising physio or an owner of a clinic? Make sure you have professional indemnity cover.

  • Professional Indemnity Insurance for Travel Agents

    This guide looks at the exposures travel agents face and how PI Insurance protects them from claims of negligence, error or omission.

  • Professional indemnity insurance for lawyers

    Lawyers are often instrumental in pursuing claims for others, but ironically, they too can be sued for breaching their duty of care.

  • Professional Indemnity Insurance for Psychologists

    Receive quotes for Professional Indemnity Insurance for Psychologists from Australian Business Insurance providers.

  • Professional Indemnity Insurance for Accountants

    Why do accountants need professional indemnity insurance? Why do they need public liability insurance? This article looks at the many risks that accountants are exposed to in the course of doing business and will hopefully convince every accountant who reads it that PI Insurance is not something they can afford to be without.

  • Professional Indemnity Insurance for Nursing

    Nursing is a vital profession in hospitals and nursing homes around Australia, but the people who work as nurses are exposed to a unique range of risks. If a nurse were to make a mistake or an error of judgement — for example administer the wrong medication, fail to follow a doctor’s instructions or give incorrect advice to a patient — they could find themselves the subject of a lawsuit for a breach of their professional duty.

    This is where professional indemnity insurance shows its worth. This type of cover offers much-needed financial protection for nurses against claims of negligence or malpractice. It covers the cost of your legal defence as well as any compensation you may be legally required to pay to a third party. Public relations costs to repair your professional image are also covered by professional indemnity policies.

    In order to find the right professional indemnity insurance policy for you, compare policies at finder.com.au and seek advice from colleagues. Compare quotes from a number of insurers and seek help from an insurance consultant if required.

  • Public Liability Insurance and Professional Indemnity Insurance

    Want protection against liability and negligence claims? Find out why these two forms of cover are essential for many businesses.

Ask a Question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

2 Responses

    Default Gravatar
    KrisOctober 9, 2023

    How much would it cost to have PI minimum $2M and PL minimum $5M?

      AvatarFinder
      SarahOctober 13, 2023Finder

      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.

Go to site