Cheap professional indemnity insurance

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

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We compared prices from 5 of Australia's top 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.

Compare cheap professional indemnity insurance

To get a precise professional indemnity insurance quote, you can click "Get quotes online" or "Speak to a broker" where you'll be asked a few questions about yourself.

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If you are ready to speak with a consultant about different business insurance options available, simply enter your details in the form. Keep reading if you want to learn more about the different types of cover available.
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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

Bottom line about cheap professional indemnity policies

Professional indemnity insurance is a crucial form of business cover you don't want to risk going without. If you want to get a cheap professional indemnity insurance policy, take some time out to get quotes for your business so that you can compare prices and save heaps in the long run.

Enquire about cheap professional indemnity insurance

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