Business Insurance
Safeguarding professionals against claims of negligence
If your work is advice — whether you're an accountant, consultant, designer or engineer — a single mistake can lead to a claim. Professional indemnity is designed to cover the financial cost of alleged negligence or breach of duty, subject to the terms of your policy.
What is professional indemnity insurance?
Professional indemnity insurance (PI) is designed to cover claims of alleged negligence or breach of duty while providing professional advice or services — including errors, omissions or acts that may have occurred. It's often held alongside public liability insurance.
An example — public liability
Your delivery van rolls back and damages a bakery's window and products because of a faulty brake. The bakery owner can claim against your company — and the damage is covered by public liability insurance.
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An example — professional indemnity
You make a mistake preparing a client's tax deductions and they're fined by the ATO. They can take legal action against you — and professional indemnity covers the damage caused by your mistake.
What does professional indemnity cover?
Details differ between policies, but most PI policies cover the costs that flow from a claim.
Exclusions vary by insurer — your policy schedule will specify them.
- Expenses from disciplinary proceedings
- Legal fees imposed against you
- Legal costs of defending or responding to a claim
- Compensation for a claim, including court-awarded damages
- Costs of investigating the case
From our clients
“Our dealings with KeyInsure have always been very friendly and helpful, also very quick response and professional advice. Pretty sure they save us money on our insurances also. Thank you.”
KeylendCommon questions
Why should you get a PI policy?
People sue for any mistake — real or imagined. PI can respond to claims whether the loss is actual or alleged, subject to policy terms. Honest mistakes happen, and the right cover is about sizing your protection to your practice and turnover, so you're not paying for cover you'll never use.
Related cover
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General advice only. Consider the relevant PDS & TMD before acquiring any product.