Professional indemnity insurance helps protect Australian businesses and professionals when a client alleges that an error, omission, negligent act or breach of professional duty caused financial loss.
For Your Project
Great Value
We're Here to Help
Local Experts
Professional indemnity insurance, also known as PI or errors and omissions insurance, is designed for businesses that provide advice, designs, reports, recommendations or specialist professional services. It can help respond to claims alleging financial loss, even where the allegation is ultimately unproven.
Cover may respond when a client alleges that an error, omission or negligent act in your professional service caused financial loss.
Professional indemnity policies can assist with reasonable legal and investigation costs in defending covered claims, subject to the wording.
Protection may be available for allegations that advice, designs, calculations, reports or recommendations failed to meet the expected professional standard.
Depending on the policy, cover may include certain allegations involving breach of professional duty, confidentiality or privacy.
Relevant for eligible builders, consultants, engineers, designers and contractors with professional or design responsibilities.
Some policies can address eligible past work through retroactive dates or provide run-off protection after a business ceases trading.
We understand the professional risks faced by builders, consultants, contractors and service businesses.
We help align the policy with your actual services, contracts, clients and project responsibilities.
We approach suitable commercial insurers and compare limits, excesses, conditions and exclusions.
We help you understand notification requirements and the policy response when a claim or allegation arises.
ABS provides practical insurance advice for businesses and professionals across Australia.
Speak with ABS Insurance Brokers about professional indemnity insurance tailored to your services, contracts and professional responsibilities.
Professional indemnity insurance is designed to help protect businesses and professionals against claims alleging that their advice, design, report, recommendation, service or professional work caused a client financial loss. It may cover defence costs, settlements or compensation where the policy responds.
It is relevant to businesses and individuals providing professional advice or services, including consultants, engineers, architects, designers, accountants, lawyers, IT professionals, project managers, surveyors, brokers, builders with design responsibility and specialist contractors.
Depending on the policy, cover may include negligent acts, errors and omissions, breach of professional duty, confidentiality issues, defamation, intellectual property allegations, legal defence costs, investigation expenses and compensation for covered claims.
Common exclusions can include intentional wrongdoing, fraud, known circumstances, criminal acts, fines and penalties, contractual liabilities beyond the professional duty that would otherwise exist, bodily injury and physical property damage. Exact exclusions vary by insurer and policy.
We generally need details of your profession, services, turnover, clients, contracts, qualifications, project activities, prior claims or circumstances, desired limit and any contractual insurance requirements. Accurate disclosure is essential.
