Professional Indemnity Insurance
When clients rely on your professional advice or services, mistakes and allegations can have serious consequences. Professional indemnity insurance can help protect your business when things don't go as planned.
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1200+
Businesses covered
250+
Referral partners
98%
Retention rate
What Is Professional Indemnity Insurance?
Professional indemnity insurance is designed to protect businesses and professionals against certain claims arising from the professional advice or services they provide.
Claims can involve allegations of negligence, errors, omissions, incorrect advice or breaches of professional duty. Even where you believe you have done nothing wrong, responding to an allegation can involve significant time and legal expense.
Surety Risk Solutions takes the time to understand the professional services you provide, your clients, contracts and potential exposures before helping you arrange cover suited to your circumstances.
Protection for Your Professional Advice & Services
Professional indemnity claims can arise from the work you perform today or services provided years earlier. The right policy needs to reflect your profession, activities and the potential consequences if something goes wrong.
Professional Negligence
Protection against certain claims alleging that your professional advice or services were negligent or failed to meet the standard expected of you.
Errors & Omissions
Cover for certain claims arising from alleged mistakes, errors or omissions in the professional services you provide.
Legal Defence Costs
Professional indemnity insurance can provide cover for certain legal costs associated with investigating and defending an insured claim.
Investigations & Other Costs
Depending on the policy, cover may extend to certain investigations and other costs arising from your professional activities, subject to the policy terms and conditions.
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Protection for Businesses Providing Advice & Expertise
Professional indemnity isn't limited to traditional professions. Businesses that provide advice, designs, recommendations or specialist services can all face claims arising from the work they perform.
Consultants & Advisers
For businesses providing professional advice, recommendations, analysis or specialist consulting services to their clients.
Accountants & Professional Services
For professional practices where clients rely on specialist knowledge, advice and services when making important decisions.
Designers & Technical Professionals
For businesses providing designs, specifications, technical advice or other services where an error could result in financial loss.
Specialist Service Providers
For businesses providing specialist expertise or professional services where clients rely on their knowledge, experience and recommendations.
Let's Start the Conversation.
Whether you're a business looking for commercial insurance or an adviser looking to broaden what you offer, the first step is the same. Tell us a little about the situation and we'll put you with the right specialist.
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A More Considered Approach to Professional Indemnity
Professional indemnity insurance requires more than selecting a limit. Understanding exactly what you do and the potential consequences of your advice or services is an important part of arranging the right cover
01. Understand Your Professional Services
We start by understanding the services you provide, your qualifications and experience, your clients and the type and value of work you undertake.
02. Identify Your Professional Exposures
We consider your contracts, previous work, claims history, use of subcontractors and the potential financial consequences if an allegation is made against you.
03. Approach the Insurance Market
Surety Risk Solutions approaches suitable insurers and underwriting agencies and considers the available cover, limits, excesses, conditions and exclusions.
04. Explain Your Options
We explain the available terms and important policy features, including claims-made cover and retroactive dates, so you can make an informed decision.
Why Surety Risk Solutions?
Professional indemnity policies can vary considerably between professions and insurers. Our role is to understand what you do and help you navigate the insurance options available to your business.
We Understand the Detail Matters
Professional activities need to be accurately described to insurers. We take the time to understand the full scope of the services you provide before approaching the market.
Access to Specialist Markets
We work with insurers and underwriting agencies offering professional indemnity solutions across a range of professions and occupations.
We Look Beyond the Premium
Price matters, but so do policy wording, retroactive cover, exclusions, excesses and limits. We help you consider the broader insurance terms rather than focusing on price alone.
Support When a Claim Arises
Professional indemnity claims can be complex. If an allegation or circumstance arises, we can help you understand the notification process and work with you as the claim progresses.
Your Questions, Answered
Understanding your insurance options can feel complex. Explore answers to some frequently asked questions about cover, costs and what to expect when arranging insurance with Surety Risk Solutions.
What is professional indemnity insurance?
Professional indemnity insurance is designed to protect businesses and professionals against certain claims arising from the professional advice or services they provide. This can include allegations of errors, omissions, negligence or breaches of professional duty.
Who needs professional indemnity insurance?
Businesses that provide professional advice, designs, recommendations or specialist services should consider professional indemnity insurance. For some professions it may also be required by legislation, a professional association, licensing requirements or contracts.
What does professional indemnity insurance cover?
Depending on the policy, professional indemnity insurance can cover compensation claims and legal defence costs arising from allegations relating to professional services. Some policies may also provide cover for certain investigations and other associated costs.
Is professional indemnity insurance compulsory in Australia?
It is compulsory for some professions and occupations, while others may be required to hold it under contractual or professional membership requirements. Even where it isn't mandatory, businesses providing professional services should consider their exposure to claims arising from their advice or work.
What is a claims-made insurance policy?
Professional indemnity insurance is generally written on a claims-made basis. This means the policy in force when a claim is first made against you, or when you first become aware of circumstances that may lead to a claim, can be particularly important. Maintaining continuous cover and promptly notifying potential claims is therefore important.
What is a retroactive date?
A retroactive date determines how far back the policy may respond to acts, errors or omissions that occurred before the current policy period. The effect of a retroactive date can be significant, particularly when changing insurers, so it should be reviewed carefully.
How much professional indemnity insurance do I need?
The appropriate limit depends on your profession, size of contracts, potential financial consequences of an error and any regulatory or contractual requirements. It's worth considering the potential size of a claim rather than simply choosing the lowest limit available.
What is run-off cover and when might I need it?
Run-off cover provides ongoing protection for certain claims arising from professional services provided before you ceased trading, retired or sold a business. Because professional indemnity claims can arise well after the work was completed, maintaining appropriate run-off cover can be important.
Still have questions?
Every situation is different, and you may need guidance specific to your circumstances. Speak with Surety Risk Solutions for clear, practical answers and help exploring suitable insurance options.
Let's Start the Conversation.
Whether you're a business looking for commercial insurance or an adviser looking to broaden what you offer, the first step is the same. Tell us a little about the situation and we'll put you with the right specialist.