Professional Services Insurance
Essential insurance for medical practitioners, consultants, accountants, and professional service providers.
Professional Indemnity Insurance Essentials
Medical practitioners, consultants, and professional service providers must maintain professional indemnity insurance to protect against claims and meet regulatory requirements.
$97
Average monthly PI insurance cost in Australia (2023-2024)
27%
Premium increase since 2015
+9%
Average premium spike in 2023-2024
All health practitioners who undertake any form of practice in their respective profession(s) must have professional indemnity insurance arrangements.
Initial registration and annual renewal of registration requires a declaration that the health practitioner will not practice unless they have appropriate professional indemnity insurance arrangements. This means it is mandatory for all doctors in private practice to have their own personal practitioner indemnity insurance.
All medical indemnity insurers in Australia must meet the minimum product standards prescribed in the Commonwealth Medical Indemnity (Prudential Supervision and Product Standards) Act 2003.
Australian Government Support Schemes
The medical and midwife professional indemnity insurance schemes are an Australian Government initiative that support medical indemnity insurance for privately practicing healthcare professionals:
- • ECS - Helps doctors with claims that exceed their indemnity cover
- • AHECS - Helps allied health professionals with claims exceeding their cover
- • PSS - Helps doctors with the cost of medical indemnity insurance premiums
- • ROCS - Provides run-off cover to doctors who have stopped private practice
Core Coverage Types
Professional Indemnity Insurance
Professional indemnity insurance covers claims made against professionals for negligence, errors, or omissions in the services you may provide. It protects clients across a wide range of professions against claims arising from injury, property damage, or financial loss.
Essential for Professionals Including:
- Consultants
- Accountants
- Legal practitioners
- IT professionals
- Medical practitioners
- Financial advisors
- Financial loss coverage
- Legal fee protection
- Negligence claim defense
Cyber Liability Insurance
A single cyber incident can cost a small business approximately $49,600.
Cyber Insurance is likely applicable to all businesses that have a digital footprint, such as a website or if it stores personal data.
Cyber Insurance provides financial protection and support to businesses in the event of a cyber incident. It covers loss of income, cyber liability, and various costs, including data recovery, legal fees, notification expenses, and even ransom payments.
- Data breach protection
- Data recovery costs
- Legal and notification expenses
- Ransom payment coverage
Understanding the Differences
Professional Indemnity
Not all businesses require PI Insurance. For example, a business that is not involved in providing professional advice or service is unlikely to require PI.
Covers financial losses and legal fees resulting from alleged or actual negligence in professional services or advice.
Cyber Insurance
Cyber Insurance is likely applicable to all businesses that have a digital footprint, such as a website or if it stores personal data.
Provides financial support in the event of a cyber incident, while cybersecurity prevents incidents through protective measures.
Combined Coverage for IT Professionals
Information Technology Liability Insurance is a combined policy specifically created for Information Technology professionals and contractors. The policy is a combined Professional Indemnity and Public & Products Liability Policy.
Benefits of Combined Coverage:
- Single policy with unified coverage
- No disputes between insurers about claim responsibility
- Comprehensive protection for IT contractors
Additional Coverage Options
Management Liability
Protection for company directors and officers against claims of wrongful acts in their management capacity.
Office Contents
Coverage for office equipment, furniture, and contents against damage, theft, or loss.
Our Underwriting Partners
We work with Australia's leading professional indemnity and cyber insurance underwriters:
Liberty Specialty Markets
Specialized cyber and IT liability underwriters with professional indemnity expertise
Chubb Australia
Elite Professional Indemnity policies through Marketplace platform with dedicated SME underwriters
DUAL Australia
Primary and excess layer PI policies with tailored offerings for various professional sectors
Emergence Insurance
Award-winning standalone cyber insurance for businesses and families with flexible solutions
Pacific Indemnity
Boutique underwriting agency specializing in professional risk insurance products
Probitas Pacific
Underwriting for miscellaneous professionals, design and construction risks, and solicitors
Specific Products Available
Professional Indemnity Insurance
Coverage for consultants, accountants, legal practitioners, and IT professionals who provide advice or services
Costs between $40-$250/month for $1-$10 million cover
Cyber Liability Insurance
Protection against data breaches, cyber attacks, and technology failures including recovery costs
Multi-policy discounts of 5-10% when combined with PI
Directors & Officers Insurance
Protection for company leadership against claims of wrongful acts in their management capacity
Essential for financial institutions and investment managers
Technology E&O Insurance
Comprehensive coverage for IT professionals and technology service providers
Available through PremierTech product packages
2025 Market Trends
Several insurers are actively expanding their offerings in this space with over 25 years of experience specializing in financial lines insurance. The insurance landscape for professional services in Australia continues to evolve, with insurers recognizing the increasing importance of both traditional professional indemnity coverage and emerging cyber liability risks for businesses operating in 2025.
Protect Your Professional Practice
Get comprehensive insurance coverage tailored to professional service providers with both traditional and cyber risk protection.