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Professional indemnity (PI) insurance covers you if a client claims your professional advice, services, or work caused them financial loss. It pays your legal defence costs and any compensation awarded. PI is mandatory for many licensed professions in Australia including financial advisers, accountants, lawyers, engineers, and healthcare practitioners.
Any business or individual who provides professional advice, services, or expertise to clients should carry PI insurance. This includes financial advisers, accountants, lawyers, architects, engineers, IT consultants, marketing professionals, healthcare practitioners, and real estate agents. Many industry associations mandate PI as a condition of membership, and client contracts increasingly require it before engagement commences.
Professional indemnity is written on a 'claims-made' basis, meaning the policy active when the claim is lodged is the one that responds — not the policy active when the work was performed. This means if you cancel your PI policy after retiring or selling your business, you lose cover for past work. Run-off cover (also called extended reporting period cover) provides continued protection after you cease trading, which is strongly recommended.
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