Professional Indemnity Insurance – Insurance Guidance & Quotes
For any person or business that provides professional advice, specialist skills or services for a fee — PI cover is not optional. A single negligence claim can exceed annual revenue many times over.
✅ What this insurance covers
- Professional negligence — claims of errors, omissions or failures in the advice or services you provided
- Legal defence costs — typically covered within or in addition to the policy limit
- Breach of professional duty — failures to meet the standard expected of a professional in your field
- Misleading and deceptive conduct — claims under Australian Consumer Law arising from your professional services
- Intellectual property infringement — inadvertent IP breaches often included (check policy wording)
⚠️ Common gaps
- Claims-made policy misunderstood — a claim must be made AND notified during the policy period
- Retroactive date gap when switching insurers — prior acts may not be covered
- Scope of services described too broadly or too narrowly
- Run-off cover absent after retirement, sale or cessation of practice
- Limit too low for contractual requirements or realistic claim quantum
How professional indemnity is structured
- 1) Scope of services — every professional service you provide must be declared
- 2) Claims-made basis — you must have active cover when a claim is notified
- 3) Retroactive date — how far back the policy covers prior work
- 4) Limit and excess — matched to contract requirements and realistic claim exposure
- 5) Run-off — needed when you stop practicing to cover historical work
If you need to make a claim
- Notify us at the first sign of a potential claim — even a complaint or a letter
- Do not admit liability or make offers without insurer involvement
- Preserve all client communications, work files and contract documents
- Report even incidents you believe won’t develop into formal claims
Who this cover suits
- Consultants, advisers and engineers
- Surveyors, designers and planners
- IT and technology service providers
- Rural and agricultural advisers
Renewal checklist
- Confirm retroactive date carries over if switching insurers
- Review scope of services — has your practice expanded?
- Check limit against largest current contract or engagement
- Arrange run-off cover when winding down operations
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❓ Common questions about this cover
Here are some of the questions we are commonly asked when arranging professional indemnity insurance for clients across the Granite Belt, New England and Northern Rivers.
- How much does professional indemnity insurance cost? Premium depends on your specific situation — cover type, sum insured, activities, claims history and insurer selection all affect the price. We compare options and explain the differences.
- Do I need a broker or can I go direct? You can go direct to an insurer, but a broker compares multiple markets, structures cover to match your needs, and advocates for you at claim time. For complex or rural risks, broker access often finds options not available direct.
- What happens if I need to claim? Contact us immediately. We manage the notification process, help you document the loss, liaise with the insurer and their assessors, and advocate for a fair outcome.
- How do I know if I’m underinsured? Your sum insured should reflect the full cost of rebuilding or replacing at today’s prices. We can help you review your sums insured at renewal.
Talk to a local broker
Granite Belt Insurance Brokers has been arranging insurance across the Granite Belt, New England and Northern Rivers since 1999. We are based in Stanthorpe and understand the local conditions, local risks and local insurer appetite. To arrange or review your insurance, contact us without obligation.
- Call: 07 4681 1289 — Monday to Friday 8:30am to 5pm
- ✉️ Email: email hidden; JavaScript is required
- Request a quote or review: Contact Us
Why use Granite Belt Insurance Brokers
As an Authorised Representative of Community Broker Network Pty Ltd (CBN AFSL 233750) and a Steadfast Group member, Granite Belt Insurance Brokers has access to a broad panel of admitted insurers and products not available through direct channels. Our team holds formal qualifications including Diploma of Insurance Broking, QPIB and Senior Associate CIP (ANZIIF).
We act on your behalf — not the insurer’s — to help you understand your options, prepare information for underwriting, and support you through the claims process.
What to do next
If you would like to discuss your insurance requirements, contact us for a no-obligation conversation. We will help you understand what information is typically needed and what options may be available for your situation.
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All strategies and information provided on this website are general advice only which does not take into consideration any of your personal circumstances. Please arrange an appointment to seek personal advice prior to acting on this information. Cover availability, terms, exclusions and premiums vary by insurer, product and individual circumstance.
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Granite Belt Insurance Brokers is a proud member of the National Insurance Brokers Association (NIBA) and subscribes to the NIBA Code of Practice. Our brokers hold formal qualifications including Diploma of Insurance Broking, Qualified Practising Insurance Broker (QPIB) and Senior Associate CIP (ANZIIF). We are an Authorised Representative (AR 000271148) of Community Broker Network Pty Ltd ABN 60 096 916 184 AFSL 233750.
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