Professional Indemnity Insurance Questions

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Professional Indemnity Insurance FAQ's*

The SMART team of business insurance brokers are here to help small business owners with their business insurance questions.

Here we have tried to answer many of the most frequently asked questions our team receive in relation to professional indemnity insurance.

We hope your find the answers to the frequently asked professional indemnity insurance questions If you need further information regarding professional indenity coverage for your business please call 1300 542 573 or contact us online.

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Your QUESTIONS regarding
Professional Indemnity Insurance ANSWERED:*

If you need to modify your policy limits you should advise one of our brokers of your change in circumstances and the changes you would like to make. While typically you may be able to increase your policy limit mid term many insurers are reluctant to reduce your limits mid term as you will have a pre-existing certificate of currency with a higher limit.

When doing so, remember to always keep in mind all possible outcomes (including worst-case scenarios) and ensure you have adequate policy cover should they occur.

Yes, you can advise a Smart Business Insurance broker of the changes to your policy you would like to make. We can help you to amend or change the terms of your policy and advise you of how this affects your coverage and cost of your policy.


All Professional Indemnity insurance policies have varying terms of cover and will often have specific exclusions, or circumstances in which cover is not provided. You must read the wording of your policy carefully and have your insurance representative or broker explain fully any exclusions that may apply in a policy. Examples of circumstances that are specifically excluded from coverage are claims that result from intentional damage, involve fraud or dishonesty or where the policyholder has assumed any liability under the terms in a contract.


Yes, the term “Errors and Omissions” is another way of referring to professional indemnity and is often used in other countries, notably the United States.

Additional insurance that you may need will depend on your profession and the nature of the work that you undertake.

If, for example, you conduct your business from an office where clients visit, you may need Commercial Building insurance to cover yourself against the costs of repairing your premises if it is damaged by fire, storm or other event and Business Interruption insurance to cover losses while the repairs are made. You may also require Public and Products Liability insurance that may protect you against claims when someone is injured on your property or by the products you make or sell.

The internet has become a necessity in today’s business environment but poses significant business risk so you should also consider Cyber insurance that may protect your business against cyber threats such as exposure of client data, intellectual property theft and other internet-related risks.

General property can cover your laptops and mobile and personal accident and sickeness can pay you upto 75% of your income if you are unable to work for an extended period due to a covered event.

Need more CERTAINTY regarding your business insurance cover?
Have questions or want GUIDANCE?
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What that means is that we are YOUR representative, and our first responsibility is to YOU, unlike an insurance agent who represents the insurance company.

And in the event of a claim, we fight for YOU, which may mean a faster and more successful claim.^

^Important : We have no power to authorise claims. However, our experience and assistance can help you when you have a claim.


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