Can you buy your own indemnity insurance in Australia, yes you can buy your own professional indemnity insurance $500 to $2,000 per year for $1M to $2M cover via insurers like AIG, Allianz, QBE and BizCover online, essential if you are self-employed consultant, tradie, accountant, real estate agent, architect and doctor, as employer PI may not cover your personal liability $100K to $500K. You can buy own indemnity insurance directly from insurers or brokers, with online quotes from BizCover, AON, Marsh, costing $500 to $1,000 per year for consultant, IT, accountant $1M cover, $1,000 to $2,000 for real estate $2M, $2,000 to $5,000 for architect, engineer, lawyer $2M to $5M, and $10,000 to $20,000 for doctor $20M, with cover for legal costs $50K to $100K and compensation $100K to $500K if you give faulty advice causing client loss. For example, self-employed IT consultant can buy $1M PI for $600 per year via BizCover online in 10 minutes, covering $100K claim for faulty software causing client $100K loss. If you are employee, employer PI $2M to $5M covers you at work, but not for side business or freelance, so you need own PI. So yes you can buy your own indemnity insurance via insurers AIG, Allianz, QBE and brokers BizCover online $500 to $2,000 per year for $1M to $2M cover, essential for self-employed professionals to avoid $100K to $500K personal liability, with own PI covering you personally, not just employer.
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