How much indemnity insurance would cost in Australia depends on profession and cover, with professional indemnity $500 to $2,000 per year for small business $1M to $2M cover, $2,000 to $5,000 for medium and $5,000 to $20,000 for high risk like medical and construction. Professional indemnity, also called PI or personal indemnity, covers legal costs $50K to $100K and compensation $100K to $500K if you give faulty advice causing client loss, costing $500 to $1,000 per year for consultant, IT, accountant and mortgage broker with $1M to $2M cover, $1,000 to $2,000 per year for real estate agent $2M cover, $2,000 to $5,000 per year for architect, engineer, lawyer $2M to $5M cover, and $10,000 to $20,000 per year for medical doctor $20M cover. For example, IT consultant $1M PI costs $600 per year, accountant $1M $800 per year, real estate agent $2M $1,200 per year, architect $2M $2,500 per year, doctor $20M $15,000 per year. Factors include profession risk, revenue $100K to $1M, claims history and cover $1M to $5M. So indemnity insurance costs $500 to $2,000 per year for small business $1M to $2M cover, $2,000 to $5,000 for medium professional $2M to $5M, $10,000 to $20,000 for high risk medical $20M, with consultant cheapest $500 and doctor most expensive $15K, essential for professionals giving advice to avoid $100K to $500K claims.
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