What is average cost of indemnity insurance in Australia depends on profession, 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 insurance, also called PI, covers legal costs and compensation $1M to $5M if you give faulty advice causing client loss, costing $500 to $1,000 per year for consultant, accountant and IT with $1M cover, $1,000 to $2,000 for real estate agent and mortgage broker $2M cover, $2,000 to $5,000 for architect, engineer and lawyer $2M to $5M cover, and $10,000 to $20,000 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, claims history, revenue $100K to $1M and cover $1M to $5M. So average cost of indemnity insurance $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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