Understanding Your Advisory Role
At Clear Insurance, we understand the unique position of advisory board members. You provide valuable strategic guidance and industry expertise to businesses, yet you may face different professional liability exposures to traditional directors.
We specialise in providing insurance advice to advisory board members, non-executive advisers, and strategic consultants who serve on advisory boards for private companies, family businesses, and growing enterprises across Australia.
Whether you’re advising one company or serve on multiple boards across different industries, we help you understand the insurance considerations relevant to your advisory activities and guide you toward appropriate professional protection.
Professional Insurance Guidance for Advisory Board Members
We work with experienced professionals serving on advisory boards including:
Understanding Insurance Needs for Advisory Board Members
Advisory board members face specific exposures that require careful consideration and appropriate insurance protection.
Key Insurance Considerations
Common Advisory Board Scenarios
Our Approach
Understanding Your Advisory Role
We start by understanding your specific advisory board positions, the industries you advise, your appointment terms, and the nature of advice you provide. This helps us identify insurance requirements relevant to your activities.
Insurance Position Assessment
We review your current insurance arrangements and assess whether the companies you advise have appropriate D&O or professional indemnity insurance that extends to advisory board members. You’ll receive a clear assessment of your coverage.
Tailored Advice
We provide clear recommendations on appropriate insurance options, explaining complex policy terms in straightforward language. Our advice considers your specific advisory roles, industries, and risk exposures.
Professional Market Access
Through our Steadfast network membership and relationships with Australian insurers, we help you access appropriate coverage for your advisory activities.
Ongoing Support
As your advisory board positions evolve, whether taking on new advisory roles, transitioning to statutory director positions, or changing industries, we provide continued advice and assistance with policy adjustments and annual reviews.
Insurance Services
“Clear Insurance has been our trusted allied health insurance provider for many years. They offer comprehensive coverage and personalised recommendations. Their knowledgeable advisors and proactive approach have been invaluable, especially during industry changes. Their efficient claims handling process and commitment to customer service make them an outstanding choice.”
“We couldn’t be more pleased with the outstanding service provided by Lisa and her team from Clear Insurance in renewing our new insurance policies. Their dedication, attention to detail, and responsiveness made the entire process seamless and stress-free. They took the time to understand the needs of our business and found us the best available coverage at competitive rates. We highly recommend anyone looking for a knowledgeable and reliable insurance partner to get in touch with Lisa and the team from Clear Insurance!”
“We’ve been so impressed at the high-quality service provided by Clear Insurance. They were very thorough when assessing our insurance needs, ensuring that they completely understood our business before making any recommendations. Thank you, Lisa and the team!”
“Clear Insurance has become a key partner for WorkSafe Connect. Lisa and the team have ensured that we understand the risks associated with our business interests and have helped us decide on the cover we need. From taking over an existing set of policies to the full re-marketing of our portfolio, the quality of service, transparency of advice and responsiveness to any request is outstanding. In Clear Insurance, we feel that we are working with a partner who wants the best result for our business and is helping us achieve success.”
“I have had such a good experience with Clear insurance. They recommended to me many changes to my old policies and in less than 4 months the difference saved me $80,000 so I am over the moon. They absolutely know their area of expertise. Thank you to Clear insurance and yes, I can’t recommend them enough.”
“Clear Insurance completed an in-depth analysis of our insurance coverage, identifying our organisation was under-insured. They provided a comprehensive proposal specific to the context that we work in and our growth as a business. It is evident to me, Clear Insurance work diligently and tirelessly to truly understand the needs of their clients to protect them against potential risks.”
“All the work you guys do to help us, we are really grateful.”
“I note your disclosure of the Advisor Service Fee and think that this adds veracity to the insurance renewal process.”
“It’s refreshing to get great service!”
*These testimonials represent individual client experiences. Results vary based on circumstances, requirements, business operations, and market conditions.
Servicing Advisory Board Members Across Australia
We advise advisory board members in Brisbane, Sydney, Melbourne, Gold Coast, and throughout Australia. Our team understands the professional liability exposures faced by advisory board members, the distinction between advisory and statutory roles, and insurance requirements for professional advisers serving in governance capacities.
Whether you’re an experienced executive serving on multiple advisory boards, a subject matter expert providing industry-specific advice, or a professional adviser serving in advisory capacities, we provide expert guidance tailored to your advisory activities.
Frequently Asked Questions
Do I need my own professional indemnity insurance as an advisory board member?
It depends on your appointment terms and whether the company you advise has D&O or professional indemnity insurance that extends to advisory board members. We can review your situation and advise whether additional personal insurance is appropriate. Remember professional indemnity operates on a claims-made basis – your policy must be active when a claim is reported. For more information, see our Professional Indemnity Insurance page.
What’s the difference between advisory board members and statutory directors?
Advisory board members typically provide strategic advice and guidance but don’t have the statutory duties, powers, or liabilities of directors under the Corporations Act. However, the distinction isn’t always clear-cut, and your insurance needs depend on your actual role and activities.
Does the company’s D&O insurance cover advisory board members?
Sometimes, but not always. Some D&O policies extend to advisory board members, while others specifically exclude them or only cover statutory directors. We can help you verify whether company insurance provides coverage for your advisory role.
What happens if I serve on multiple advisory boards?
You need to ensure your insurance coverage is adequate for all positions, considering the cumulative exposure across different companies and industries. We can structure appropriate coverage for multiple advisory board roles.
How much professional indemnity cover do advisory board members need?
Coverage requirements depend on the industries you advise, the size of companies you advise, and potential claim exposures. Common limits range from $1m to $5m or higher for advisory board members working with substantial companies.
What if I’m not paid for my advisory board role?
Being unpaid doesn’t eliminate liability exposures. You still provide advice and guidance that could lead to professional negligence claims. Insurance protection remains important regardless of remuneration.
Do I need insurance if my advisory role is informal?
If you’re providing strategic advice or recommendations to businesses in an advisory capacity, even informally, you may face professional liability exposures. We can assess your situation and advise on appropriate protection.
What’s covered under professional indemnity for advisory board members?
Typically covers defence costs and damages arising from claims of professional negligence, errors, omissions, or breach of duty in providing advisory services. Coverage specifics depend on policy wording. Professional indemnity operates on a claims-made basis, see our Professional Indemnity Insurance page for more information.
Start Your Journey with Clear Insurance Today
Every advisory board member’s situation is unique. The industries you advise in, the companies you serve on, and the advice you provide all shape your professional liability exposures.
Get in touch with us for a no-obligation risk and insurance review. We’ll assess whether your current insurance arrangements provide adequate protection, and recommend solutions tailored to your specific activities.
We take time to understand the industries you advise in, the nature of your advisory roles, and the exposures relevant to each position before making recommendations. No pressure, no hidden agenda, just expert advice focused on protecting you against the risks that matter to your advisory board career.
Contact us by completing our online enquiry form or speak with a senior adviser by calling 1300 721 132 or emailing info@clearinsurance.com.au.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Clear Insurance Pty Ltd. ABN. 41 601 916 689. AFSL No. 548953.
Last updated: 1 September 2026