Professional Services Insurance Advisers

Specialist insurance solutions for professional practices

Professional insurance advice for established service businesses

Professional services businesses carry a risk profile that is fundamentally different to most other commercial enterprises. The product you deliver is advice and expertise – and when clients believe that advice was wrong, the consequences can be financially significant and professionally damaging. Unlike property or liability claims, professional indemnity claims often emerge years after the work was done, involve complex factual and legal questions, and can threaten the reputation of your practice alongside its finances.

Clear Insurance works with accounting firms, law practices, management consultants, technology service providers, architects, engineers, and a wide range of other professional services businesses across Australia. We understand the claims-made basis on which professional indemnity operates, the retroactive date issues that arise when practices change insurers, the contracting traps that shift liability in ways a standard policy may not cover, and the cyber exposure that has become central to managing any practice that holds client data.

Our role is to make sure your program is structured correctly – not just adequate on paper, but genuinely responsive when something goes wrong.

Businesses We Work With

Professional services is a broad category, and the insurance needs of a two-partner accounting firm are quite different to those of a 50-person technology consultancy or a sole-practitioner architect. What these businesses share is a professional duty of care to their clients – and a PI exposure that requires careful attention to policy wording, retroactive dates, and coverage scope.

We work with professionally managed professional services businesses including:

Accounting & Financial Services

Supporting accounting firms, bookkeepers, financial planners, investment advisers, and wealth management practices providing financial services to businesses and individuals. Accounting and financial planning practices face one of the most litigious professional indemnity environments in Australia. Tax advice, investment recommendations, SMSF management, and financial planning all generate claims when outcomes disappoint. ASIC-regulated businesses also carry specific compliance obligations, and financial planners operating under an AFSL have insurance requirements set by their licensee. Cyber liability is significant for any firm holding client financial data.

Legal Practices

Advising solicitors, barristers, law firms, and legal consultancies across commercial, property, family, and litigation practices. Solicitors professional indemnity is mandatory in every Australian state, and the minimum requirements are set by the relevant law society or professional body. Trust account management creates a separate exposure – misappropriation of trust funds, whether deliberate or accidental, requires specific cover. Law firms are also frequent targets for social engineering fraud, where criminals impersonate clients to redirect trust account payments.

Management & HR Consulting

Guiding management consultants, business advisers, recruitment agencies, and HR specialists providing strategic and workforce advice.

Technology and IT Services

Supporting software developers, IT consultants, systems integrators, cybersecurity specialists, and managed service providers. Technology businesses face a layered exposure: professional indemnity for advice and system design errors, cyber liability for data security and business interruption from cyber events, and public liability for on-site work. The intersection between PI and cyber is particularly important for managed service providers – a security failure in a client’s systems that was under the MSP’s management can generate both a PI claim (failure to provide the contracted service) and a cyber claim (data breach response costs).

Marketing and Communications

Guiding marketing agencies, public relations firms, digital agencies, and communications consultancies.

Property, Engineering & Architectural Services

Advising architects, engineers, quantity surveyors, and property valuers involved in design, construction, and property advisory services. Design professionals carry long-tail liability exposure – a structural or waterproofing defect may not manifest until years after practical completion. The retroactive date on a PI policy is critical for these practices. Engineers and architects also need to consider the distinction between their professional indemnity (which covers design errors) and contract works insurance (which covers physical loss during construction) – both may be relevant depending on the nature of the engagement.

Understanding Insurance Needs for Professional Services Businesses

Professional indemnity insurance is the foundation of every professional services insurance program. Understanding how it works – particularly the claims-made basis, the retroactive date, and the extended reporting period – is as important as understanding what it covers. A policy that looks comprehensive at purchase can leave significant gaps if these structural elements are not properly managed.

Professional Indemnity Insurance

Essential protection for businesses providing professional advice, consulting, or expert services:

Professional Negligence Claims

Protection against allegations of errors, omissions, or breach of professional duty in advice or services provided to clients.

Economic Loss Claims

Coverage for claims where clients allege financial loss resulting from your professional advice or services.

Defamation and Misleading Conduct

Protection against claims of defamation, misleading statements, or breach of professional standards.

Document Loss or Damage

Coverage for claims arising from loss, damage, or unauthorised disclosure of client documents or information.

Breach of Confidentiality

Protection against claims of confidentiality breaches or unauthorised disclosure of sensitive client information.

Extended Reporting Period

Long-tail protection for claims made years after services were provided, essential for professional practices.

Retroactive Cover

Protection for work performed before your current policy period, covering your practice’s historical work.

The claims-made structure means your policy must be active when a claim is made, not just when the work was done. This creates two specific obligations for professional services businesses: maintaining continuous cover (a gap in coverage eliminates protection for work done before the gap), and managing retroactive dates carefully when switching insurers (a new policy without a retroactive date covering your historical work leaves your past work unprotected).

The policy wording also matters considerably. Standard PI policies typically exclude contractual liability – meaning that obligations you have accepted by contract, beyond your common law duty of care, may not be covered. If a client contract contains a broad indemnity clause or a requirement to hold a specific insurer harmless, the PI policy may not respond to a claim arising from those contractual terms. We review client contracts and advise on clauses that create uninsured exposure before you sign.

Cyber Liability Insurance

Professional services businesses are among the most targeted sectors for cyber attacks. The combination of valuable client data, relatively open systems (designed for collaboration), and the financial profile of clients makes accounting firms, law practices, and consultancies attractive targets. For many practices, a cyber incident is now a more likely cause of business disruption than a fire or flood.

Data Breach Response

Coverage for costs associated with responding to data breaches including forensic investigation, client notification, and credit monitoring.

Privacy Liability

Protection against claims arising from unauthorised access, disclosure, or theft of sensitive client information.

Cyber Extortion and Ransomware

Coverage for ransom payments and costs associated with cyber extortion threats affecting your practice.

Business Interruption from Cyber Events

Protection for lost income when cyber incidents disrupt your ability to operate or serve clients.

System Damage and Restoration

Coverage for costs to restore systems, recover data, and repair technology infrastructure after cyber incidents.

Regulatory Investigation Costs

Protection for costs associated with privacy regulator investigations following data breaches.

For Australian practices, the Privacy Act notification obligations are a significant driver of cyber insurance value. If a data breach is likely to result in serious harm to individuals, you are required to notify affected individuals and the Office of the Australian Information Commissioner. The costs of identifying who was affected, preparing notifications, managing the response, and dealing with regulatory inquiries can be substantial – and they accrue quickly in the first 72 hours after an incident is discovered.

For law firms and accounting practices, the social engineering and funds transfer fraud exposure deserves specific attention. Criminals routinely monitor email communications between professionals and their clients, then intercept payment instructions to redirect funds to fraudulent accounts. Cyber policies vary significantly in how they respond to these incidents – some treat them as crime claims, others as cyber claims, and the distinction affects whether and how much is paid. We review the specific wording on this issue for every professional services client.

Management Liability Insurance

Management liability protects the individuals who run your practice – directors, partners, managers, and senior professionals – against claims arising from their management decisions. For professional services practices, employment practices liability is frequently the most active component: allegations of discrimination, unfair dismissal, harassment, and underpayment are all common in professional environments with high-pressure cultures and complex employment arrangements.

Directors and Officers Liability

Protection for business leaders against claims of wrongful acts in their management capacity.

Employment Practices Liability

Coverage for claims of discrimination, harassment, wrongful termination, or other employment-related allegations.

Statutory Liability

Protection for unintentional breaches of legislation including workplace health and safety, privacy, and employment laws.

Corporate Legal Liability

Coverage for defence costs and penalties for corporate governance-related claims.

Crisis Management Costs

Protection for costs associated with managing reputational crises affecting your practice.

For practices with multiple partners or directors, management liability also addresses the internal governance exposure. Disagreements between partners, disputes about profit sharing arrangements, and allegations of breach of fiduciary duty can all generate claims that fall within the management liability policy. This is an exposure that many practices do not anticipate until it arises.

Statutory liability – protection for unintentional breaches of legislation – is particularly relevant for professional services businesses given the regulatory environment they operate in. Workplace health and safety obligations, privacy legislation, and employment law all create the potential for unintentional non-compliance, and the costs of defending a regulatory investigation can be significant even when no breach ultimately occurred.

Business Insurance

Business insurance for professional services practices covers the physical and operational aspects of running a practice – premises, contents, portable equipment, and business interruption. While PI, cyber, and management liability address the professional and liability exposures, business insurance addresses what happens to the practice itself when something goes wrong with the environment in which you work.

Office Premises Insurance

Coverage for your office building (if owned) or contents, including fit-out, furniture, equipment, and technology.

Business Interruption Insurance

Protection for lost income and ongoing expenses if you’re unable to operate due to an insured event.

Portable Equipment Insurance

Coverage for laptops, tablets, mobile phones, and equipment taken outside your office premises.

Money Insurance

Protection for cash, cheques, and negotiable instruments held at your premises or in transit.

Glass and Signage Insurance

Coverage for damage to office glass, shopfronts, and practice signage.

Business interruption is worth particular attention for professional services practices. Unlike a retail or manufacturing business, the physical assets of a professional services firm are often less important than its data and its ability to access that data. A fire that destroys an office may be less disruptive than a cyber event that makes client files inaccessible for two weeks. Business interruption insurance is now often bundled with cyber liability for professional services practices precisely because cyber events have become the more likely cause of trading interruption.

Portable equipment cover is increasingly important as professional services work becomes more mobile. Laptops, tablets, and smartphones are now essential practice tools, and the cost of replacing them – particularly when they contain client data – goes beyond the hardware value. Understanding how your policy responds to loss or theft of devices, and whether it covers the cost of data recovery or breach notification if the device contained sensitive client information, is part of a complete program review.

Public & Products Liability Insurance

Protection against third-party claims:

Public Liability

Coverage for third-party injury or property damage occurring at your premises or arising from your business operations.

Client Property Damage

Protection when visiting client premises or conducting work at client locations.

Products Liability

Coverage for claims arising from products or materials you supply to clients (if applicable to your services).

Professional Services-Specific Considerations

While the core insurance types apply across most professional services practices, the specific risks, policy requirements, and coverage considerations differ by discipline. The following summarises the key additional considerations for each sector.

Accounting and Financial Services

Professional indemnity for accounting advice, tax planning, financial reporting, and compliance services. Cyber liability for sensitive financial data. Financial planners operating under an AFSL are subject to insurance requirements set by their licensee, which typically specify minimum PI limits and approved insurer lists. Practices providing tax advice need to ensure their PI policy covers advice across the full range of tax services they provide – some policies restrict coverage for specific types of tax planning. ASIC-regulated businesses also need to consider the interaction between their PI policy and their professional indemnity obligations under the Corporations Act.

Legal Practices

Solicitors professional indemnity for legal advice, representation, and document preparation. Trust account insurance for client funds management. Run-off cover is a specific issue for law firms. When a solicitor retires, leaves the profession, or a firm closes, the PI policy does not continue automatically – run-off cover needs to be arranged to protect against claims that arise after the policy ends. The cost of run-off cover and the period for which it is required varies by state. For law firm mergers and acquisitions, understanding the run-off obligations of the acquired firm is an important part of due diligence.

Consulting Services

Professional indemnity for strategic advice, management consulting, and specialist expertise. Liability for recommendations and implementation support.

Technology and IT Services

Professional indemnity for system design, software development, and IT consulting. Cyber liability for data security and technology failures. Managed service providers face a specific challenge: their PI and cyber policies may both be triggered by the same incident. A security breach in a client’s environment that the MSP was managing can generate a PI claim (for failure to provide contracted security services) and a cyber claim (for incident response costs). Understanding how these two policies interact – and whether there are coverage gaps between them – is critical for technology businesses.

Engineering Consultancies

Professional indemnity for design services, engineering advice, and certifications. Project-specific cover for large infrastructure projects. For engineers working on projects that involve physical construction, the distinction between professional liability (design errors) and physical damage liability (construction defects) is important. PI covers the design error; contract works or construction insurance covers the physical damage during the build. If an engineer is engaged in a design-and-construct capacity, they may need both. The retroactive date on the PI policy is particularly important for engineers given the long latency of structural defects.

Marketing and Communications

Professional indemnity for creative work, campaigns, and strategic advice. Copyright and intellectual property considerations.

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Insurance-Advice-for-Professional-Services

Common Insurance Types for Professional Services Businesses

The seven insurance types below are the ones that appear most frequently in well-structured professional services programs. Not every practice needs all of them – the right combination depends on your professional discipline, practice structure, client base, and contractual obligations. What matters is that the combination is designed to work together, with no significant gaps between policies.

Based on our experience advising professional services businesses, here are commonly discussed insurance types:

Professional Indemnity Insurance

Covers claims of professional negligence, errors, omissions, or breach of duty. Essential for all professional services businesses. For professional services businesses, the two most important structural elements of the PI policy are the retroactive date and the extended reporting period. The retroactive date determines how far back the policy protects – work done before the retroactive date is not covered. The extended reporting period allows claims to be made after the policy ends, for a defined period, which is critical when closing or restructuring a practice. We review both of these elements at every renewal for every professional services client.

Cyber Liability Insurance

Protection against data breaches, cyber attacks, and privacy violations. Vital for any business managing sensitive client or employee data. The mandatory notifiable data breach (NDB) scheme under the Privacy Act means that Australian businesses with annual turnover above $3 million – and health service providers of any size – must notify both affected individuals and the Office of the Australian Information Commissioner when a breach is likely to result in serious harm. The costs of complying with this obligation, even when no actual harm results, are a primary driver of cyber insurance value for professional services practices.

Management Liability & Crime Insurance

Protects directors against mismanagement claims, plus covers business losses from employee theft, fraud, or other criminal acts. For professional services practices, the crime component of management liability deserves specific attention. Law firms, accounting practices, and financial planning businesses handle client funds and are targets for both internal fraud and external social engineering. The crime section of a management liability policy provides protection for the practice when employee dishonesty or external fraud results in financial loss. Coverage limits, conditions, and the definition of ’employee’ in the context of contractors and part-time staff all need to be reviewed.

Business Property & Interruption Insurance

Covers office premises, contents, and portable equipment, plus lost income and ongoing expenses if your business cannot operate.

Public Liability Insurance

Covers claims for third-party injury or property damage occurring at your premises or from your general business operations.

Workers Compensation Insurance

Mandatory cover for all employees, protecting against work-related injuries or illnesses. Required in every Australian state and territory.

Key Person Insurance

Protection for loss of income if key principals, partners, or senior professionals are unable to work due to illness or injury. Personal insurance placed for business benefit.

Our Approach to Professional Services Insurance

Every professional services practice we work with starts with a no-obligation review. We do not ask you to commit before we have demonstrated that we understand your practice and can offer genuinely better advice than you are currently receiving. For practices managing client relationships and professional obligations, the quality of your insurance program matters – and that quality starts with the quality of the review.

Understanding Your Practice

We start by learning about your practice structure, service offerings, client base, contractual obligations, and insurance requirements. This comprehensive understanding helps us identify the specific insurance requirements relevant to your professional operations.

Comprehensive Risk and Insurance Review

Our team conducts a thorough no-obligation assessment of your current insurance program, identifying any gaps or areas where cover may not align with your professional obligations, operational scale, or client requirements. You’ll receive a detailed gap analysis report to help you make informed decisions about your insurance arrangements.

Tailored Advice

We provide clear recommendations on appropriate insurance options for your practice, explaining complex policy terms and professional obligations in straightforward language. Our advice considers your professional discipline, practice scale, and risk profile.

Professional Market Access

Through our Steadfast network membership and relationships with Australian insurers experienced in professional services risks, we help you access appropriate insurance solutions suited to your practice requirements. For specialist professional services or complex risks, we leverage specialist insurer relationships.

Ongoing Support

As your practice evolve, whether through business growth, service expansion, new client sectors, or team change, we provide continued advice and assistance with policy adjustments, annual reviews, and claims support. We’re available to discuss insurance implications before you take on significant new clients or service lines.

Professional services practices evolve – new service lines, new client sectors, new contractual arrangements, partner changes. Each of these can affect your insurance obligations, sometimes significantly. We ask our professional services clients to keep us in the loop when significant changes are planned, so we can advise on the insurance implications before they are locked in.

Insurance Services for Professional Services Businesses

Professional Indemnity Placement

Arranging appropriate professional indemnity insurance with coverage limits, terms, and conditions suited to your practice and professional discipline.

Client Contract Review

Guidance on insurance requirements in client contracts and service agreements to ensure your insurance aligns with contractual obligations.

Annual Insurance Program Structure

Setting up comprehensive annual insurance programs covering professional indemnity, cyber liability, management liability, and business operations.

Claims Support & Advocacy

Professional assistance with claims notification, documentation, and liaising with insurers throughout the claims process, supporting your practice through potentially disruptive claim scenarios.

Professional Registration Insurance

Ensuring insurance meets requirements for professional registration bodies, industry associations, and regulatory authorities.

Merger & Acquisition Insurance Advice

Guidance on insurance considerations when acquiring other practices, merging operations, or restructuring your business.

Partnership and Succession Insurance Planning

Advising on insurance arrangements as partners join or leave your practice, or when planning succession and business continuity.

Annual Insurance Program Reviews

Scheduled annual reviews of your insurance program to ensure continued alignment with your practice operations, client portfolio, and professional obligations.

Servicing Professional Services Businesses across Australia

We advise professional services businesses in Brisbane, Gold Coast, Sunshine Coast, regional Queensland, and throughout Australia. Our team understands Australian professional standards, industry codes of conduct, and insurance requirements specific to diverse professional disciplines.

Whether you’re an established accounting practice, legal firm, consulting business, technology services provider, or specialist professional services practice, we provide expert guidance tailored to your professional discipline and operational requirements.

“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.”

Helen Weston, Managing Director, Mobile Rehab

“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!”

Danny Flaskas, Chief Financial Officer, Maroochy RSL

“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!”

Kathryn Visser, Chief Financial Officer, R6 Digital

“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.”

Kathryn Lattin, Worksafe Connect

“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.”

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“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.”

Rebecca Culverhouse, CEO, Accoras

“All the work you guys do to help us, we are really grateful.”

Debbie Green, Finance Officer, Logan's Nursery

“I note your disclosure of the Advisor Service Fee and think that this adds veracity to the insurance renewal process.”

Mary-Ann Cook, Managing Director, Sureplan Friendly Society Ltd

“It’s refreshing to get great service!”

Cheryl Kelly, Office Manager, Fitout Glass and Aluminium

*These testimonials represent individual client experiences. Results vary based on circumstances, requirements, business operations, and market conditions.

Frequently Asked Questions

What professional indemnity limit do we need for our practice?

Professional indemnity limits depend on your service type, client contracts, project values, and professional registration requirements. Typical limits range from $1M for smaller practices to $20M+ for larger firms or those working on significant projects. We assess your specific circumstances to recommend appropriate coverage limits.

When does professional indemnity cover start and finish?

Professional indemnity operates on a “claims made” basis, meaning claims must be made during the policy period (or extended reporting period) regardless of when the work was performed. We ensure your policy has appropriate retroactive dates covering your practice’s historical work and recommend maintaining continuous cover.

Do we need cyber insurance if we have IT security measures in place?

Yes. While strong IT security reduces risk, cyber insurance is essential as even well-protected businesses face cyber threats. Coverage includes breach response costs, regulatory investigations, client notification, business interruption, and liability claims—expenses that occur even when you’ve taken reasonable precautions.

What’s the difference between professional indemnity and public liability?

Professional indemnity covers claims of professional negligence, errors in advice, or breach of professional duty causing economic loss. Public liability covers third-party bodily injury or property damage from your business operations. Most professional services businesses need both types of cover.

Does our insurance cover work performed by contractors or subcontractors?

This depends on your policy terms and how contractors are engaged. Some policies extend to work performed by contractors under your supervision, while others may not. We review your contracting arrangements to ensure appropriate insurance protection.

What happens if a client contract requires higher insurance limits than we currently have?

We can arrange increased limits for specific projects or adjust your annual program to meet client requirements. It’s important to review insurance requirements before signing client contracts to ensure compliance.

How do we handle insurance when partners join or leave our practice?

Professional indemnity arrangements need careful management during partnership changes. Departing partners typically need run-off cover for their historical work, while incoming partners need cover for their past work. We guide you through these transitions to ensure comprehensive protection.

What’s included in a gap analysis report for our practice?

Our gap analysis identifies areas where your current insurance may not align with professional obligations, client contracts, or industry standards for practices like yours. The report highlights specific gaps, explains potential exposures, and provides recommendations for appropriate cover reflecting your practice scale and professional discipline.

What professional indemnity limit do we need for our practice?

Professional indemnity limits depend on your service type, client contracts, project values, and professional registration requirements. Requirements set by law societies, CPA Australia, Engineers Australia, and other professional bodies vary, and client contracts often specify minimum limits that must be met. Rather than starting with a generic figure, we assess your specific circumstances – your largest client engagement, your highest-value project, your professional registration requirements, and any contractual minimum limits – to recommend appropriate coverage. We also advise on the difference between any-one-claim and aggregate limits, which matters considerably for practices with multiple active client engagements.

When does professional indemnity cover start and finish?

Professional indemnity operates on a claims-made basis – the policy must be active when a claim is made, not just when the work was done. This has two important implications. First, a gap in coverage between policy periods eliminates protection for all work done before the gap, even if the policy was active when that work was performed. Second, when a practice closes, retires, or restructures, run-off cover must be arranged to protect against claims that arise after the policy ends. The period of run-off required depends on your professional discipline and, for solicitors, on the requirements of your state law society. We manage these transitions for our clients and advise on appropriate run-off arrangements.

Do we need cyber insurance if we have IT security measures in place?

Yes. Strong IT security reduces the likelihood of a cyber incident but does not eliminate it, and it does not cover the costs when an incident occurs. Cyber insurance responds to the financial consequences of a cyber event – breach response costs, regulatory notification obligations, business interruption, legal liability to affected clients, and extortion payments. These costs arise even when the business has taken reasonable precautions, because no security measures are absolute. For professional services practices, the costs of responding to a notifiable data breach under the Privacy Act can be substantial regardless of how the breach occurred.

What is the difference between professional indemnity and public liability?

Professional indemnity covers claims arising from errors or omissions in your professional advice or services – financial loss suffered by a client because your advice was wrong, a design that failed, a legal matter that was handled incorrectly. Public liability covers physical harm or property damage to a third party – a client who slips and falls at your office, a visitor whose property is damaged during a site inspection. Most professional services businesses need both, but the professional liability exposure is almost always the primary risk and the primary focus of the insurance program.

Does our insurance cover work performed by contractors or subcontractors?

This depends on your policy terms and how contractors are engaged. Some professional indemnity policies extend to work performed by contractors working under your supervision and on your behalf, while others require contractors to hold their own PI cover. If you regularly engage contractors to deliver client work, we review how your policy defines ‘insured’ and whether contractor work falls within or outside the coverage scope. Gaps here can be significant – a contractor error that leads to a client claim may not be covered if the policy does not extend to contractor work.

What happens if a client contract requires higher insurance limits than we currently have?

This is a common situation, and there are two ways to address it. The first is to arrange a project-specific limit increase for the duration of the contract – some insurers allow limits to be increased for specific engagements without changing the annual program. The second is to adjust your annual program to a level that accommodates your largest client contract requirement. The right approach depends on whether the higher limit is a one-off requirement or a reflection of your broader client base. We advise on the most cost-effective approach and ensure your certificate of currency meets the contractual requirement before you sign.

How do we handle insurance when partners join or leave our practice?

Partnership changes require careful management of the PI program. Departing partners need run-off cover for work done during their time at the practice – if the practice policy does not include a provision for departing partner run-off, individual arrangements may be needed. Incoming partners need to ensure that work done at their previous practice is covered, either by their former employer’s run-off policy or by a specific retroactive date provision in your policy. For law firms, state law society requirements add an additional layer of obligation. We guide practices through these transitions and ensure that no partner is left without appropriate protection.

Are there insurance requirements for specific professional registration bodies?

Yes. Many professional registration bodies in Australia impose minimum insurance requirements as a condition of registration or practice. Law societies require solicitors professional indemnity with specified minimum limits and approved insurer terms. CPA Australia and Chartered Accountants ANZ have recommended minimum limits for member practices. Engineers Australia and the Australian Institute of Architects provide guidance on appropriate PI cover for their members. ASIC imposes PI requirements on AFSL holders through RG 126. We are familiar with the requirements of the major professional bodies and registration authorities, and we review compliance with these requirements as part of every program assessment.

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Important Information: The information on this page is general advice only and doesn’t consider your professional practice’s specific circumstances or registration requirements. Contact us for advice specific to your professional services business. Coverage examples are illustrative only. Your requirements depend on your professional discipline, service offerings, and client contracts. This doesn’t constitute advice regarding professional registration obligations; consult your registration body or professional association. Always review contract terms before entering agreements to ensure insurance aligns with contractual obligations. Before entering into insurance, you have a duty to disclose anything that may affect an insurer’s decision to insure you. Learn more. View our Financial Services Guide for full details about our services and remuneration. Clear Insurance Pty Ltd | ABN 41 601 916 689 | AFSL No. 548953

Last updated: 14 April 2026