Professional Indemnity Insurance
For when advice you gave wasn’t quite right
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From multiple insurers
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Buy online in minutes
Save Money
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Instant Cover
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On this page:
What is Professional Indemnity Insurance?
Professional Indemnity insurance is designed for professionals who provide advice or a professional service to their clients. If someone alleges that you’ve made a mistake, overlooked a critical piece of information, misstated a fact, or misinterpreted instructions resulting in a financial loss, they may take legal action against you to recover those losses.
Don’t let a mistake turn into a nightmare. Consider protecting your business with Professional Indemnity insurance.
What does Professional Indemnity insurance cover?
Damages and claimant costs
The compensation and legal fees resulting from a claim against your business.
Legal and defence
The legal and defence costs associated with a claim.
Claims investigation
Legal expenses to investigate a claim made against your business.
Inquiry attendance
The cost of attending inquiries or hearings for a claim.
Public relations
To manage or repair damage to your public image.
- Intentional damage
- Fraud and dishonesty
- Known claims and circumstances
- Bodily injury / property damage
15000+ NZ
small business covered
Why might you need Professional Indemnity insurance?
Business insurance isn’t mandatory in NZ for most businesses, but you may be required to have a policy to do things like:
Work in an industry with cover requirements.
Pay legal costs if you face a liability claim.
Join your industry association.
Get Professional Indemnity insurance sorted while you wait for a flat white.
Get your Public Liability insurance sorted quicker than a smoko break.
The 3 industries who purchase Professional Indemnity insurance most:
- IT Consultants
- Management Consultants
- Recruitment Consultants
- Real Estate Agents
- Nurses
- Care Workers
- Counsellors
- Massage Therapists
- Accountants & Tax Agents
- Tech Professionals
- Mortgage Brokers
- Marketing & Multimedia
If you don’t see your industry or occupation mentioned above, it doesn’t mean Professional Indemnity insurance isn’t suited for your business.
It only takes few minutes to find insurance that fits your business needs.
How much does Professional Indemnity insurance cost?
Professional Indemnity insurance costs $86 per month*, on average, for BizCover NZ customers – but every business is unique.
The cost of a policy can vary based on your business’ size, risks, insurance requirements and other factors
The costs are real, get that new policy feel
$86/mo*
Expected average cost
How is the cost of insurance calculated?
Risks of the business
Business size
Annual turnover
The person being covered
Claims history
Average Monthly Payment Report is based on 1 July 2023 to 30 June 2024 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply. This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Click here to check industry wise average prices
Get cover that works with the risks of your business
You can select from many different levels of Professional Indemnity cover.
This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.
Flexible Cover
Pick from 11 levels of Professional Indemnity cover
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
Professional Indemnity
$86/mo*
Expected average cost
How is the cost of insurance calculated?
Risks of the industry
Cover level amount
Annual turnover
Number of employees
Claims history
*Customer Average Monthly Payment Report is based on FY24 and presented as a guide only. It may not reflect pricing for your particular business, as individual criteria will apply. This information is general only and does not take into account your objectives, financial situation or needs. It should not be relied upon as advice. As with any insurance, cover will be subject to the terms, conditions and exclusions contained in the policy wording.
Click here to check industry wise average prices
Get cover that works with the risks of your business
You can select from 5 different levels of cover.
This is the most you will be paid out if you need to make a claim. Choosing different cover levels may impact the cost of your policy.
Flexible Cover
Pick from 11 levels of Professional Indemnity cover
Unsure how much to choose? Think about:
Statutory professional requirements
Cover required by contracts
Number of employees being covered
Your contract value
Worst case scenario claim size
Underinsurance
We know it’s tempting to select a lower level of cover to reduce premiums, but this can leave businesses shocked and insufficiently covered when making a claim.
Ways underinsurance catches business owners out:
Inflation
With inflation, the cost of living and doing business increases. Remember to cover you, your tools and assets for the rising costs of replacing or covering them, not what you paid for them – you may be surprised at the difference.
Not covering the full cost of your risks
If you select cover levels for less than the value you may be found liable – left out of pocket when it comes to claims time. It’s important to review your risks and determine how much you will need to cover any claim that may come your way.
How it works – buying online
Just 5 easy steps to get instant cover online today. Compare multiple types of business cover from different insurers in one go and save time!
Select Profession
How it works – making a claim
We’re here to assist you through the claims process and get you back to business. Track your claim through our platform, so you’re always in the loop!
Fill a Form
Our Insurers
We work with a selected group of trusted NZ insurance partners to offer you great cover.
The Savings Are Real
See how much others have saved while purchasing policy through Bizcover
Martin
Gardener from
Christchurch
Saved
$2,000
on
Public Liability, Statutory Liability
& Employers Liability
Ian
Plumber from
Picton
Saved
$600
on
Public Liability&
Statutory Liability
Vicki
Management Consultant
from Napier
Saved
$1,500
on
Professional Indemnity &
Public Liability
Yvonne
Councellor from
Rotorua
Saved
$100
on
Public Liability &
Professional Indemnity
^ Savings made from January 2023 to July 2024. This information is provided as a guide only and may not reflect pricing for your particular business, as individual underwriting criteria will apply.
What sets BizCover apart?
We are not just a comparison and buy site.
Make claims online
We’ll facilitate the process on your behalf with the insurers.
Flexi Payment Options
Pay monthly or annually, cancel at any time.
One Stop – Shop
Manage multiple cover types in one place.
Easy Renewals
Optional automatic renewal to stay protected.
Frequently asked questions
Confused about Professional Indemnity insurance? We have answered the most common questions we get here.
If you still have questions, you can reach one of our friendly business insurance experts – go here for our Contact Us details.
Both Public Liability and Professional Indemnity insurance can protect your business from the result of a mistake or accident, but the types of mistakes and accidents they cover are different.
Public Liability insurance protects you and your business against the financial implications if you are found liable for loss or damage to other people’s property, or cause illness or injury that is not covered by the Accident Compensation Commission (ACC).
Professional Indemnity Professional Indemnity (PI) insurance is an important form of protection for businesses that provide specialist services or professional advice. It is designed to respond to claims against your business for losses as a result of actual or alleged negligent acts or omissions in the provision of your professional service or advice. PI Insurance will also assist with the legal costs associated with responding to or managing claims which are covered by the policy.
Like other insurance policies there are a number of important conditions and obligations under your insurance contract that you need to understand. You are obligated to inform your insurer as soon as possible after you first become aware of a potential claim situation.
Professional Indemnity insurance is issued on a ‘claims made and notified’ basis, meaning the policy responds to claims first made against the insured during the active policy period, and notified to the insurer during the policy period. In a nutshell for a claim to be considered, your policy must have been active at the time the allegation was made against you, and when the claim is lodged.
One of the vital conditions of a Professional Indemnity policy is that you may be required to give information around any circumstances that may give rise to a claim to your insurer. You have an obligation to inform your insurer as soon as practically possible once you become aware of any situation which could possibly result in a claim.
Failure to notify your insurer as soon as reasonably possible could lead to your claim being denied. So, even if you’re unsure whether it’s worthy of letting them know or not, it’s in your best interests to do so.
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Hear from our customers
Real-life customer reviews verified by Feefo
Efficient
Trusted Customer
Efficient and great price
Quoted and bought insurance online, very quick and a great price.
Definitely worth
Burnett B
BizCover is definitely worth their word. Quick easy understandable cover
Straight forward
Trusted Customer
It is very straight forward and easy to understand and you can choose whatever you need for your business.
Easy to choose
Pavan K
Easy to choose business insurance. The search and the options provided were very simple and straight forward, didn’t expect it to be that easy.
Fast, friendly and efficient
Kylie T
The customer service agent was excellent. He explained to me clearly all the questions I had. Can’t be beat on price for the policy I needed and I was contacted within half an hour of my enquiry. Policy was confirmed on the phone. Excellent.
Real-life customer reviews verified by Feefo