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Freelancers Insurance Online Professional Indemnity Insurance Calculator

Estimate your professional indemnity insurance needs with our Professional Indemnity Insurance Calculator. Calculate the right levels of cover to protect your business investment and secure your financial livelihood.

Calculator results are estimates only and not quotes. Actual quotes will be provided by licensed brokers after you submit an enquiry.

Professional Indemnity – Limit Recommendation Calculator

Choose an appropriate limit of indemnity for your profession (e.g., $1m, $2m, $5m, $10m, $20m). This planner uses transparent heuristics based on your services, fees and contractual needs. It does not estimate premiums.

Step 1 of 3

1) Professional profile

Start with the basics. If you only answer a couple of questions, you’ll still get a reasonable limit suggestion.

If unsure, use last FY or a realistic estimate.
Contract value or value at risk influenced by your advice/design.
Next: services & exposure.

2) Services & exposure

These questions help adjust for higher third-party loss potential (e.g., design sign-off, sensitive data, global work).

Increases third‑party loss exposure (privacy breach, confidentiality errors).

3) Contracts & history

Contract floors can override everything else. Claims and retro exposure may nudge you up a tier.

Longer retro periods increase tail risk on a claims‑made policy.
When you’re ready, calculate your suggested PI limit.

Heads‑up: PI is claims‑made. This tool suggests limits using simple heuristics and your inputs. It is not advice or a quote. Contract/regulatory wording and insurer requirements prevail.

Calculator outputs are estimates only and do not constitute quotes. Actual quotes will be provided by a licensed broker after you submit an enquiry.

How to use our Professional Indemnity Insurance Calculator

Our Professional Indemnity Insurance Calculator helps you estimate an appropriate professional indemnity insurance level of cover, also called the limit of indemnity. This matters because a claim alleging negligence, error, omission, misleading advice, breach of professional duty, or loss of documents can threaten your cash flow, business assets, and future earning capacity. The calculator provides a practical starting point for selecting a PI limit that aligns with your services, fees, clients, contracts, and risk profile.

How to complete the calculator for the best result

1. Professional profile: Select your profession. Then enter your annual fees or turnover and your largest single project or engagement value. Choose your typical client type. These inputs help estimate the scale of financial impact your work could influence.

2. Services and exposure: Confirm whether you provide advice only, design or specification, or certification and sign off. Add your level of outsourcing or subcontracting. Indicate whether you handle personal or health data, financial data, or both, and select the jurisdictions you serve. These factors increase or reduce potential third party loss severity.

3. Contracts and history: Choose any minimum PI limit required by contracts or regulators. Declare claims in the last five years. Select your retroactive exposure in years and whether you are on panels or preferred supplier lists. These inputs reflect claims history and claims made policy tail risk.

How to interpret the results

1. Recommended PI limit: Treat this as an estimate, not a quote. If your contracts specify a higher limit, the contract requirement usually sets the baseline.

2. JSON summary: Use this as a clear snapshot of your inputs and recommended limit when speaking with a broker or comparing policy options.

Important notice: This information is general only and does not consider your objectives, financial situation, or needs. Before acting, consider the Product Disclosure Statement and Target Market Determination, and check key terms such as exclusions, excess, retroactive date, run off cover, aggregation, and whether defence costs are included within the limit.

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Knowledgebase
Coinsurance:
A percentage of the cost of a covered healthcare service that you pay after you have paid your deductible.

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