Migration Agent PI Insurance

Premiums typically range from $800 to $3,500 per year depending on your revenue, visa categories handled, client volume, limit of indemnity and claims history. Agents handling complex visa categories generally pay more. Contact Shielded Insurance for a quote tailored to your migration practice.

OMARA requires PI insurance that covers civil liability arising from the provision of immigration assistance under the Migration Act. The policy must meet minimum requirements for the limit of indemnity and must remain in force throughout your registration. Specific requirements are set out in the Migration Agents Regulations 1998. Shielded Insurance can ensure your policy is fully compliant.

Yes. If a client's visa application is refused due to errors or omissions in the application you prepared, and the client claims financial loss as a result (such as lost employment opportunities, travel costs or relocation expenses), PI insurance covers the defence costs and any damages awarded.

Yes. Missing a critical lodgement deadline is a serious professional error that can have devastating consequences for clients, including loss of visa status. If a client claims loss as a result of your failure to lodge within required timeframes, PI insurance covers the defence costs and damages. Strong deadline management systems are essential to prevent these claims.

Most migration agent PI policies cover the provision of immigration assistance broadly, which includes preparing submissions for and representing clients at the Administrative Appeals Tribunal and the Migration Review Tribunal. However, check your policy wording to confirm, particularly if you undertake judicial review proceedings in the Federal Court.

Some migration agent PI policies include cover for the costs of responding to OMARA investigations and disciplinary proceedings, while others exclude this. Given that OMARA complaints can be time-consuming and costly to respond to, this is a valuable coverage extension to look for when comparing policies.

You need run-off cover to protect against claims made after you cease practising that relate to immigration assistance you provided while registered. Migration matters can take years to resolve, and clients may not discover errors until well after your involvement ends. Arrange run-off cover before your registration lapses to maintain protection.

Professional indemnity (PI) insurance protects professionals and businesses against claims arising from negligent acts, errors, omissions or breaches of professional duty in the provision of services or advice. It covers legal defence costs, settlements and damages awarded against you. PI insurance operates on a claims-made basis, meaning the policy in force when the claim is made responds – not the policy in force when the work was performed.

Any professional who provides advice, designs, recommendations or services to clients should carry PI insurance. This includes accountants, architects, engineers, lawyers, financial planners, mortgage brokers, IT consultants, real estate agents, builders, health practitioners, management consultants and many more. For many professions, PI insurance is mandatory under Australian legislation or industry body requirements.

PI insurance premiums depend on your profession, annual revenue or fee income, claims history, limit of indemnity required and the scope of services you provide. A sole practitioner consultant might pay $500 to $2,000 per year for $1M cover, while a mid-size engineering or accounting firm could pay $5,000 to $20,000+ for $5M to $10M cover. High-risk professions like financial planning or building design attract higher premiums.

PI insurance typically covers legal defence costs (solicitors, barristers, court fees), damages or settlements awarded to the claimant, investigation costs from regulatory bodies, breach of professional duty, negligent acts or omissions, unintentional breach of confidentiality, loss or damage to client documents, and defamation arising from professional activities. Cover extends to past work through retroactive dates.

Yes, for many regulated professions in Australia. Mandatory PI insurance requirements apply to solicitors, financial advisers (AFSL holders), mortgage brokers, accountants (registered tax agents), architects, building practitioners in most states, real estate agents, migration agents, customs brokers, and various health practitioners. Requirements vary by state and professional body – check your specific obligations.

Professional indemnity covers financial loss caused by your professional advice or services – for example, an accounting error that costs a client money. Public liability covers physical injury or property damage caused by your business operations – for example, a client tripping over a cable in your office. Most professionals need both, but they cover fundamentally different risks.

PI insurance operates on a 'claims-made' basis, meaning the policy that responds is the one in force when the claim is first made or notified – not the policy that was in force when the work was performed. This is why continuous, unbroken cover is essential. If you change insurers or let your policy lapse, you may lose cover for past work. Run-off cover is available for professionals who retire or close their practice.

The limit of indemnity you need depends on your contractual obligations, regulatory requirements and risk exposure. Many contracts require $1M, $2M, $5M or $10M minimum cover. Regulatory requirements vary by profession – for example, AFSL holders have specific minimums set by ASIC. Consider your largest client contracts and the potential financial impact of a claim when selecting your limit.

Contact us at Shielded Insurance on 1800 97 98 99 or your insurer directly. With PI insurance, early notification is critical – you must notify your insurer of any claim or circumstance that could give rise to a claim as soon as you become aware of it. Late notification can jeopardise your cover. Never admit liability or attempt to settle a claim without insurer approval.

We access a broad range of Australian domestic markets, specialist underwriting agencies and international capacity including Lloyd's of London syndicates. This allows us to place cover for standard professions through to complex or hard-to-place risks. As brokers, we compare multiple options to find competitive and suitable cover for your profession and risk profile.