Surveyor PI Insurance

Premiums typically range from $1,200 to $6,000 per year for sole practitioners and small survey firms, depending on revenue, type of surveying, project scale, limit of indemnity and claims history. Larger firms with higher revenue and more complex project portfolios will pay more. Contact Shielded Insurance for a quote tailored to your practice.

Your registration board sets the minimum, which is typically $1 million to $2 million. However, if you work on large-scale projects or for clients who require higher limits contractually, $5 million or more may be appropriate. The right limit depends on the value and complexity of your projects and the contractual requirements you face.

Yes. If a boundary survey you completed is alleged to be incorrect and results in an encroachment, property dispute or financial loss, PI insurance covers the legal defence costs and any damages or settlement. Boundary errors are among the most common claim types for cadastral surveyors.

Yes. If a client alleges your quantity estimate was negligently prepared and the resulting cost overrun caused them financial loss, PI insurance covers the defence costs and damages. Accurate documentation of assumptions, exclusions and qualifications in your estimates provides important context when defending such claims.

Most modern surveyor PI policies cover work performed using drones and other remote sensing technologies, provided these fall within your defined professional services. However, some older policy wordings may not explicitly address these technologies. Check your policy wording or ask Shielded Insurance to confirm your cover extends to drone surveys, LiDAR and 3D scanning.

Run-off cover protects you against claims made after you stop practising that relate to work done while you were active. Survey errors can take years to surface, particularly on large development projects. Most registration boards require surveyors to maintain run-off cover for a minimum period after ceasing practice. Arrange this before your final policy expires.

Yes. While a claims history or board complaint will affect your premium and the terms offered, cover is still available. Shielded Insurance accesses domestic markets, specialist underwriting agencies and Lloyd's of London syndicates to find options for surveyors with complex risk profiles, including those with prior claims.

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.