PII

Home About Us Articles Sitemap Apply

Professional Indemnity Australia Weekly Risk and Insurance News

Each week, Professional Indemnity Australia brings a clear, plain-English wrap of the news affecting professionals and small businesses across the country. We cover industry developments, regulatory updates, notable cases, and emerging risk trends—distilling what changed, why it matters, and practical takeaways you can act on. Expect concise, trustworthy coverage tailored to consultants, contractors, and SMEs, helping you stay informed, compliant, and confident without the noise.

This Week:

This week: SMEs warn insurance costs are forcing cover cuts, with calls for coordinated reform. Canberra launches reviews of the cyclone and terrorism reinsurance pools, which could affect availability and pricing in higher‑risk regions. NSWs strata regulator takes a zero‑tolerance stance on commission disclosure, prompting managers and brokers to tighten processes. ASIC bans a former adviser for misleading applications, reinforcing the need for accurate documentation. Takeaway: dont drop PI cover—optimise limits and wording, align renewals to potential pool changes, strengthen disclosures, and keep robust file notes.

EPISODE 759 | Professional Indemnity Australia Weekly Risk and Insurance News | Sun, 5th Oct 2025

5 Oct 2025 | Paige Estritori

00:00:00

00:00:00

1x

Read Full Transcript:

Hello and welcome to Professional Indemnity Australia Weekly Risk and Insurance News, Im Paige Estritori, and its Saturday, 4 October 2025. First up, small business insurance affordability is back in the spotlight. A new national report says many SMEs are cutting cover or going without after steep premium rises, and it calls for coordinated reform across taxes, regulation and product design. For consultants and contractors, dropping or downgrading professional indemnity insurance can turn a client dispute into a business‑ending bill. Before you trim cover, review limits, excesses and endorsements, and compare options with a broker so your policy still fits your risk and contract requirements. Meanwhile, the federal government has opened reviews of the cyclone and terrorism reinsurance pools. Questions on the table include whether current settings—like cover periods and the $5 million small‑business sum insured for cyclone—are working as intended. This matters because pool settings flow through to availability and price, especially in higher‑risk regions. If you operate in northern or coastal areas, ask your broker how any changes could affect your broader program and timelines for renewals, so your professional indemnity and other covers remain aligned. In NSW, the strata regulator has warned a zero‑tolerance approach to new disclosure laws on commissions. Unannounced compliance blitzes are under way, and managers must get owners approval for commissions and training benefits. For strata managers, property professionals and brokers handling strata, tighten your disclosure processes and keep clear records. Strong documentation helps you stay compliant and reduces the chance of an errors‑and‑omissions claim hitting your professional indemnity. And regulators are stepping up on conduct more broadly. The Australian Securities and Investments Commission, or ASIC, has banned a former adviser for eight years over misleading applications. The signal is clear: misstatements and poor file notes wont wash. For all professional services firms, double‑check fact‑finding, keep contemporaneous file notes, and ensure every proposal or application matches what was discussed with the client. Good governance lowers claim risk and can support sharper pricing when you next compare policies. Thats it for this week. For clear guidance and fast, tailored professional indemnity quotes, head to professional-indemnity-australia.com.au. Im Paige—thanks for listening, and Ill catch you next week.